San Francisco, CA, June 12, 2003 - Advent Software, Inc. (Nasdaq: ADVS), today announced a workforce reduction of approximately 90 people, or 10 percent of the company’s employee base, affecting all areas of the company. As a result, the company anticipates recording a restructuring charge for severance costs in the second quarter, and plans to consolidate some of its real estate by the end of the year, which may require further restructuring charges in later quarters. Financial details of the restructuring charge, and the reduction in expenses for future periods as a result of the headcount reductions, will be discussed in the company’s second quarter results press release and conference call on July 16.
“We truly value the contributions all of our employees have made over the years, and it’s very hard for us to make this decision. Unfortunately, the financial services sector has continued to suffer and we needed to take this difficult step towards improving Advent’s financial performance. It’s possible we will see some further headcount reductions this year as we continue to evaluate the business in the current environment,” said Stephanie DiMarco, Chairman and Chief Executive Officer of Advent.
“Advent has been a leader in this business for 20 years for two simple reasons – because we serve our customers well and we deliver great products on which they can rely. Our commitment to our customers will continue to be our guiding principle as we make business decisions appropriate for our long-term success,” she concluded.
Advent Software, Inc. (www.advent.com) has been providing trusted solutions to the world’s leading financial professionals 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 financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs.
The forward looking statements included in this press release, which reflect management’s best judgment based on factors currently known, involve risks and uncertainties. These risks and uncertainties include potential fluctuations in results and future growth rates, the successful development and market acceptance of new products and product enhancements, continued uncertainties and fluctuations in the financial markets, challenges assimilating acquired entities, and other risks detailed from time to time in the company’s SEC reports, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Advent Software’s Investor Relations department at 415-645-1243, or Advent’s Investor Relations website at http://www.advent.com/. Actual results may differ materially.
Graham Smith - Chief Financial Officer
301 Brannan Street
San Francisco CA 94107