Friday, June 8, 2012

Progress Software (Nasdaq: PRGS) Halted; Cuts FYQ2 View

Progress Software (Nasdaq: PRGS) Halted; Cuts FYQ2 ViewOrlando, FL 6/8/12 (StreetBeat) – Shares of developer software tools maker Progress Software (Nasdaq:PRGS) have been halted in late trading pending a new announcement.

The last quote for the stock was unchanged at $20.29.

Update: The company warned its revenue and profit for the fiscal Q2 that ended last month would fall well below expectations thanks to disruption caused by the company’s announcement of strategic restructuring back on April 25th, and also “overall weakness in the global economy.”

Progress forecast revenue last quarter of $110 million to $115 million, and EPS in a range of 17 cents to 19 cents a share.

That is below the $124 million and 26 cents the Street had been anticipating.

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