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Advent Software Achieves Record Quarterly Revenue of $74 Million and Record Annual Revenue of $265 Million for 2008
Company Also Announces Strong Fourth Quarter Non-GAAP EPS of $0.34
SAN FRANCISCO February 3, 2009 Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the investment management industry, announced today its financial results for the fourth quarter and full year ended December 31, 2008.
I am very pleased to announce that Advent achieved record financial results for the fourth quarter and full year 2008, said Stephanie DiMarco, Founder, Chief Executive Officer and Chief Financial Officer of Advent. Integral to the Companys outstanding financial performance were Advents important 2008 strategic achievements, which included strengthening our product portfolio, expanding our global footprint and growing our addressable market. As a result, we head into 2009 with a very solid business foundation.
Added Ms. DiMarco, In this uncertain market environment, technology is one of the best levers businesses have to increase operational efficiency. As our results demonstrate, Advent clearly benefits from our strong reputation of delivering innovative, reliable and cost effective solutions aimed at meeting our clients critical business needs.
The Company reported record quarterly revenue of $74.4 million for the fourth quarter of 2008, compared to $59.4 million in the fourth quarter of 2007, representing a 25% increase. Total annual revenues for the year ended December 31, 2008 were a record $264.8 million, a 23% increase over the $215.3 million recorded in 2007.
Income from operations for the fourth quarter of 2008 was $7.2 million, or 10% of revenue, which represented an increase of 104% compared to $3.5 million, or 6% of revenue, in the fourth quarter of 2007. Income from operations for the year ended December 31, 2008 was $20.7 million, or 8% of revenue, which represented an increase of 68% compared to $12.3 million, or 6% of revenue, for 2007.
On a fully diluted basis, earnings per share in the fourth quarter of 2008 were $0.23 and represent a 72% increase from diluted earnings per share of $0.13 in the fourth quarter of 2007. On a fully diluted basis, earnings per share for the year ended December 31, 2008 were $0.68 and represent a 51% increase compared to $0.45 per share for 2007.
Cash flow from operations in the fourth quarter of 2008 was $22.8 million, compared with $24.1 million in the fourth quarter of 2007, a 5% decrease. Cash flow from operations for the year ended December 31, 2008 was a record $77.0 million, which represented an increase of 23% compared to $62.4 million for 2007.
The following information was filed by Advent Software Inc (ADVS) on Tuesday, February 3, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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