San Francisco, CA, September 17, 2001 - Advent Software, Inc. (Nasdaq: ADVS) today announced that it expects revenue for the third quarter ending September 30, 2001 to be impacted by the tragic events of September 11, 2001 and their likely effects through the remainder of this quarter. The company expects total third quarter revenue to be in the range of $38 million to $41 million, up from $34 million in the same quarter last year.
“Advent has a large number of financial services clients, strategic partners and alliance partners who were running their businesses from the World Trade Center and the immediate surrounding area. We recognize and respect that many of our clients’ and partners’ business, legal, contracting and procurement departments located in lower Manhattan are now dealing with very critical business interruption issues. The typical contract cycle in many software companies involves booking the majority of revenue in the final two weeks of a quarter. Advent can report that approximately eighty percent of our original revenue target for the third quarter is already booked. Normally this would give us confidence that the full quarter should meet or exceed our original targets. However, because of last Tuesday’s tragedy, we expect that some planned sales contracts with Advent may not be signed before our quarter ends on September 30th. In addition, existing consulting services to current clients in the effected area are expected to be delayed,” said Irv. H. Lichtenwald, Chief Financial Officer of Advent Software.
“We are committed to helping our clients through these difficult circumstances. We immediately began working with those of our clients who need to recover their software or other documents critical to business resumption. While Advent’s New York offices were closed on Tuesday through Thursday of last week, all of our employees are safe, and our facilities and infrastructure were not impacted by the tragedy, ” Lichtenwald continued.
“Given the resilient nature of Americans and the American financial services industry, we continue to be optimistic about the future of our business and the recovery of our country from this tragedy. We anticipate being fully back on track in the near future. I join Peter Caswell, Stephanie DiMarco and each and every Advent employee in extending our sincere condolences to the family and friends of those who were lost as a result of the terrorist acts,” said Lichtenwald.
Advent Software, Inc., the leading provider of Enterprise Investment Management solutions, offers stand-alone and client/server software products, data interfaces, and related services that automate and integrate mission-critical functions of investment management organizations. Advent Office, the industry's first and only Enterprise Investment Management solution, enables investment firms to build a truly client-centric organization. Advent Office is a suite of complementary products used to automate the entire range of investment management functions, including portfolio management, client relationship management, trade order management, datawarehousing, partnership accounting, reconciliation management, and web-based portfolio, performance and analytic reporting. Advent has licensed its products to more than 6,500 financial institutions in 45 countries for use by more than 60,000 concurrent users. 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. 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, fluctuations in the financial markets, terrorist acts and their consequences, 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.
Irv H. Lichtenwald - CFO
Robin Goodstein – Inv Relations
Advent Software, Inc.
301 Brannan Street
San Francisco CA 94107