Progress Software has turned in a poor set of year-end financial results and does not expect to be back on track until 1998.
The database and tools vendor saw turnover for its fourth quarter, ended 30 November, fall 15 per cent to $45.2 million. Net profit was down from $6.2 million in the same quarter last year to $705,000 - a fall of 89 per cent.
Sales for the full year fell two per cent to $176.7 million, and net income dropped 71 per cent to $5.5 million. Bud Robertson, Progress chief financial officer, said: 'We are concerned, but we're looking at all the fundamentals of the business.'
He added that Progress' applications partners, which generated up to 70 per cent of the company's sales, had been slow to move from character-based products to its graphical development tools.
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