Progress Software Corp this week announced financial results for the fourth quarter and full-year ended November 30, with revenue up 3% and 4% respectively.
The Bedford, Massachusetts-based company reported net income up 35% at $6.8m for the fourth quarter on revenue of $72.1m, compared to $69.7m in the same quarter of 2001. For the full year, the database, development tools and integration software company reported net income up 17% at $20.6m on revenue of $273.1m, compared to $263.6m in full-year 2001.
The company, which is hoping that the shareholders of XML tools vendor eXcelon Corp will approve its $24m acquisition attempt at their meeting today (December 18), said that its results were positively impacted by year-over-year exchange rates for the fourth quarter and full year.
Without those exchange rate changes, the company would have reported revenue growth of 1% and 3% in the fourth quarter and full-year respectively. Nevertheless, the company has achieved six straight quarters of revenue growth, albeit with an increasing reliance on maintenance and services revenue.
In both the fourth quarter and full year, the company’s license revenue decreased by 2% while its maintenance and services revenue grew 7%. Maintenance and services revenue accounted for 65% of the total in the fourth quarter, and 66% of the total for the full year.