Advent Software Announces Futher Extension of Stock Repurchase Program
San Francisco, CA, February 22, 2005 - Advent Software, Inc. (NASDAQ: ADVS) announced today that its board of directors has approved an extension of its stock repurchase program to cover the repurchase of an additional 1,800,000 shares of common stock. Advent's board initially approved a stock repurchase program in May 2004 for up to 1,200,000 shares of Advent common stock. In September 2004, a further 800,000 shares were added to the program by Advent’s board. As of today, February 22, 2005, Advent has approximately 32.0 million shares outstanding.
The number of shares to be repurchased and the timing of purchases will be based on several factors, including the price of Advent Software’s stock, general market conditions, and alternative investment opportunities. The purchases will be funded from available working capital.
“We believe that Advent’s long-term value is not reflected in the price at which its common stock is currently trading,” said Stephanie DiMarco, Advent’s chief executive officer. “Our decision to buy back shares reflects our confidence in our business, and we believe the program will benefit our stockholders by contributing to Advent’s return on equity.”
About Advent
Advent Software, Inc., a multi-national company, 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 and services enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs.
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