LONDON, UK / ACCESSWIRE / January 18, 2018 / Active-Investors.com has just released a free earnings report on Progress Software Corp. (NASDAQ: PRGS). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PRGS. The Company posted its financial results on January 10, 2018, for the fourth quarter of the fiscal year 2017. The global software Company's revenue and adjusted EPS surpassed analysts' expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Progress Software most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For the three months ended November 30, 2017, Progress Software's total revenue decreased 1% to $116.08 million from $117.72 million in Q4 FY16. For the reported quarter, the Company's adjusted revenue decreased 1% to $116.34 million compared to $118.01 million in Q4 FY16. The Company's revenue numbers surpassed analysts' expectations of 114.33 million.
During Q4 FY17, Progress Software's gross profit dropped 3% to $98.12 million from $101.19 million in Q4 FY16. For the reported quarter, the Company's gross margin decreased 100 basis points to 85% of revenue from 86% of revenue in Q4 FY16. For the reported quarter, the Company's adjusted gross margin increased 100 basis points to 90% of revenue from 89% of revenue in Q4 FY16.
During Q4 FY17, Progress Software's operating income was $28.81 million compared to an operating loss of $62.36 million in Q4 FY16. For the reported quarter, the Company's adjusted operating income increased 15% to $49.08 million from $42.57 million in Q4 FY16. For the reported quarter, the Company's adjusted operating margin increased 600 basis points to 42% of revenue from 36% of revenue in Q4 FY16.
During Q4 FY17, Progress Software's earnings before tax (EBT) was positive $28.08 million compared to negative $63.46 million in the same period of last year.
For the reported quarter, Progress Software's net income was $16.43 million compared to net loss of $73.79 million in Q4 FY16. During Q4 FY17, the Company's diluted earnings per share (EPS) was positive $0.34 versus negative $1.52 in the comparable period of last year.
During Q4 FY17, Progress Software's adjusted diluted EPS increased 8% to $0.67 from $0.62 in the corresponding period of last year, surpassing analysts' expectations of $0.61.
Segment Details
OpenEdge - During Q4 FY17, the Company's OpenEdge segment's revenue was $77.64 million compared to $77.67 million in the same period of last year. For the reported quarter, the segment's operating income fell 1% to $57.68 million from $58.27 million in Q4 FY16.
Data Connectivity and Integration - During Q4 FY17, the Company's Data Connectivity and Integration segment's revenue increased 5% to $18.04 million from $17.16 million in the comparable period of last year. For the reported quarter, the segment's operating income increased 15% to $15.25 million from $13.26 million in Q4 FY16.
Application Development and Deployment - During Q4 FY17, the Company's Application Development and Deployment segment's revenue decreased 11% to $20.40 million from $22.90 million in the corresponding period of last year. For the reported quarter, the segment's operating income increased 11% to $13.65 million from $12.27 million in Q4 FY16.
Balance Sheet
As on November 30, 2017, Progress Software's cash, cash equivalents, and short-term investments decreased 26.5% to $183.61 million from $249.75 million as on November 30, 2016. For the reported quarter, the Company's long-term debt decreased 3.3% to $116.09 million from $120.00 million in Q4 FY16.
For the reported quarter, the Company's net accounts receivable decreased 6.8% to $61.21 million from $65.68 million in Q4 FY16. For the reported quarter, the Company's accounts payable and other current liabilities increased 16.5% to $69.66 million from $59.78 million in Q4 FY16.
During Q4 FY17, the Company's cash provided by operating activities decreased 4.2% to $32.52 million from $33.93 million in the same period of last year. During Q4 FY17, the Company's adjusted free cash flow was $32.37 million compared to $32.41 million in Q4 FY16.
Outlook
For FY18, the Company expects revenue to be in the range of $398.3 million - $403.7 million and adjusted diluted EPS to be in the band of $2.29 - $2.35.
Stock Performance Snapshot
January 17, 2018 - At Wednesday's closing bell, Progress Software's stock was slightly up 0.29%, ending the trading session at $52.51.
Volume traded for the day: 684.87 thousand shares, which was above the 3-month average volume of 348.98 thousand shares.
Stock performance in the last month - up 28.57%; previous three-month period - up 27.95%; past twelve-month period - up 90.05%; and year-to-date - up 23.35%
After yesterday's close, Progress Software's market cap was at $2.49 billion.
The stock has a dividend yield of 1.07%.
The stock is part of the Technology sector, categorized under the Application Software industry. This sector was up 1.2% at the end of the session.
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