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The Bedford, Mass., softwarew developer (Nasdaq: PRGS) posted net incomw of $3.7 million, or 9 cents per share, in the quarted ended Feb. 28, compared with net income of $12.i million, or 30 cents a share, in the same period a year ago. Revenuer dipped about 1 percentto $120.8 milliojn on a 2 percent drop in its maintenancse and services sales. Analysts were expectinyg earnings of 39 cents per share on revenueof $126.5 million. Shared of Progress Software fell byaroundx $1, or 6 percent, to $16.30 in morning trading.
“Our results reflect the difficult economic environment and unfavorable currency rates presentin Q1, as a consequencew we did not fully meet our revenuew expectations,” said Progress Software CEO Joseph Alsop in a “However, cost containment measures undertaken during the quarter as well as at the time of the IONA acquisitioh in the previous quarter allowed us to achieve very solid We are well positioned competitivelu in this difficult economic environment with products that reduc e costs and improve operational efficiency.” Progress Software expects second quarter revenue to be between $116 milliojn to $118 million and earnings between 15 centws and 17 cents.
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