Progress Software Revenue, Income Up In 2Q

Progress Software Corp. yesterday reported a 24% gain in revenue to $70.8 million for its second quarter, ended May 31, while net income grew 68% to $7.8 million during the period.

Software sales grew 16% to reach $32.1 million in the quarter, while revenue from maintenance and services increased 31% to $38.6 million, the company says. But Progress says its revenue was adversely affected by the strengthening U.S. dollar, and that on a constant currency basis sales grew 27% over the same period a year earlier. The vendor also repurchased 708,000 shares of its stock during the quarter at a cost of $16.3 million.

Progress sells application server, database, development tool, and application management software, much of it to more than 2,000 independent software vendors who build applications on the Progress platform.

During the quarter, the company introduced its Universal Application Architecture for developing Internet business-to-business applications, and technology that allows applications to be hosted by application service providers.