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Progress Software Corp. (Nasdaq:PRGS) said profit in the quarter ended Feb. 28 was $20.5 million, compared to a net loss of $1 million for the same quarter a year earlier.
The Bedford-based company, a maker of business management software, also reported that revenue for the quarter came in at $134.2 million, up 5 percent year-over-year.
In a statement, CEO Richard Reidy attributed the financial performance to expense cuts and to some of the company’s newer product lines. Progress has been heavily touting its Responsive Process Management, which aims to help businesses dynamically adjust to events by detecting opportunities and threats in real time.
Reidy recently said the company employs 508 people in Massachusetts and has been planning to add 50 jobs in the state this year as the company expands.
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