Operating income fell 50% to $9.1m, while diluted EPS fell 57% to $0.13. Software license revenue fell 15% to $39.2m, while maintenance and services revenue remained flat at $80.3m. The company had cash and short-term investments of $186.5m.

Rick Reidy, president and chief executive at Progress Software, said: "Our financial results reflect the difficult economic environment and unfavorable year-over-year currency rates present during this third quarter. However, we continue to be well positioned with our emerging products and have received strong validation and top ratings from independent analyst firms."

Looking ahead for fiscal 2009, it expects revenue between $487m and $490m and diluted EPS between $0.69 and $0.71.

A service of YellowBrix, Inc.