than the $0.12 diluted earnings per share for the same period in 2003.
Bill Stone, SS&C's President and CEO, said, "We are pleased with our first quarter performance. Revenue picked up nicely in the first quarter and was the highest quarterly revenue in 4 years. The 62% increase in net income over last year's Q1 primarily reflects the increased revenues and continued focus on expenses."
Stone continued, "This quarter we saw a 22% increase in our license revenues and a 23% increase in our recurring revenues over Q1 2003. Our recurring revenues include both maintenance and outsourcing revenues, and the growth of our outsourcing revenue, which increased 69% over Q1 2003 and 44% over Q4 2003, is particularly encouraging."