San Francisco, March 5, 2001 - Advent Software, Inc. (Nasdaq: ADVS) announced that its Board of Directors authorized a stock buy-back plan. The authorization is for the repurchase of up to one million shares of outstanding common stock. As of December 31, 2000, Advent had approximately 30.5 million common shares outstanding.
"Each and every Advent employee has an opportunity to become a part owner of our dynamic organization through the granting of stock options," stated Irv Lichtenwald, Chief Financial Officer of Advent Software. "Although this can be a great motivator of morale and improved productivity which benefits shareholders, it increases the number of Advent common shares outstanding. This stock buy-back program will allow us to help manage the dilution of our shares as our company grows and expands."
The purchases may be made, from time to time, on the open market or in privately negotiated transactions and will be funded from available working capital. The number of shares to be purchased and the timing of the purchases will be based on the level of cash balances, general business conditions and other factors, including alternative investment opportunities.
Advent Software, Inc. is the leading provider of Enterprise Investment Management solutions. The company provides a suite of complementary products for the front, middle and back offices of investment management organizations. The company's common stock is traded on the NASDAQ National Market under the symbol ADVS.
The forward looking statements included in this press release, which reflect management's best judgment based on factors currently known, involve risks and uncertainties including potential fluctuations in results and future growth rates, the successful development and market acceptance of new products and product enhancements, fluctuations in the financial markets, 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.
Irv H. Lichtenwald - CFO
Robin Goodstein – Inv Relations
Advent Software, Inc.
301 Brannan Street
San Francisco CA 94107