costs related to the pending sale of SS&C were $0.04 per diluted earnings per share in the quarter.
Bill Stone, SS&C's Chairman and CEO, said, "We are pleased with our third quarter numbers. We had solid revenues in all segments. In Q3, license revenues were $7.6 million, up 84% over Q3 last year. Recurring revenues, which includes both maintenance and outsourcing revenues, grew to $34.9 million, an increase of 93% over the $18.1 million in Q3 2004."
Stone continued, "In all business lines, we are seeing positive results from both organic growth and acquisitions. In Q3 2005, several of our products recorded an increase in license revenue over Q3 2004, including CAMRA, LMS, SKYLINE, Antares, Altair, Sylvan, and FundRunner."
"This quarter, we reached a new benchmark in outsourcing revenues at $21.6 million, a 153% increase over Q3 2004," said Stone. "Outsourcing revenues are growing organically and through acquisitions, as asset managers and hedge funds continue to recognize the benefits of outsourcing their back-offices. Growth can be attributed primarily to FMC's outsourcing business, and fund
administration services we provide to hedge funds."
"In Q3 we continued to execute on integrating our acquisitions and implementing economy-of-scale initiatives," said Stone. "Our focus is on managing our expenses closely and implementing operational efficiencies. As a result, our Q3 net income increased to $7.0 million, a 44% increase over the $4.8 million in Q3 last year; and Q3 operating income rose by 59% over Q3 2004 to $11.9 million."