San Francisco, CA, May 9, 2002 - Advent Software, Inc., (Nasdaq: ADVS) announced that its Board of Directors has authorized an expansion of its existing stock repurchase program originally established in March 2001. A total of 430,000 shares have been repurchased out of the originally authorized one million shares. Under the expansion, Advent is now authorized to repurchase an additional one million shares above those originally authorized. As of March 31, 2002, Advent had approximately 34.7 million common shares outstanding.
“The expansion of our repurchase program represents our continuing efforts to manage the dilution of our shares as the company grows and expands”, stated Irv Lichtenwald, Chief Financial Officer of Advent Software.
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. has been providing trusted solutions to the world’s leading professional money managers since 1983. Firms in 45 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.
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, 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 by visiting 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