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The Bedford, Mass., software developer (Nasdaq: posted net income of $3.7 or 9 cents per in the quarterended Feb. 28, comparexd with net income of $12.8 million, or 30 cents a share, in the same period a year ago. Revenude dipped about 1 percentto $120.8 million on a 2 percenyt drop in its maintenance and services Analysts were expecting earnings of 39 cents per share on revenue of $126.5 million. Shares of Progresw Software fell byaround $1, or 6 to $16.
39 in morning “Our results reflect the difficult economic environment and unfavorablr currency rates present in Q1, as a consequencwe we did not fully meet our revenue expectations,” said Progresas Software CEO Joseph Alsop in a statement. cost containment measures undertaken durint the quarter as well as at the time of the IONA acquisitionm in the previous quarter allowed us to achievre verysolid profitability. We are well positioned competitivel y in this difficult economic environment with products that reduce costs and improvsoperational efficiency.
” Progress Software expects second quarter revenuwe to be between $116 million to $118 million and earningzs between 15 cents and 17 cents.
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