WASHINGTON (dpa-AFX) - Progress Software Corp. (PRGS), Tuesday reported second-quarter net income of $17.96 million or $0.26 per share, compared to $19.06 million or $0.29 per share last year.
On an adjusted basis, net income for the quarter was $26.63 million or $0.38 per share, compared to $26.26 million or $0.40 per share last year.
On average, analysts polled by Thomson Reuters expected earnings of $0.38 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter grew to $134.68 million from $127.66 million last year. On an adjusted basis, revenues for the quarter improved to $134.71 million from $128.26 million in the same period a year ago.
Analysts expected revenues of $134.08 million for the quarter.
Looking forward to the third quarter, the company expects earnings per share in the range of $0.20 to $0.24, adjusted earnings in the range of $0.34 to $0.36 per share, and revenues in the range of $133 million to $136 million.
Analysts currently expect earnings of $0.41 per share on revenues of $137.31 million for the third quarter.
For fiscal-year 2011, the company lowered its earnings guidance range to $1.08 to $1.15 per share, from the previous estimate of $1.22 to $1.32 per share.
The company also lowered its adjusted earnings guidance range to $1.60 - $1.65 per share for the full year, from the previous range of $1.74 to $1.80 per share.
Progress Software now expects to generate revenues in a range of $550 million to $560 million for the full year, lower than previous estimate range of $560 to $570 million.
Analysts currently expects earnings of $1.71 per share on revenues of $560.16 million for the full year.
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