Upcoming AWS Coverage on NQ Mobile Post-Earnings Results
LONDON, UK / ACCESSWIRE / April 11, 2017 / Active Wall St. announces its post-earnings coverage on Progress Software Corp. (NASDAQ: PRGS). The Company announced its first quarter fiscal 2017 financial results on March 29, 2017. The business software maker provided guidance for the upcoming quarter and also announced new CFO. Register with us now for your free membership at:
One of Progress Software's competitors within the Application Software space, NQ Mobile Inc. (NYSE: NQ), reported its results for Q4 FY16 and FY16 after the US markets closed on Thursday, April 06, 2017. AWS will be initiating a research report on NQ Mobile in the coming days.
Today, AWS is promoting its earnings coverage on PRGS; touching on NQ. Get our free coverage by signing up to:
For its fiscal first quarter ended February 28, 2017, Progress Software's revenue was $91.0 million, up 2% on an actual currency basis and 3% on a constant currency basis, compared to $89.5 million in the same quarter last year. On a non-GAAP basis, revenue was $91.2 million compared to $90.2 million in Q1 FY16, an increase of 1% on an actual currency basis and 2% on a constant currency basis.
For Q1 FY17, Progress Software's income from operations was $1.2 million (including a restructuring charge of $17.1 million) compared to $6.7 million in Q1 FY16. On a non-GAAP basis, the Company's income from operations was $27.1 million in the reported quarter compared to $21.5 million in the same quarter last year. Operating margin was 30% in the reported quarter compared to 24% in the same quarter last year.
Progress Software's net loss was $0.5 million in Q1 FY17 compared to net income of $3.2 million in Q1 FY16, while diluted loss per share was $0.01 compared to diluted earnings per share of $0.06 in the same quarter last year. On an adjusted basis, the Company's net income was $16.8 million in the reported quarter compared to $13.8 million in the same quarter last year and diluted earnings per share was $0.34 compared to $0.27 in the prior year's same period.
For Q1 FY17, Progress Software's cash from operations was $37.3 million compared to $22.5 million in Q1 FY16. The Company's adjusted free cash flow was $43.0 million compared to $22.7 million in the same quarter last year. Cash, cash equivalents, and short-term investments were $264.2 million. Progress Software's DSO was 48 days in Q1 FY17 compared to 59 days in Q1 FY16 and 50 days in Q4 FY16.
Under the previously announced authorization by the Board of Directors to repurchase up to $200 million of shares of common stock, Progress Software repurchased 0.6 million shares for $18.1 million during Q1 FY17. As of February 28, 2017, there was $117.3 million remaining under the authorization.
On March 24, 2017, Progress Software's Board of Directors declared a quarterly dividend of $0.125 per share of common stock that will be paid on June 15, 2017, to shareholders of record as of the close of business on June 01, 2017.
On March 29, 2017, Progress Software announced that Paul Jalbert, Chief Accounting Officer, has been named Chief Financial Officer, effective immediately. As CFO, Jalbert will be a member of the Company's executive leadership team, reporting to Yogesh Gupta, President and Chief Executive Officer, and will oversee the Company's global finance and accounting operations. Jalbert has been Chief Accounting Officer since joining the company in August 2012.
Jalbert is an accomplished finance executive with over 30 years of experience at publicly traded and privately-held companies, including UnitedHealth Group, Picis, Keane, Genuity and Verizon. As CFO, Jalbert replaces Kurt Abkemeier, who will leave the Company effective immediately.
For Q2 FY17, Progress Software is forecasting GAAP and non-GAAP revenue in the range of $89 million to $92 million and earnings in the band of $0.13 to $0.15. The Company is anticipating full-year non-GAAP earnings in the range of $1.64 to $1.69 per share, with revenue ranging from $388 million to $396 million.
At the close of trading session on Monday, April 10, 2017, Progress Software's stock price slightly fell 0.27% to end the day at $29.61. A total volume of 462.39 thousand shares were exchanged during the session, which was above the 3-month average volume of 374.21 thousand shares. The Company's share price has gained 9.27% in the past six months and 20.22% in the last twelve months. The Company's shares have a dividend yield of 1.69% and market cap of $1.43 billion.
Active Wall Street:
Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
AWS has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email [email protected]. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: [email protected]
Phone number: 1-858-257-3144
Office Address: 3rd floor, 207 Regent Street, London, W1B 3HH, United Kingdom
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Active Wall Street