Progress Software Corp. (PRGS) reported a rise in net income for the first quarter to $31.1 million or $0.53 per share, from $7.4 million or $0.12 per share for the year-ago quarter. The latest quarter results primarily reflect a gain of $21.9 million from discontinued operations.
Income from continuing operations for the latest first quarter was $9.1 million or $0.16 per share, compared to $11.1 million or $0.19 per share in the prior year quarter.
Excluding items, adjusted income from continuing operations for the first quarter was $21.1 million or $0.23 per share, compared to $21.4 million or $0.29 per share in the first quarter prior year.
Meanwhile, total revenue for the quarter rose to $89.26 million from $87.21 million a year ago.
Analysts polled by Thomson Reuters expected the company to earn $0.24 per share on revenue of $86.30 million for the first quarter. Analysts' estimates typically exclude special items.
For the fourth quarter, the company expects core revenue growth to be flat with the fiscal second quarter of 2012, on a constant currency basis.
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