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PROGRESS SOFTWARE REPORTS RECORD REVENUE AND OPERATING INCOME; REVENUE JUMPS 40 PERCENT, NET INCOME UP 76 PERCENT

 PROGRESS SOFTWARE REPORTS RECORD REVENUE AND OPERATING INCOME;
 REVENUE JUMPS 40 PERCENT, NET INCOME UP 76 PERCENT
 BEDFORD, Mass., June 29 /PRNewswire/ -- Progress Software Corporation (NASDAQ: PRGS) today announced results for its second quarter ended May 31, 1992. Revenue, operating income, net income and earnings per share increased significantly over the same period in 1991. Revenue for the quarter increased 40 percent to $19,710,000, up from $14,082,000. Operating income increased 44 percent to $3,045,000, up from $2,115,000. Net income increased 76 percent to $2,211,000, up from $1,259,000. Earnings per share increased 52 percent to 35 cents, up from 23 cents per share.
 "Second quarter results were excellent," said Joseph W. Alsop, president of Progress Software Corporation. "Our products address a fundamental requirement of both IS departments and independent application developers for tools to create highly portable, distributed client/server applications. Based on customer acceptance of our existing products, we are optimistic about our financial performance for the remainder of the fiscal year."
 The company also announced a new program to boost the number of third-party software tools for the PROGRESS(R) environment. The Open Access Program will provide technical and marketing assistance to software vendors providing links to PROGRESS. The initial Progress Open Access members are Chen & Associates, Inc.; Contexture Systems; Hewlett-Packard Company; INTERSOLV, Inc.; IQ Software Corporation; JYACC, Inc.; Park Software, Inc.; Popkin Software & Systems, Inc.; and Soft-tek International, Inc. Progress Software experts between 30 and 50 Open Access members by year end.
 The company also noted it is initiating a program to provide select PROGRESS users with a pre-release version of its next-generation application development software. The Quickstart program will provide the company with valuable feedback to shape Beta and production software. The program is scheduled for the third quarter of 1992.
 PROGRESS is an integrated application development system, 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 100,000 licenses of the PROGRESS Application Development Environment.
 Progress Software sells products worldwide to organizations which 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 and VARs in more than 50 countries.
 PROGRESS SOFTWARE CORPORATION
 Condensed Consolidated Statements of Income
 (in thousands except per share data, unaudited)
 Three Months Ended Percent
 5/31/92 5/31/91 Change
 Revenue:
 Sofware licenses $13,338 $9,943 34.1 pct
 Maintenance & support services 6,372 4,139 54.0
 Total revenue 19,710 14,082 40.0
 Costs and Expenses:
 Cost of revenue 3,199 2,237
 Sales and marketing 8,410 6,462
 Product development 2,852 1,652
 General and administrative 2,204 1,616
 Total costs and expenses 16,665 11,967 39.3
 Income from operations 3,045 2,115 44.0
 Other income (expense):
 Interest and other income, net 473 91
 Foreign currency loss (63) (238)
 Total other income (expense) 410 (147)
 Income before provision for
 income taxes 3,455 1,968 75.6
 Provision for income taxes 1,244 709
 Net income $2,211 $1,259 75.6
 Income per common share 35 cents 23 cents 52.2
 Weighted average number of
 common and common equivalent
 shares outstanding 6,321 5,358 18.0
 Percent of revenue:
 Income from operations 15.4 pct 15.0 pct
 Net income 11.2 pct 8.9 pct
 Six Months Ended Percent
 5/31/92 5/31/91 Change
 Revenue:
 Sofware licenses $26,581 $19,181 38.6 pct
 Maintenance & support services 11,647 8,036 44.9
 Total revenue 38,228 27,217 40.5
 Costs and Expenses:
 Cost of revenue 6,345 4,290
 Sales and marketing 16,398 12,027
 Product development 5,487 3,084
 General and administrative 4,458 3,605
 Total costs and expenses 32,688 23,006 42.1
 Income from operations 5,540 4,211 31.6
 Other income (expense):
 Interest and other income, net 991 212
 Foreign currency loss (195) (315)
 Total other income (expense) 796 (103)
 Income before provision for
 income taxes 6,336 4,108 54.2
 Provision for income taxes 2,281 1,479
 Net income $4,055 $2,629 54.2
 Income per common share 64 cents 49 cents 30.6
 Weighted average number of
 common and common equivalent
 shares outstanding 6,322 5,344 18.3
 Percent of revenue:
 Income from operations 14.5 pct 15.5 pct
 Net income 10.6 pct 9.7 pct
 Condensed Consolidated Balance Sheets
 (in thousands) May 31, 1992 Nov. 30, 1991
 (unaudited) (unaudited)
 Assets
 Current assets:
 Cash and short-term investments $40,309 $39,355
 Accounts receivable, net 14,449 11,789
 Inventories 1,088 1,105
 Other current assets 2,770 1,822
 Total current assets 58,616 54,071
 Property and equipment, net 8,062 5,689
 Capitalized software costs, net 609 546
 Total $67,287 $60,306
 Liabilities and Stockholders' Equity
 Current liabilities:
 Current portion of long-term debt $237 $504
 Accounts payable 3,599 4,642
 Other accrued liabilities 7,243 7,044
 Income taxes payable 1,536 888
 Current liabilities excluding
 deferred revenue 12,615 13,078
 Deferred revenue 8,786 6,643
 Total current liabilities 21,401 19,721
 Deferred income taxes 283 281
 Long-term debt 321 925
 Stockholders' equity:
 Common stock, 1 cent par value 58 57
 Additional paid-in capital 27,896 26,084
 Retained earnings 17,260 13,205
 Cumulative translation adjustments 68 33
 Total stockholders' equity 45,282 39,379
 Total $67,287 $60,306
 -0- 6/29/92
 /CONTACT: Anthony Dolph of Progress Software, 617-280-4477/
 (PRGS) CO: Progress Software Corporation ST: Massachusetts IN: CPR SU: ERN


SH -- NE007 -- 4463 06/29/92 06:24 EDT
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