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Advent Software Reports Third Quarter 2013 Results
Company Achieves Record Quarterly Revenue of $97 Million
SAN FRANCISCO October 28, 2013 Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services to the global investment management industry, announced today its financial results for the third quarter ended September 30, 2013.
Advent delivered record revenues and solid profitability, demonstrating the value customers continue to place on our solutions, said Pete Hess, Chief Executive Officer at Advent. Third quarter highlights also included our successful annual client conference, AdventConnect, where we shared a well-received preview of our new cloud-based solution platform, which launches next year. Its exciting to see the enthusiasm as we continue to sharpen our focus on our clients success.
THIRD QUARTER 2013 RESULTS
GAAP Results for Continuing Operations
The Company reported quarterly revenue of $96.8 million for the third quarter of 2013, compared to $90.2 million in the third quarter of 2012, a 7% increase.
Operating income for the third quarter of 2013 was $17.4 million, or 18.0% of revenue, compared to $12.6 million or 14.0% of revenue for the third quarter of 2012.
Net income for the third quarter of 2013 was $9.8 million compared to $7.7 million in the third quarter of 2012.
On a fully diluted basis, earnings per share in the third quarter of 2013 were $0.18, compared to $0.15 in the third quarter of 2012.
Operating cash flow in the third quarter of 2013 was $22.8 million, compared with $25.3 million in the third quarter of 2012.
Cash, cash equivalents and marketable securities totaled $41 million as of September 30, 2013, compared to $404 million as of June 30, 2013. On July 9, 2013, the Company paid a one-time special cash dividend of $9 per share totaling approximately $470 million. The special dividend was financed with cash on hand and proceeds from Advents recently closed $425 million senior credit facility. Total outstanding debt as of September 30, 2013 was $350 million compared to $225 million as of June 30, 2013.
Deferred revenue as of September 30, 2013 was $173 million, compared to $174 million as of June 30, 2013.
Non-GAAP Results for Continuing Operations
Non-GAAP operating income for the third quarter of 2013 was $29.0 million, or 30.0% of revenue. This represents a 39% increase compared to $20.8 million, or 23.1% of revenue, in the third quarter of 2012. On a fully diluted basis, non-GAAP earnings per share were $0.31 in the third quarter of 2013 and represent a 22% increase from non-GAAP diluted earnings per share of $0.26 in the third quarter of 2012.
The reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release.
The following information was filed by Advent Software Inc (ADVS) on Monday, October 28, 2013 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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