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PROGRESS SOFTWARE REPORTS THIRD QUARTER RESULTS

 BEDFORD, Mass., Sept. 24 /PRNewswire/ -- Progress Software Corporation (NASDAQ: PRGS) today announced record revenue for its third quarter ended Aug. 31, 1993. Revenue for the quarter increased 22 percent to $27,413,000 from $22,406,000 in the comparable quarter last year. Operating income increased 6 percent from 1992 levels to $3,802,000 from $3,597,000. Net income increased 11 percent over the comparable period in fiscal 1992 to $2,832,000 from $2,553,000. Earnings per share increased 10 percent to $.44 from $.40 per share in 1992.
 "We are delighted with the results for the third quarter, particularly when they are viewed in the context of an extremely strong year-ago comparison, when our earnings per share doubled," said Joseph Alsop, president of Progress Software Corporation. "In addition, we feel that our implementation of User-Based Pricing, which began during the third quarter, is proceeding smoothly."
 Revenue for the nine months ended Aug. 31, 1993 increased 31 percent to $79,130,000 from $60,634,000 in 1992. Operating income increased 29 percent to $11,773,000 from $9,137,000 in 1992. Net income increased 33 percent to $8,772,000 from $6,608,000 during 1992. Earnings per share increased 31 percent to $1.36 from $1.04 in 1992.
 As scheduled, the Applications Developers' Version of PROGRESS Version 7 was released in mid-September. Mr. Alsop announced, "With this shipment, we enter a strong new product cycle. PROGRESS Version 7 introduces a powerful aid in the transition from host-based to network- based systems by providing the ability to develop both graphical and character-based applications within a single environment."
 PROGRESS Version 7 is an advanced platform-independent application development environment (ADE) for rapidly developing and deploying mission-critical applications without dropping down to less productive 3GLs or scripting languages. PROGRESS-based applications can be flexibly deployed across a wide range of platforms without changes to the application code. PROGRESS Version 7 delivers developer productivity and application scalability unmatched by first-generation GUI tools.
 Deployment versions of PROGRESS Version 7 will become available during subsequent quarters, providing support for the wide range of operating systems, graphical user interfaces, communications protocols and databases on which all existing and future PROGRESS applications can be deployed.
 Also in the third quarter, for the third consecutive year, PROGRESS and Progress Software were awarded top honors in the annual VARBusiness DBMS Report Card, sponsored by VARBusiness magazine. The latest VARBusiness ranking continues Progress Software's tradition of leadership in providing products and service of the highest quality to developers of mission-critical applications.
 Progress Software Corporation, headquartered in Bedford, is a leading supplier of application development software to business, government and industry. The company operates on a global basis with 15 subsidiaries in Europe, Australia, Latin America and Asia. Progress Software has shipped more than 170,000 licenses of the PROGRESS Application Development Environment that consists of the PROGRESS 4GL, the PROGRESS RDBMS, links to other leading data managers and associated tools for developers and end-user query and reporting. These products simplify and accelerate the creation, deployment and maintenance of mission-critical software applications that are portable and interoperable across a wide range of computers, operating systems, network protocols, databases and user interfaces.
 NOTE: 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 Statements of Income
 (In thousands except per share data, unaudited)
 Periods ended Aug. 31 Three Months Pct. Nine Months Pct.
 1993 1992 Change 1993 1992 Change
 Revenue:
 Software licenses $ 17,640 $14,995 18 $ 51,817 $ 41,576 25
 Maintenance and
 support services 9,773 7,411 32 27,313 19,058 43
 Total revenue 27,413 22,406 22 79,130 60,634 31
 Costs and expenses:
 Cost of revenue 4,141 3,333 12,218 9,296
 Sales and marketing 12,559 9,499 34,910 25,897
 Product development 3,980 3,670 11,219 9,539
 General and
 administrative 2,931 2,307 9,010 6,765
 Total costs and
 expenses 23,611 18,809 26 67,357 51,497 31
 Income from
 operations 3,802 3,597 6 11,773 9,137 29
 Other income:
 Interest and other
 income, net 534 534 1,624 1,525
 Foreign currency
 gain (loss) 22 (142) 99 (337)
 Total other income 556 392 1,723 1,188
 Income before provision
 for income taxes 4,358 3,989 9 13,496 10,325 31
 Provision for
 income taxes 1,526 1,436 4,724 3,717
 Net income 2,832 2,553 11 8,772 6,608 33
 Income per common
 share $ 0.44 $ 0.40 10 $ 1.36 $ 1.04 31
 Weighted average number
 of common and common
 equivalent shares
 outstanding 6,496 6,345 2 6,448 6,329 2
 Percent of revenue:
 Income from
 operations 13.9 16.1 14.9 15.1
 Net income 10.3 11.4 11.1 10.9
 Condensed Consolidated Balance Sheets
 (In thousands)
 Aug. 31, 1993 Nov. 30, 1992 Aug. 31, 1992
 (Unaudited) (Audited) (Unaudited)
 Assets
 Current assets:
 Cash and short-term
 investments $ 60,455 $ 54,583 $ 48,992
 Accounts receivable,
 net 16,375 12,933 11,601
 Inventories 1,096 1,210 1,260
 Other current assets 3,472 2,768 3,219
 Total current assets 81,398 71,494 65,072
 Property and equipment,
 net 13,608 8,822 8,452
 Capitalized software
 costs, net 1,229 710 652
 Other assets 723 389 19
 Total 96,958 81,415 74,195
 Liabilities and
 stockholders' equity
 Current liabilities:
 Current portion of
 long-term debt 255 203 209
 Accounts payable 5,007 4,670 3,599
 Other accrued
 liabilities 10,809 10,773 9,215
 Income taxes payable 2,396 2,027 1,461
 Current liabilities
 excluding deferred
 revenue 18,467 17,673 14,484
 Deferred revenue 13,037 9,828 9,661
 Total current
 liabilities 31,504 27,501 24,145
 Deferred income taxes 446 457 293
 Long-term debt 189 223 263
 Stockholders' equity:
 Common stock, $0.1
 par value 61 60 58
 Additional paid-in
 capital 33,418 30,455 28,990
 Retained earnings 31,590 22,818 19,813
 Cumulative translation
 adjustments (250) (99) 633
 Total stockholders'
 equity 64,819 53,234 49,494
 Total 96,958 81,415 74,195
 -0- 9/24/93
 /CONTACT: Rosemary Bladon or Anthony Dolph of Progress Software Corporation, 617-280-4000/
 (PRGS)


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

SM -- NY011 -- 5253 09/24/93 06:39 EDT
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Publication:PR Newswire
Date:Sep 24, 1993
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