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Advent Reports Revenue of $52.4 Million in Second Quarter, 18% Growth Over Prior Year

email this aricle - Advent Reports Revenue of $52.4 Million in Second Quarter, 18% Growth Over Prior Year - San Francisco - 30 July 2007 print this article - Advent Reports Revenue of $52.4 Million in Second Quarter, 18% Growth Over Prior Year - San Francisco - 30 July 2007
Company Achieves $17 Million in New Term Contract Bookings, 32% Increase Over Previous Year

Advent Software, Inc., a leading provider of software and services to the investment management industry, announced today its financial results for the second quarter ended June 30, 2007.

“We are extremely pleased with the results achieved in the second quarter of this year,” said Stephanie DiMarco, Founder and Chief Executive Officer. “Comparing this quarter to the second quarter of 2006, the growth is exceptional: bookings are up 32% and revenues are up 18%. Operating profitability has improved significantly as we’re starting to see the leverage of the term license model flowing into our income statement. These results demonstrate the great momentum we’re seeing across our product suite as well as our focused commitment to execution, which we believe will continue to yield strong Company performance and improved financial results over the long term,” added DiMarco.

RESULTS

• The Company reported total net revenues of $52.4 million for the second quarter of 2007, compared with $44.4 million in the second quarter of 2006.
• Total expenses for the second quarter of 2007, including cost of revenues, were $49.3 million, compared with $43.9 million in the second quarter of 2006.
• Income from operations for the second quarter of 2007 was $3.0 million, or 6% of revenue, compared with $0.5 million in the second quarter of 2006.
• During the second quarter of 2007, the Company recognized interest income and other income, net of $3.9 million, primarily as a result of a gain on the sale of two equity investments.
• Net income for the second quarter of 2007 was $5.1 million, compared with net income of $1.6 million for the second quarter of 2006.
• Diluted earnings per share in the second quarter of 2007 were $0.18, which compares to diluted earnings per share of $0.05 in the second quarter of 2006. Cash, cash equivalents and short-term investments totaled $34.1 million as of June 30, 2007, which compares to $97.2 million as of June 30, 2006.
• Cash flow from operations in the second quarter of 2007 was approximately $12.0 million, compared with $12.1 million in the second quarter of 2006.

Advent reiterates guidance for the full year 2007 as follows:

• Revenues are projected to be in the range of $206 million to $211 million;
• Term contract bookings are projected to be in the range of $54 million to $59 million;
• Operating cash flow is projected to be in the range of $54 million to $57 million; and
• Effective tax rate projected to be in the range of 30% to 35%.

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