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Progress Software profit misses consensus by 79.2% in fiscal Q1

Progress Software Corp. said its normalized net income for the fiscal first quarter ended Feb. 29 amounted to 6 cents per share, compared with the S&P Capital IQ consensus estimate of 28 cents per share.

The per-share result swung to a profit from the prior-year loss of 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.1 million, compared with a loss of $4.0 million in the prior-year period.

The normalized profit margin climbed to 3.4% from negative 4.9% in the year-earlier period.

Total revenue rose 10.0% year over year to $89.5 million from $81.4 million, and total operating expenses declined 6.7% from the prior-year period to $82.8 million from $88.7 million.

Reported net income came to $3.1 million, or 6 cents per share, compared to a loss of $1.0 million, or a loss of 2 cents per share, in the year-earlier period.