Big Bump In Profit And Income For ProgressBig Bump In Profit And Income For Progress

Progress Software Corp. said Tuesday it enjoyed a 34% jump in third-quarter net income, fueled by 19% growth in software license revenue. Progress' Sonic Software middleware subsidiary was a major factor in that revenue increase. The company makes software for building, deploying, integrating, and managing applications.

Its net income was $7.3 million, or 19 cents per share, for the quarter ended Aug. 31, compared with $5.5 million, or 14 cents, a year ago. Sales were $77.7 million, up 13% from last year, and included $27.2 million in license revenue. Sonic's revenue increased 64% year over year, to $5.8 million. Maintenance and service revenue was up 9%, to $50.5 million, in the third quarter.

Progress says this is the ninth straight quarter of year-over-year revenue growth and the seventh straight quarter of net-income growth.