Adjusted operating income (a non-GAAP financial measure defined in note 1 to the attached Consolidated Condensed Financial Information) was $27.1 million for the three months ended September 30, 2009, compared to $27.2 million in the third quarter of the prior year a decrease of 0.3%. Adjusted operating income was $75.3 million for the nine months ended September 30, 2009 compared to $78.6 million in 2008, a decrease of 4.2%.
Consolidated EBITDA (a non-GAAP financial measure defined in note 2 of the Consolidated Condensed Financial Information) for the third quarter of 2009 was $28.7 million, compared to $28.8 million in the third quarter of 2008, a decrease of 0.6%. Consolidated EBITDA for the nine months ended September 30, 2009 was $83.0 million compared to $84.9 million for the same period in 2008, a 2.2% decrease.
"Revenues continued to stabilize, growing from $67.3 million in the second quarter to $68.9 million in the third quarter of 2009," said Bill Stone, Chairman and CEO, SS&C Technologies. "We continue to focus on our operating margins, and our adjusted operating income has increased to 39.3% of revenues for the three months ended September 30, 2009 compared to 38.3% for the same period in 2008."
"In Q3 and year to date, we continued to see demand despite the challenging financial market conditions," said Stone. "Regulators and investors are driving demand for more sophisticated reporting and increased transparency. We are confident that our breadth and depth of solutions combined with our deep domain expertise can help our clients in these increasingly complex markets."
SS&C ended the quarter with $52.5 million in cash and cash equivalents, and $402.6 million in debt. We generated net cash from operating activities of $45.0 million for the nine months ended September 30, 2009, compared to $43.1 million for the same period in 2008.
"We will continue to use cash to acquire new businesses, pay down debt and deleverage our business. Our consolidated total leverage, as defined in our senior credit facilities, is now 3.3 times consolidated EBITDA compared to 6.8 times when we went private," said Stone.
SS&C's Q3 2009 earnings call will take place at 11:00 a.m. eastern time on November 13, 2009. The call will discuss Q3 2009 results. Interested parties may dial 877-680-2259 (US and Canada) or 706-679-6413 (International) and request the "SS&C Third Quarter 2009 Earnings Call", conference ID # 39874962. A replay will be available after 1:00 p.m. eastern time on November 13, until midnight on November 20, 2009. The dial-in number is 800-642-1687 (US and Canada) 706-645-9291 (International); access code # 39874962.