San Francisco, CA, January 2, 2003 - Advent Software, Inc. (Nasdaq: ADVS) announces that it expects to generate total revenues of about $36 million for the quarter ended December 31, 2002, or approximately five percent below previous expectations. Total fourth quarter revenue is expected to be comprised of approximately $9 million to $9.4 million of license revenue, approximately $22.5 million of maintenance and other recurring revenue, and approximately $4.5 million of professional services.
“While we are disappointed that our license revenue fell just short of our quarterly goal, we are very pleased with the health of our estimated maintenance and other recurring revenue for the fourth quarter,” said Peter M. Caswell, President and Chief Executive Officer of Advent Software.
“We are seeing some encouraging signs of increased purchasing activity, particularly among smaller firms in the United States, however, activity in Europe is less than what we had expected and was a primary contributor to our shortfall in license revenue,” concluded Caswell.
Advent will hold a brief conference call at 5:00 p.m. Eastern Time today, January 2, 2003 to discuss its preliminary fourth quarter revenue estimates. The number to dial-in will be 973-582-2706. If you are unable to listen to the call at this time, a replay will be available through January 9, 2003 by calling 973-341-3080, passcode 3675860.
Advent is scheduled to release its fourth quarter results of operations followed by a conference call on Tuesday, January 21, 2003, after the market closes.
Advent Software, Inc. has been providing trusted solutions to the world’s leading professional money managers since 1983. Firms in 55 countries use Advent technology to manage investments totaling more than US $8 trillion. Advent’s quality software, data, services and tools enable managers to improve service and communication to their clients, allowing them to grow their business while controlling costs. Advent’s common stock is traded on the NASDAQ National Market under the symbol ADVS.
This release contains forward-looking statements about our expected net revenues for the fourth quarter of fiscal 2002. These statements are subject to risks and uncertainties, including potential discrepancies between management’s initial estimates and the final revenues for the quarter and the risk that actual results for the fourth quarter may not meet our current estimates. Further risks are detailed from time to time in Advent’s SEC reports, including its Form 10-K Report for 2001 and Form 10-Q filings.
Irv H. Lichtenwald - CFO
Robin Goodstein – Inv Relations
Advent Software, Inc.
301 Brannan Street
San Francisco CA 94107