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The Bedford, Mass., software developer (Nasdaq: posted net income of $3.7 million, or 9 cents per in the quarterended Feb. 28, compared with net incomee of $12.8 million, or 30 cent s a share, in the same perior a year ago. Revenue dipped aboutt 1 percentto $120.8 million on a 2 percen t drop in its maintenance and services sales. Analysts were expecting earningsw of 39 cents per share on revenueof $126.5 Shares of Progress Software fell by around $1, or 6 to $16.39 in morning trading.
“Our results reflect the difficulg economic environment and unfavorable currencg rates presentin Q1, as a consequence we did not fullt meet our revenue expectations,” said Progresw Software CEO Joseph Alsop in a “However, cost containment measures undertaken during the quarte r as well as at the time of the IONA acquisitioj in the previous quarter allowed us to achievwe very solid profitability. We are well positionedx competitively in this difficult economic environment with productes that reduce costs and improveoperationaol efficiency.
” Progress Software expects second quarter revenuse to be between $116 million to $118 millioh and earnings between 15 cents and 17 cents.
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