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Advent reports financial results for Q2 2010

28 July 2010 , Written by Dhruv Tanwar
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Advent Software, Inc., a company that provides software and services to the investment management industry, announced its financial results for the second quarter ended June 30, 2010.

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Revenue from operations was $69.3 million, as compared to $63.1 million in the same quarter in 2009, a 10% increase. Operating income was $7.6 million. Net income was $4.8 million against $7.2 million witnessed during the second quarter of 2009. Diluted earnings per share was $0.18, dropping 35% from the diluted earnings per share of $0.27 in the second quarter of 2009 (which had included a $0.08 per share gain from the sale of Advent's equity in Latent Zero Limited.) Cash flow from operations was $17.8 million and cash, cash equivalents and marketable securities totaled $102.5 million.

Advent said it repurchased around 555,000 shares in the quarter at an average price of $43.02 per share. In its projections for the upcoming quarter, Advent said it anticipates revenues in the range of $70 - $72 million, and for the full year 2010, it expects them to be in the range of $277 - $281 million.

 

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