Plus   Neg

Progress Software Hikes Dividend; To Discuss Strategy With Shareholders

While reporting its third-quarter financial results today. Progress Software Corp. (PRGS) said its board of directors approved a 12 percent increase in the company's quarterly cash dividend from $0.125 to $0.14 per share of common stock. This increased dividend will be paid on December 15, 2017 to shareholders of record as of December 1, 2017.

The company noted that its board of directors is committed to its policy of regularly returning capital to shareholders and this marks the first increase in the dividend since the company began paying dividends at the beginning of fiscal 2017.

The board has also set a target dividend payout ratio of between 25 percent and 30 percent of the company's annual cash flow from operations, reflecting the continued strength of the company's cash flow generation.

In addition, Yogesh Gupta, the CEO of Progress Software published an update on the company's strategy and business in a letter to shareholders.

The CEO said that when Progress Software formally reports its third-quarter results on September 27, it will discuss further its strategy to support and grow its developer base. The company will also provide additional details on its approach to capital allocation to further improve its return on invested capital and generate value for shareholders.

In addition, the company will provide more detailed insight on the strategic and financial criteria to be used in evaluating potential acquisitions.

"Following our third quarter announcement, we will be actively engaging with our shareholders to discuss our strategy. I look forward to these interactions. As part of our commitment to shareholders, our Board and management value regular engagement with all shareholders, and we are always receptive to constructive input," Gupta said.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Follow RTT