UPDATE 1-Progress Software posts Q1 loss
* Q1 loss $0.02/shr vs EPS $0.09 yr ago
* Q1 adj rev up 5 pct to $128 mln
* Sees FY 2010 adj EPS $2.20-$2.32
* Sees FY 2010 adj rev $540 mln-$550 mln
March 23 (Reuters) - Business software maker Progress Software Corp (PRGS.O) posted a first-quarter loss, hurt by a restructuring charge.
For the first quarter ended Feb 28, the company posted a loss of $1 million, or 2 cents a share, compared with a profit of $3.7 million, or 9 cents a share, a year ago.
The results include a $25.8 million restructuring charge. The company cut 13 percent of its global workforce primarily within its sales, development and marketing organizations.
Adjusted revenue rose 5 percent to $128 million.
Excluding the restructuring charge and other items, the company earned 53 cents a share.
Analysts on average were looking for earnings of 46 cents a share, excluding special items, on revenue of $127.1 million.
For fiscal year ending Nov 30, 2010, the company, which sells business application infrastructure software, expects to earn $2.20 to $2.32 per share, excluding items, on adjusted revenue of $540 million to $550 million.
Analysts expect the company to earn $2.22 per share, excluding items, on revenue of $544.5 million, according to Thomson Reuters I/B/E/S.
Shares of the company closed at $32.99 Tuesday on Nasdaq.
For alerts, please double click [ID:WNAB2813] (Reporting by Manasi Phadke in Bangalore; Editing by Jarshad Kakkrakandy)
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