San Francisco, CA, Thursday, April 27, 2006 - Advent Software, Inc. (NASDAQ: ADVS) today announced that its Board of Directors has authorized the repurchase of up to 2,300,000 shares of the Company's common stock. As of April 25, 2006, Advent had approximately 30.2 million shares outstanding.
Stock repurchases under this program may be made through open market transactions and, from time to time, privately negotiated transactions with third parties, 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 would be returned to the status of authorized but un-issued shares of common stock.
The Company will be entering into a pre-arranged Rule 10b5-1 trading plan with a broker to facilitate the repurchase of its shares of common stock, under which the Company may continue to repurchase shares without suspension for trading blackout periods. The shares to be repurchased under the Company's 10b5-1 plan would be part of the stock repurchase program announced by the Company today.
The 10b5-1 trading plan will commence on June 1, 2006. Purchases will be made by a broker and will be based upon the guidelines and parameters of the 10b5-1 plan. Any shares purchased by the Company prior to commencement of the plan on June 1, 2006 will be included in the 2,300,000 shares authorized for repurchase.
Stephanie DiMarco, chief executive officer, commented, "The stock repurchase program is designed to enhance shareholder value and to reduce dilution from share issuances under the Company's employee equity compensation plans. The Board's action is a reflection of the Company's strong cash flow, which the Board believes is sufficient to support the Company's continued growth strategies in addition to share repurchases under this program.”
Between May 2004 and March 2006, the Company repurchased a total of 4.8 million shares under its previous repurchase authorizations at a total cost of $98.2 million and at an average price of $20.43 per share.
Advent Software, Inc., a multi-national company, has been providing trusted solutions to the world's leading financial professionals since 1983. Firms in more than 60 countries using Advent technology manage investments totaling more than US $12 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.
Heidi Flaherty – Investor Relations