Advent Software Reports Third Quarter Results
San Francisco, CA, Thursday, October 20, 2005 - Advent Software, Inc. (NASDAQ: ADVS) today announced its financial results for the third quarter ended September 30, 2005.
RESULTS
Net revenues for the third quarter of 2005 were $43.0 million, compared with $41.2 million in the second quarter, and $37.3 million in the same quarter last year.
Expenses, including cost of revenues, for the third quarter of 2005 were $38.0 million, compared with $41.8 million in the second quarter, and $41.9 million in the same quarter last year. Expenses in the third quarter of 2005 included $1.6 million in amortization of intangibles.
Net income for the third quarter of 2005 was $6.2 million or $0.19 per diluted share, compared with a net income for the second quarter of $3.3 million or $0.10 per diluted share. The same quarter last year recorded a net loss of $5.1 million, or $0.16 per diluted share.
Cash, cash equivalents and short-term investments totaled $146.5 million as of September 30, 2005. This compares to $133.8 million as of June 30, 2005. During the third quarter, Advent repurchased 155,500 shares of its common stock at a cost of $3.8 million. Operating cash flow for the quarter was $11.0 million.
PERSPECTIVE
“I’m pleased to report on another successful quarter, where we saw continued revenue growth, our third consecutive quarter of positive earnings per share, an outstanding quarter of $11 million in operating cash flow, progress on the term pricing transition, and important new client wins. It was also a very significant quarter for us in terms of product launches, as we introduced our newest platform to the market, Advent Portfolio Exchange™, and announced upgrades to Axys®,” said Stephanie DiMarco, Chief Executive Officer of Advent.
GUIDANCE
Advent issued the following guidance:
- Q4 2005 revenues are projected to be in the range of $41 million to $43 million;
- Full year 2005 revenues are projected to be in the range of $165 million to $167 million;
- Q4 2005 expenses, including cost of revenues, are projected to be in the range of $39 million to $40 million;
- Full year 2005 expenses are projected to be in the range of $158.5 million to $159.5 million, including amortization of intangibles;
- Q4 2005 amortization of intangibles included in cost of revenues will be approximately $600,000, and that related to other intangibles will be approximately $1.0 million;
- Common shares outstanding will increase by roughly 1 percent from the third quarter ending share count of 30.7 million, excluding the possible effect of any stock repurchases; and
- Assuming the price of our common stock remains unchanged during Q4 2005, weighted average common shares outstanding on a diluted basis for Q4 2005 will be approximately 1.9 million shares higher than on a basic basis.
INVESTOR CALL
Advent Software, Inc. will host its Q3 2005 conference call at 5:00 p.m. Eastern time on Thursday, October 20, 2005. To participate via phone, please dial 888-812-3873 and request conference ID #1448779. If you are unable to listen to the call at this time, a replay will be available through October 27, 2005, by calling 800-642-1687, conference ID # 1448779. The conference call will also be web-cast live, then archived on www.advent.com, on the Investor Relations page.
ABOUT ADVENT
Advent Software, Inc. (www.advent.com), a multi-national firm, has been providing trusted solutions to the world’s leading financial professionals since 1983. Firms in 50 countries using Advent technology manage investments totaling more than US $8 trillion. Advent’s quality software, data, services and tools enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs.
FORWARD LOOKING STATEMENTS
The forward looking statements included in this press release, including financial guidance for the fourth quarter and full fiscal year of 2005, which reflect management’s best judgment based on factors currently known, involve risks and uncertainties that could cause actual results to differ materially from our expectations and guidance. These risks and uncertainties include potential fluctuations in results and future growth rates, changes in the length of our sales cycles, the successful development and market acceptance of new products and product enhancements, the impact of initiatives by competitors, continued uncertainties and fluctuations in the financial markets, and other risks detailed in Advent’s filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, as amended, copies of which may be obtained by contacting Advent Software at 415-645-1787, or by visiting Advent’s Investor Relations website at www.advent.com. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Condensed Consolidated Balance Sheet and Statement of Operations (PDF)
-FINANCIAL HIGHLIGHTS TO FOLLOW-
| Contact: |
Graham Smith - Chief Financial Officer
Advent Software
301 Brannan Street
San Francisco CA 94107
(415) 543-7696 |