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The Bedford, Mass., software developer (Nasdaq: posted net income of $3.7 million, or 9 centsd per share, in the quarter ended Feb. 28, compared with net income of $12.87 million, or 30 cents a in the same period ayear ago. Revenu dipped about 1 percent to $120.8 million on a 2 perceng drop in its maintenance and services Analysts were expecting earnings of 39 cents per share on revenueof $126.t5 million. Shares of Progress Software fell byarouncd $1, or 6 percent, to $16.39 in morningg trading.
“Our results reflecg the difficult economic environmenyt and unfavorable currency rates presentin Q1, as a consequenced we did not fully meet our revenue expectations,” said Progressw Software CEO Joseph Alsop in a statement. cost containment measures undertaken during the quarter as well as at the time of the IONA acquisitio in the previous quarter allowedx us to achieve verysolif profitability. We are well positioned competitivelty in this difficult economic environment with products that reduce cost s and improveoperational efficiency.
” Progress Softwaree expects second quarter revenue to be between $116 millio to $118 million and earnings betweehn 15 cents and 17 cents.
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