San Francisco, CA, Thursday, October 21, 2004 - Advent Software, Inc. (NASDAQ: ADVS) today announced its financial results for the third quarter ended September 30, 2004.
RESULTS
Total revenue for the third quarter of 2004 was $38.6 million, compared with $37.0 million in the second quarter of 2004, and $34.5 million in the same quarter last year.
Total expenses for the third quarter of 2004 were $43.2 million, compared with $45.3 million in the second quarter of 2004, and $43.1 million in the same quarter last year. Expenses in the third quarter included a $3.4 million impairment charge related to Advent’s decision to discontinue certain Techfi products, and $3.4 million of amortization of intangibles.
Net loss for the third quarter of 2004 was $5.2 million or $0.16 per share, compared with a net loss for the second quarter of 2004 of $8.4 million or $0.25 per share. The same quarter last year recorded a net lost of $5.4 million, or $0.17 per share.
Cash, cash equivalents and short-term investments totaled $158 million as of September 30, 2004. This compares to $167 million at June 30, 2004. Operating cash flow was $5.8 million, which was offset by payments of $11 million used for Advent’s stock repurchase program, and $2.8 million in earn-out payments related to the purchase of Advent UK, Advent Switzerland and Advent Outsource.
PERSPECTIVE
"During the quarter we saw the tone of business improve, evidenced by slightly larger contracts and an increased number of Geneva® transactions, with six contracts signed last quarter. We also launched the newest version of Moxy®, Advent’s leading trade order management solution. Together with our improving financial results this quarter, I’m pleased with the company’s progress this year," said Stephanie DiMarco, Chief Executive Officer of Advent.
GUIDANCE
Advent issued the following guidance:
· Q4 2004 revenues are projected to be in the range of $37.5 million to $39.5 million;
· Q4 2004 expenses are projected to be in the range of $41 million to $42 million;
· Q4 2004 amortization of intangibles included in cost of revenues will be approximately $1.2 million, and that related to other intangibles will be approximately $1.9 million; and
· Weighted average shares outstanding will increase by roughly 1 percent from the third quarter comparative of 32.9 million shares, excluding the effect of any stock repurchases during Q4 2004.
INVESTOR CALL
Advent will host its third quarter results conference call at 5:00 p.m. Eastern time today, Thursday, October 21, 2004. To participate via phone, please dial 888-812-3873 and request conference ID number 1398501. If you are unable to listen to the call at this time, a replay will be available through October 28, 2004 by calling 800-642-1687, conference ID number 1398501.