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UPDATE 1-Progress Software posts Q1 loss
March 23, 2010 / 9:33 PM / 8 years ago

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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