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by Alan Alper, MA Editorial Staff
Posted on Tuesday, December 20, 2005 6:37:00 PM Sign Up to receive Daily News Alerts in your E-mail Inbox    | Abstract: | Sales jump 12% in both the period and fiscal year to $107.9 million and $405.3 million, respectively, as net income climbs to $14 million in the quarter and to $48.9 million in the year, growth rates of 29% and 52% respectively. |
Firing on all cylinders, Progress Software Corp. today disclosed record fourth-quarter and fiscal 2005 revenues and robust bottom-line results, despite a strengthening U.S. dollar which shaved a full percentage point from top-line growth. Concurrently, the Bedford, MA provider of application infrastructure software said it has agreed to acquire Neon Systems, Inc., a publicly held, Sugar Land, TX provider of mainframe integration software in a cash deal valued at $68 million. The tender offer represents a 46% premium on Neon's shares based on the stock's 30-day trailing average price, the companies said. For the quarter ended November 30, Progress posted revenues of $107.9 million, up 12% (13% at constant currency) from the like period last year. Software license revenues increased 20% to $44.1 million from the corresponding quarter last year. Maintenance and service revenues grew 8% to $63.8 million from the like period of 2004. [Click to continue] |
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