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PROGRESS SOFTWARE REPORTS RECORD RESULTS FOR SECOND QUARTER

 BEDFORD, Mass., June 25 /PRNewswire/ -- Progress Software Corporation (NASDAQ: PRGS) today announced record revenues, operating income, net income and earnings per share for its second quarter ended May 31, 1993. Revenue for the quarter increased 35 percent to $26,685,000, up from $19,710,000 in the comparable quarter last year. Operating income increased 37 percent from 1992 levels to $4,171,000, up from $3,045,000. Net income increased 39 percent over the comparable period in fiscal 1992 to $3,078,000, up from $2,211,000. Earnings per share increased 37 percent to $.48, up from $.35 per share in 1992. These figures represent all-time record results for any quarter in Progress Software's history.
 "As our record second quarter results indicate, organizations are choosing PROGRESS as their development platform for creating mission- critical applications," said Joseph Alsop, president of Progress Software. "These record results are particularly gratifying as we prepare to make the worldwide announcement next week of PROGRESS Version 7. PROGRESS Version 7 will enable us to continue providing users with application development tools for bringing complex `run-the- business' applications to the client/server environment."
 PROGRESS is an integrated application development tool 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 developing and deploying mission-critical applications. Over half of the company's worldwide revenues are derived from serving more than 2,000 Application 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 subsidiaries, distributors and application partners in more than 60 countries.
 PROGRESS SOFTWARE CORPORATION
 Condensed Consolidated Statements of Income
 (in thousands except per share data, unaudited)
 Periods Ended Three Months Percent Six Months Percent
 May 31, 1993 1992 Change 1993 1992 Change
 Revenue:
 Software licenses $17,479 $13,338 31 $34,177 $26,581 29
 Maintenance and
 support services 9,206 6,372 44 17,540 11,647 51
 Total revenue 26,685 19,710 35 51,717 38,228 35
 Costs and expenses:
 Cost of revenue 4,155 2,995 8,077 5,963
 Sales and marketing 11,730 8,410 22,351 16,398
 Product development 3,631 3,056 7,239 5,869
 General and
 administrative 2,998 2,204 6,079 4,458
 Total costs and
 expenses 22,514 16,665 35 43,746 32,688 34
 Income from operations 4,171 3,045 37 7,971 5,540 44
 Other income:
 Interest and other
 income, net 566 473 1,090 991
 Foreign currency gain
 (loss) (2) (63) 77 (195)
 Total other income 564 410 1,167 796
 Income before provision
 for income taxes 4,735 3,455 37 9,138 6,336 44
 Provision for income
 taxes 1,657 1,244 3,198 2,281
 Net income $3,078 $2,211 39 $5,940 $4,055 46
 Income per common
 share $ 0.48 $ 0.35 37 $ 0.93 $ 0.64 45
 Weighted average number
 of common and common
 equivalent share
 outstanding 6,393 6,321 1 6,419 6,322 2
 Percent of revenue:
 Income from operations 15.6 15.4 15.4 14.5
 Net income 11.5 11.2 11.5 10.6
 PROGRESS SOFTWARE CORPORATION
 Condensed Consolidated Balance Sheets
 (in thousands)
 Periods Ended 5/31/93 11/30/92 5/31/92
 (unaudited) (audited) (unaudited)
 Assets
 Current assets:
 Cash and short-term
 investments $56,831 $54,583 $40,309
 Accounts receivable, net 18,185 12,933 14,449
 Inventories 1,240 1,210 1,088
 Other current assets 3,200 2,768 2,770
 Total current assets 79,456 71,494 58,616
 Property and equipment, net 11,446 8,822 8,033
 Capitalized software costs,
 net 1,043 710 609
 Other assets 630 389 29
 Total $92,575 $81,415 $67,287
 Liabilities and stockholders'
 equity
 Current liabilities:
 Current portion of
 long-term debt $ 230 $ 203 $ 237
 Accounts payable 5,219 4,670 3,599
 Other accrued liabilities 10,276 10,773 7,243
 Income taxes payable 3,338 2,027 1,536
 Current liabilities excluding
 deferred revenue 19,063 17,673 12,615
 Deferred revenue 12,499 9,828 8,786
 Total current liabilities 31,562 27,501 21,401
 Deferred income taxes 452 457 283
 Long-term debt 202 223 321
 Stockholders' equity:
 Common stock $.01 par value 60 60 58
 Additional paid-in capital 31,641 30,455 27,896
 Retained earnings 28,758 22,818 17,260
 Cumulative translation
 adjustments (100) (99) 68
 Total stockholders' equity 60,359 53,234 45,282
 Total $92,575 $81,415 $67,287
 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.
 -0- 6/25/93
 /CONTACT: Tony Dolph of Progress Software Corporation, 617-280-4000/
 (PRGS)


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

LD -- NY001 -- 5579 06/25/93 06:41 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 25, 1993
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