Electronic commerce software maker Progress Software Corp. today announced net income for its first quarter, ended Feb. 28, was just $1.9 million, compared to $4.4 million in the same quarter last year, but company President Joseph Alsop said the financial picture is expected to brighten with the release of a new software distribution tool later this year.
Earnings per share were 15 cents for the quarter, down from 32 cents in the year-ago quarter, and revenue for the quarter fell 6 percent to $45.3 million, down from $48.3 million in the first quarter of 1996.
Investors appeared unfazed by the news so far today, with Progress Software shares rising $1.75 to $16.50 in morning trading.
During the first half of 1997, the Bedford, Mass., company plans to release its DeltaCast product for automatic distribution of software upgrades, and officials are confident that interest in DeltaCast and the company's WebSpeed development tool will build, resulting in improved earnings, Alsop said.
Progress Software's Worldwide Users Conference will be held in June in Boston.