Reuters - US Market News

BRIEF-Progress reports 2016 fiscal fourth quarter and year end results

Jan 16 Progress Software Corp

* Progress reports 2016 fiscal fourth quarter and year end results

* Q4 non-GAAP earnings per share $ 0.62

* Q4 earnings per share view $ 0.56 — Thomson Reuters I/B/E/S

* Q4 revenue $ 118 million versus I/B/E/S view $ 123.5 million

* Progress Software says will discontinue investment in digital factory offering, will re-align its resources consistent with its core operating approach

* Progress Software says will implement restructuring efforts that will include consolidating facilities, implementing a simplified organizational structure

* Progress Software says will implement restructuring efforts that will reducing marketing and other external expenses

* Progress Software says intends to reduce headcount by approximately 450 employees, totaling over 20% of company’s workforce

* Progress Software says initial headcount reductions will begin in fiscal Q1 of 2017 and should be substantially completed by end of fiscal Q2 of 2017

* Progress Software says after investments in new product strategy, progress expects to reduce net annual run-rate costs by about $ 20 million by end of fy 2017

* Progress Software says Jerry Rulli, Progress’ chief operating officer, will be leaving company at end of fiscal Q1 of 2017

* Qtrly GAAP diluted loss per share $ 1.52

* Progress Software says sees fy 2017 non-GAAP earnings per share $ 1.64 – $ 1.69; non-GAAP revenue $ 388 million – $ 396 million

* Sees Q1 2017 GAAP revenue $ 86 – $ 89 million

* Progress Software says sees fy 2017 GAAP earnings per share $ 0.56 – $ 0.64; GAAP revenue $ 387 million – $ 395 million

* Sees Q1 2017 loss per share between $ 0.12 – $ 0.06

* Progress Software says sees Q1 non-GAAP earnings per share $ 0.25 – $ 0.27; Q1 non-gaap revenue $ 86 million – $ 89 million

* Fy2017 earnings per share view $ 1.70, revenue view $ 425.1 million — Thomson Reuters I/B/E/S

* Q1 earnings per share view $ 0.30, revenue view $ 93.2 million — Thomson Reuters I/B/E/S Source text for Eikon: Further company coverage:


Reuters: Market News

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