Progress Software profit beats estimates on cost cuts

Reuters News
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Posted: Sep 26, 2012 5:04 PM
Progress Software profit beats estimates on cost cuts

(Reuters) - Database management software maker Progress Software Corp <PRGS.O> reported a third-quarter profit that beat analysts' estimates, helped by cost cuts.

The company's net income from continuing operations fell to $5.8 million, or 12 cents per share, from $9.1 million, or 14 cents per share, a year earlier.

Excluding items, it earned 31 cents per share.

Revenue fell 14 percent to $107.2 million.

Analysts expected earnings of 24 cents per share on revenue of $112.3 million, according to Thomson Reuters I/B/E/S.

Shares of the Bedford, Massachusetts-based company rose 3 percent in after hours trading on Wednesday. They closed at $19.16 on the Nasdaq.

(Reporting By Aditya Kondalamahanty in Bangalore; Editing by Anil D'Silva)