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ADVENT SOFTWARE REPORTS FIRST QUARTER
Record First Quarter Operating Cash Flow of $20.9 Million, up 21%, and Annualized Recurring Run Rate of $376 Million, up 6%, Compared to The Prior Year.
SAN FRANCISCO April 28, 2014 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 first quarter ended March 31, 2014.
Advent had a strong start to the year, said Pete Hess, Chief Executive Officer of Advent Software. We are in a great position with solid profitability and excellent cash flow, and we continue to strengthen our competitive advantage while at the same time committing to further enhance shareholder value.
FIRST QUARTER 2014 RESULTS
GAAP Results for Continuing Operations
The Company reported quarterly revenue of $96.8 million for the first quarter of 2014, compared to $92.5 million in the first quarter of 2013, a 5% increase.
Operating income for the first quarter of 2014 was $19.3 million, or 20.0% of revenue, compared to $16.2 million or 17.5% of revenue for the first quarter of 2013.
Net income for the first quarter of 2014 was $10.9 million, compared to $12.1 million in the first quarter of 2013. On a fully diluted basis, earnings per share in the first quarter of 2014 were $0.20, compared to $0.23 in the first quarter of 2013. In the first quarter of 2013, Advent benefited from the reinstatement of the federal research credit for 2012 and 2013, yielding a GAAP provisional tax rate of 24%.
Operating cash flow in the first quarter of 2014 was $20.9 million, compared with $17.2 million in the first quarter of 2013.
Cash and cash equivalents totaled $45 million as of March 31, 2014, compared to $34 million as of December 31, 2013. Total outstanding debt as of March 31, 2014 was $295 million compared to $305 million as of December 31, 2013.
Deferred revenue as of March 31, 2014 was $188 million, compared to $177 million as of March 31, 2013.
Non-GAAP Results for Continuing Operations
Non-GAAP operating income for the first quarter of 2014 was $29.2 million, or 30.2% of revenue. This represents an 11% increase compared to $26.4 million in the first quarter of 2013.
On a fully diluted basis, non-GAAP earnings per share were $0.33 in the first quarter of 2014 and represent a 1% increase from $0.32 in the first quarter of 2013.
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, April 28, 2014 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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