Advent Announces Increase to Stock Repurchase Program
SAN FRANCISCO – February 12, 2007 –– Advent Software, Inc. (NASDAQ: ADVS) today announced that its Board of Directors has authorized the repurchase of up to an additional 2,250,000 shares of the Company's common stock. The share repurchase program of 1,500,000 shares announced in July 2006 has been substantially completed through February 9, 2007 for a total cash outlay of approximately $45 million. As of February 9, 2007, Advent had approximately 28 million shares outstanding.
Stock repurchases under this program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements, alternative investment opportunities and other market conditions. The stock repurchase program does not have an expiration date and may be limited or terminated at any time without prior notice. Repurchased shares will be returned to the status of authorized but un-issued shares of common stock.
"We believe Advent's stock repurchase program enhances shareholder value,” said Stephanie DiMarco, Advent’s founder and CEO. “The Board's actions, as well as our decision to secure a revolving credit facility based on the strength of the Company’s recurring revenue streams, are a reflection of the Company's continued success and our belief in the long-term prospects for future growth.”
The Company expects to finalize a $75 million revolving credit facility by the end of February 2007.
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 60 countries use Advent technology and manage investments totaling nearly US $14 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. Advent is the only financial services software company to be awarded the Support Center Practices certification for being a world-class support organization.
Advent is a registered trademark of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
Graham Smith, Chief Financial Officer
Advent Software, Inc.