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PROGRESS SOFTWARE REPORTS RECORD REVENUE, OPERATING INCOME AND EARNINGS PER SHARE

 PROGRESS SOFTWARE REPORTS RECORD REVENUE,
 OPERATING INCOME AND EARNINGS PER SHARE
 BEDFORD, Mass., Sept. 28 /PRNewswire/ -- Progress Software Corporation (NASDAQ: PRGS) today announced results for its third quarter ended Aug. 31, 1992. Revenue, operating income, net income and earnings per share increased significantly over the same period in 1991. Revenue for the quarter increased 64 percent to $22,406,000, up from $13,676,000. Operating income increased 136 percent to $3,597,000, up from $1,521,000. Net income increased 116 percent to $2,553,000 up from $1,183,000. Earnings per share increased 100 percent to 40 cents, up from 20 cents per share.
 "Record third quarter results are further proof that our products meet the growing market demand for advanced application development software for open and client/server environments," said Joseph W. Alsop, president of Progress Software Corporation. "Significant orders from several major customers complemented strong recurring revenue from our Software Partners.
 "We currently believe that our financial results for the full fiscal year will conform to our long-term goals and make possible additional investment in product development and marketing to support future growth. Interest in PROGRESS for the IBM(R) AS/400(R) and the next major PROGRESS release, being tested under the Quickstart program announced at our Americas Users Conference in June, underlie our optimism toward maintaining market leadership in providing advanced application development software for emerging computing environments. Our long term goals remain to gain market share in the application development software market while maintaining annual operating margins of approximately 15 percent and a strong balance sheet."
 During the quarter, PROGRESS and Progress Software Corporation were once again awarded top ratings in the annual VARBusiness Report Card. For the second consecutive year, PROGRESS led in all 18 categories of the user poll, which covered every aspect of product use, from data manipulation and ease of programming to support and documentation.
 PROGRESS is an integrated application development environment, which consists of the PROGRESS Fourth Generation Language (4GL), The PROGRESS Relational Database Management System (RDBMS), and associated tools for application development and end-user query and reporting. These products are designed to simplify and accelerate the creation, deployment and maintenance of software applications, which are portable and interoperable across a wide range of computers, operating systems, networking protocols, databases and graphical user interfaces. Progress Software has shipped more than 130,000 licenses of the PROGRESS Application Development Environment.
 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 (VARs) 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 Corporation is headquartered in Bedford, Mass. The company operates on a global basis with 12 subsidiaries and 34 distributors in more than 50 countries.
 ----
 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.
 PROGRESS SOFTWARE CORPORATION
 Condensed Consolidated Statement of Income
 (In thousands except per share data, unaudited)
 Three Months Ended Percent
 8/31/92 8/31/91 Change
 Revenue:
 Software licenses $14,995 $9,108 65 pct.
 Maintenance & support services 7,411 4,568 62 pct.
 Total revenue 22,406 13,676 64 pct.
 Costs and expenses:
 Cost of revenue 3,598 2,473
 Sales and marketing 9,499 5,794
 Product development 3,405 1,761
 General and administrative 2,307 2,127
 Total costs and expenses 18,809 12,155 55 pct.
 Income from operations 3,597 1,521 136 pct.
 Other income:
 Interest and other income, net 534 277
 Foreign currency gain (loss) (142) 50
 Total other income 392 327
 Income before provision for
 income taxes 3,989 1,848 116 pct.
 Provision for income taxes 1,436 665
 Net income 2,553 1,183 116 pct.
 Income per common share 40 cents 20 cents 100 pct.
 Weighted average number of
 common and common equivalent
 shares outstanding 6,345 5,828 9 pct.
 Percent of revenue:
 Income from operations 16.1 pct. 11.1 pct.
 Net income 11.4 pct. 8.7 pct.
 Nine Months Ended Percent
 8/31/92 8/31/91 Change
 Revenue:
 Software licenses $41,576 $28,289 47 pct.
 Maintenance & support services 19,058 12,604 51 pct.
 Total revenue 60,634 40,893 48 pct.
 Costs and expenses:
 Cost of revenue 9,943 6,763
 Sales and marketing 25,897 17,821
 Product development 8,892 4,845
 General and administrative 6,765 5,732
 Total costs and expenses 51,497 35,161 46 pct.
 Income from operations 9,137 5,732 59 pct.
 Other income (expense):
 Interest and other income, net 1,525 489
 Foreign currency gain (loss) (337) (265)
 Total other income 1,188 224
 Income before provision for
 income taxes 10,325 5,956 73 pct.
 Provision for income taxes 3,717 2,144
 Net income 6,608 3,812 73 pct.
 Income per common share $ 1.04 68 cents 53 pct.
 Weighted average number of
 common and common equivalent
 shares outstanding 6,329 5,630 12 pct.
 Percent of revenue:
 Income from operations 15.1 pct. 14.0 pct.
 Net income 10.9 pct. 9.3 pct.
 Condensed Consolidated Balance Sheets
 (in thousands)
 8/31/92 11/30/91 8/31/91
 (unaudited) (audited) (unaudited)
 Assets
 Current assets:
 Cash and short-term investments $48,992 $39,355 $35,371
 Accounts receivable, net 11,601 11,789 9,363
 Inventories 1,260 1,105 1,072
 Other current assets 3,219 1,822 1,808
 Total current assets 65,072 54,071 47,614
 Property and equipment, net 8,471 5,689 4,694
 Capitalized software costs, net 652 546 514
 Total $74,195 $60,306 $52,822
 Liabilities and Stockholders' Equity
 Current liabilities:
 Current portion of long-term debt 209 504 472
 Accounts payable 3,599 4,642 2,880
 Other accrued liabilities 9,215 7,044 6,173
 Income taxes payable 1,461 888 165
 Current liabilities excluding
 deferred revenue 14,484 13,078 9,690
 Deferred revenue 9,661 6,643 5,664
 Total current liabilities 24,145 19,721 15,354
 Deferred income taxes 293 281 197
 Long-term debt 263 925 1,045
 Stockholders' equity:
 Common stock, 1 cent par value 58 57 56
 Additional paid-in capital 28,990 26,084 25,361
 Retained earnings 19,813 13,205 10,929
 Cumulative translation adjustments 633 33 (120)
 Total stockholders' equity 49,494 39,379 36,226
 Total 74,195 60,306 52,822
 -0- 9/28/92
 /CONTACT: Stephen Zamierowski of Progress Software, 617-280-4360/
 (PRGS) CO: Progress Software Corporation ST: Massachusetts IN: CPR SU: ERN


TS -- NE002 -- 3781 09/28/92 06:10 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Sep 28, 1992
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