Exhibit 99.1

 

ADVENT SOFTWARE REPORTS FIRST QUARTER

2015 RESULTS

 

Record Quarterly Revenues of $103 Million, up 7%

 

SAN FRANCISCO — May 7, 2015

— 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, 2015.

 

“Advent’s business achieved record quarterly revenue in the first quarter, and we continued to deliver on our commitment to helping our clients thrive with new releases of our flagship products,” said Pete Hess, Chief Executive Officer, Advent Software. “We look forward to sharing our enhancements and updates at AdventConnect, our annual client conference, in Las Vegas next month.”

 

FIRST QUARTER 2015 RESULTS

 

GAAP Results for Continuing Operations

 

The Company reported quarterly revenue of $103.3 million for the first quarter of 2015, compared to $96.8 million in the first quarter of 2014, a 7% increase.

 

Operating income for the first quarter of 2015 was $10.2 million, or 9.9% of revenue, compared to $19.3 million or 20.0% of revenue for the first quarter of 2014.  Advent’s results for the first quarter of 2015 included transaction-related fees associated with the pending merger with SS&C Technologies Holdings, Inc. These third-party costs, on a pre-tax basis, totaled $8.4 million. Additionally, in the first quarter of 2015, Advent’s results included $2.6 million in restructuring charges related to personnel and facilities restructuring, and incremental expense of $1.6 million from accelerated depreciation not included in restructuring from the decision to shrink our real estate footprint during 2015.

 

Net income for the first quarter of 2015 was $5.1 million, compared to $10.9 million in the first quarter of 2014. On a fully diluted basis, earnings per share in the first quarter of 2015 were $0.09, compared to $0.20 in the first quarter of 2014.  Net income and earnings per share were also negatively impacted by the additional transaction-related fees, restructuring costs and accelerated depreciation expense incurred in the first quarter of 2015.

 

Operating cash flow in the first quarter of 2015 was $6.6 million, compared with $20.9 million in the first quarter of 2014. The operating cash flow in the first quarter of 2015 was negatively impacted by the payment of transaction-related fees and by slower collections in February and March of 2015.

 

Cash, cash equivalents and marketable securities totaled $28 million as of March 31, 2015, compared to $38 million as of December 31, 2014. Total outstanding debt as of March 31, 2015 was $205 million compared to $220 million as of December 31, 2014.

 

Deferred revenue as of March 31, 2015 was $198 million, compared to $188 million as of March 31, 2014.

 

Non-GAAP Results for Continuing Operations

 

Non-GAAP operating income for the first quarter of 2015 was $29.7 million, or 28.8% of revenue. This represents a 2% increase compared to $29.2 million in the first quarter of 2014.

 

On a fully diluted basis, non-GAAP earnings per share were $0.34 in the first quarter of 2015 and represent a 4% increase from $0.33 in the first quarter of 2014.

 


The following information was filed by Advent Software Inc (ADVS) on Thursday, May 7, 2015 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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