SAN FRANCISCO – May 14, 2010 – Advent Software, Inc. (NASDAQ:ADVS), a leading provider of software and services for the investment management industry, today announced that its Board of Directors has authorized the repurchase of up to an additional 1.0 million shares of the Company's common stock. This authorization is in addition to the approximately 0.6 million shares that remain available as of today for repurchase by Advent under the share repurchase program announced in October 2008.
Stock repurchases under this authorization 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, Advent's cash balances, general business and market conditions, the dilutive effects of share-based incentive plans, alternative investment opportunities and working capital needs. The stock repurchase authorization does not have an expiration date and may be limited or terminated at any time without prior notice. The purchases will be funded from available working capital, and repurchased shares will be returned to the status of authorized but un-issued shares of common stock.
As of May 13, 2010, Advent had approximately 25.7 million shares of common stock outstanding.
Advent Software, Inc., a global firm, has provided trusted solutions to the world’s financial professionals since 1983. Firms in more than 60 countries rely on Advent technology to run their mission-critical operations. 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 Service Capability and Performance certification for being a world-class support and services organization. For more information on Advent products, visit our product demo page.
This release contains forward-looking statements regarding the Company's working capital and future repurchases of the Company's common stock. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from our expectations or that may cause us not to make share repurchases as currently anticipated, including alternative uses of cash, future competing investment opportunities, general economic, business and market conditions, and other risks and uncertainties that may adversely impact our business. Many of these risks and uncertainties are detailed in Advent's most recent filings with the Securities and Exchange Commission, including, but not limited to, its quarterly reports on Form 10-Q and its 2009 annual report on Form 10-K, copies of which may be obtained by contacting Advent Software at (415) 645-1787 or by visiting Advent's Investor Relations Web site at www.advent.com.
Advent, the Advent logo and Advent Software are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
Advent Software, Inc.
Advent Software, Inc.