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Tech Industry

Progress doubles income

The maker of application development and deployment tools makes $22.8 million, or $1.18 per share, for the fiscal year, 135 percent more than the firm made in 1997.

    Progress piled on the profits in 1998, posting more than double income for the period.

    The maker of application development and deployment tools made $22.8 million, or $1.18 per share, for the fiscal year ended November 30, 135 percent more than the $9.7 million, or 53 cents per share, the Bedford, Massachusetts-based firm made in 1997.

    "Our financial results were powered by the fact that [independent software vendors] sold more applications than in previous years," said Joseph Alsop, Progress's president. "We were also pleased by the adoption rate of our Internet-based products among some of the world's most progressive and result-oriented companies."

    Much of Progress's income comes from other software vendors who use Progress's development tools to build their own software.

    Progress's revenue for the year rose 27 percent to $239.9 million from $188.3 million in 1997. The results for 1997 do not include a one-time charge of $11.5 million for software development and write-offs related to the acquisition of Apptivity Corporation.

    Revenue for the fourth quarter this year rose 32 percent from the like period last year to $69.2 million. Profits were $8.4 million for the recent quarter, up 127 percent from the $3.7 million posted last year's fourth quarter. Diluted earnings per share were 43 cents this year compared to 20 cents per share last year.