Business software maker Progress Software Corp. (Nasdaq: PRGS) was down as much as 9% today after announcing its guidance for fiscal 1Q12 earnings yesterday, which was below analyst expectations. Even more concerning is that PRGS did not provide any guidance for FY12 as it has done in the past for upcoming fiscal years when reporting 4Q results. This is not too surprising given the company's recent guidance history, having made 3 cuts during the past year.
The following are the company's guidance cuts during FY11. In Mar-11, PRGS lowered its FY11 GAAP EPS guidance from $1.84 - $1.98 to $1.22 - $1.32. Its forecast was cut again to $1.08 - $1.15 in Jun-11. At the same time, FY11 revenue guidance was also cut from $560 million - $570 million to $550 million - $560 million. Finally, in Sep-11, PRGS further lowered both GAAP EPS and revenue guidance for the year to $0.84 - $0.89 and $527 million - $531 million, respectively.
Here is a link to the company's press release reporting 4Q11 results.