San Francisco, CA, May 19, 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 1.0 million shares of common stock thereby increasing the total allowable common shares to be repurchased to 4.8.
Advent's board initially approved the current stock repurchase program in May 2004 for up to 1.2 million shares of Advent common stock. In September 2004 and February 2005 an additional 800,000 and 1.8 million shares, respectively, were added to the repurchase program by Advent’s board. Since the inception of this program in May 2004 through March 31, 2005, Advent has repurchased 2.9 million shares for a total cost of $49.9 million and an average price of $17.41 per share. With the additional approval of 1.0 million shares by Advent’s board, Advent had approximately 1.5 million shares available to be repurchased under this share repurchase program and 30.4 million shares outstanding as of close of business on May 18, 2005.
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.
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 50 countries using Advent technology manage investments totaling more than US $8 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.
Graham Smith - Chief Financial Officer
301 Brannan Street
San Francisco CA 94107