Advent Software Announces Extension of Stock Repurchase Program
San Francisco, CA, September 28, 2004 - 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 800,000 shares of common stock. Advent's board approved a stock repurchase program in May for up to 1,200,000 shares of Advent common stock. As of September 27, 2004, Advent had approximately 32.5 million shares outstanding.
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.
Stephanie DiMarco, Advent’s chief executive officer, stated that “this decision was made in view of the company’s common stock continuing to trade at a price level which we believe does not reflect the true long-term value of Advent.”
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.