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PROGRESS SOFTWARE REPORTS RECORD FIRST QUARTER REVENUE

 BEDFORD, Mass., March 29 /PRNewswire/ -- Progress Software Corporation (NASDAQ: PRGS) today announced record revenue and strong operating earnings and earnings per share for its first quarter ended Feb. 28, 1993. Revenue for the quarter increased 35 percent to $25,032,000, up from $18,518,000 in the comparable quarter last year. Operating income increased 52 percent from 1992 levels to $3,800,000, up from $2,495,000. Net income increased 55 percent over the comparable period in fiscal 1992 to $2,862,000, up from $1,844,000. Earnings per share increased 55 percent to 45 cents, up from 29 cents per share in 1992.
 A number of significant events marked the company's first quarter: Progress Software announced three new marketing and development agreements with IBM Corporation that allow the company to work more closely with IBM in marketing PROGRESS to users building and deploying client/server applications on the AS/400. The company announced availability of a Netware Tested and Approved version of the PROGRESS NLM Server as well as support for Novell's Netware Lite and Netware for SNA. Progress Software's worldwide expansion continued with the establishment of new wholly-owned subsidiaries in Singapore, Mexico and Spain. These new offices will strengthen Progress Software's position in Asia/Pacific, Latin America and Europe as the company serves the needs of application developers around the world.
 "Continuing strong demand for PROGRESS, our advanced application development environment, led to record revenue in the first quarter of fiscal 1993," said Joseph Alsop, president of Progress Software. "Interest in our existing products, in PROGRESS for the AS/400, and in the next generation of PROGRESS gives us confidence in our ability to increase our participation in the rapidly growing worldwide markets for application development software for open and client/server computing environments.
 PROGRESS is an integrated application development environment that consists of the PROGRESS Fourth Generation Language (4GL), the PROGRESS Relational Database Management System (RDBMS), links to other leading relational databases and file systems, and associated tools for application development and end-user query and reporting. These products simplify and accelerate the creation, deployment and maintenance of software applications that are portable and interoperable across a wide range of computers, operating systems, network protocols, databases and user interfaces.
 Progress Software sells products worldwide to organizations that develop and deploy mission-critical applications. Over half of the company's worldwide revenues are derived from serving more than 2,000 Software Partners who market PROGRESS-based applications. These organizations license PROGRESS to build and deliver sophisticated applications ranging from manufacturing resource planning systems, through accounting and retail/point-of-sale systems, to stock trading systems. The balance of the company's sales are to businesses and governments worldwide whose MIS organizations license PROGRESS to develop and deploy a wide range of mission-critical applications.
 Progress Software is headquartered in Bedford, Mass. The company operates on a global basis with fifteen subsidiaries and 34 distributors in more than fifty countries.
 PROGRESS SOFTWARE, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (In thousands except per share data)
 Three Months Ended
 Feb. 28, 1993 Feb. 29, 1992 Percent
 (unaudited) (unaudited) Change
 Revenue:
 Software licenses $16,698 $13,243 26 pct.
 Maintenance and support
 services 8,334 5,275 58 pct.
 Total revenue 25,032 18,518 35 pct.
 Costs and expenses:
 Cost of revenue 3,922 2,968
 Sales and marketing 10,621 7,988
 Product development 3,608 2,813
 General and administrative 3,081 2,254
 Total costs and expenses 21,232 16,023 33 pct.
 Income from operations 3,800 2,495 52 pct.
 Other income:
 Interest and other income,
 net 524 518
 Foreign currency gain (loss) 79 (132)
 Total other income 603 386
 Income before provision for
 income taxes 4,403 2,881 53 pct.
 Provision for income taxes 1,541 1,037
 Net income $ 2,862 $ 1,844 55 pct.
 Income per common share 45 cents 29 cents 55 pct.
 Weighted average number of
 common and common equivalent
 shares outstanding 6,424 6,318 2 pct.
 Percent of revenue:
 Income from operations 15.2 pct. 13.5 pct.
 Net income 11.4 pct. 10.0 pct.
 Year Ended
 Nov. 30, 1992 Nov. 30, 1991 Percent
 (audited) (audited) Change
 Revenue:
 Software licenses $57,894 $40,478 43 pct.
 Maintenance and support
 services 27,156 17,822 52 pct.
 Total revenue 85,050 58,300 46 pct.
 Costs and expenses:
 Cost of revenue 13,493 9,460
 Sales and marketing 36,661 25,419
 Product development 12,456 6,788
 General and administrative 9,335 8,012
 Total costs and expenses 71,945 49,679 45 pct.
 Income from operations 13,105 8,621 52 pct.
 Other income:
 Interest and other income,
 net 2,105 977
 Foreign currency gain (loss) (190) (85)
 Total other income 1,915 892
 Income before provision for
 income taxes 15,020 9,513 58 pct.
 Provision for income taxes 5,407 3,425
 Net income $ 9,613 $ 6,088 58 pct.
 Income per common share $ 1.50 $ 1.05 43 pct.
 Weighted average number of
 common and common equivalent
 shares outstanding 6,404 5,816 10 pct.
 Percent of revenue:
 Income from operations 15.4 pct. 14.8 pct.
 Net income 11.3 pct. 10.4 pct.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (in thousands)
 Feb. 28, 1993 Nov. 30, 1992 Feb. 29, 1992
 (unaudited) (audited) (unaudited)
 Assets
 Current Assets:
 Cash and short-term
 investments $56,659 $54,583 $39,644
 Accounts receivable,
 net 14,138 12,933 13,435
 Inventories 1,298 1,210 1,126
 Other current assets 2,796 2,768 2,067
 Total current assets 74,891 71,494 56,272
 Property and equipment,
 net 9,942 8,822 6,746
 Capitalized software costs,
 net 884 710 577
 Other assets 442 389 43
 Total $86,159 $81,415 $63,638
 Liabilities and Stockholders' Equity
 Current Liabilities:
 Current portion of
 long-term debt $ 230 $ 203 $ 481
 Accounts payable 5,566 4,670 4,451
 Other accrued liabilities 9,351 10,773 6,501
 Income taxes payable 2,925 2,027 1,087
 Current liabilities excluding
 deferred revenue 18,072 17,673 12,520
 Deferred revenue 10,947 9,828 7,947
 Total current liabilities 29,019 27,501 20,467
 Deferred income taxes 448 457 281
 Long-term debt 219 223 885
 Stockholders' equity
 Common stock, one cent
 par value 60 60 58
 Additional paid-in
 capital 31,027 30,455 26,933
 Retained earnings 25,681 22,818 15,049
 Cumulative translation
 adjustments (295) (99) (35)
 Total stockholders'
 equity 56,473 53,234 42,005
 Total $86,159 $81,415 $63,638
 -0- 3/29/93
 ----
 NOTE TO EDITORS: PROGRESS is a registered trademark of Progress Software Corporation. All other products and company names mentioned herein may be trademarks or registered trademarks of their respective companies.
 /CONTACT: Tony Dolph of Progress Software Corp., 617-280-4000/
 (PRGS)


CO: Progress Software Corporation ST: Massachusetts IN: CPR SU: ERN

SJ-DJ -- NE005 -- 0290 03/29/93 06:36 EST
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Date:Mar 29, 1993
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