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Advent Software reports fourth quarter and fiscal year 2009 results
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 Software and service provider to the investment management industry Advent Software has announced its financial results for the fourth quarter and full year ended December 31, 2009.
Quarterly revenue from continuing operations were reported at $66.3 million for the fourth quarter of 2009, compared to $66.5 million in the fourth quarter of 2008. Operating income from continuing operations for the fourth quarter of 2009 was $6.4 million, or 10% of revenue, up from $6.2 million or 9% of revenue for the fourth quarter of 2008. Net income from continuing operations was $4.3 million compared to $5.6 million in the same quarter the prior year. On a fully diluted basis, earnings per share from continuing operations during the quarter were $0.16 and represent a 23% decrease from $0.21 from continuing operations in the fourth quarter of 2008. Operating cash flow was $20.8 million, compared with $20.2 million in the fourth quarter of 2008, a 3% increase.
Advent Software's total annual revenues for the year ended December 31, 2009 were $259.5 million, a 9% increase over the $237.9 million recorded in 2008. Operating income from continuing operations was $27.9 million, or 11% of revenue, representing an increase of 55% compared to $18 million or 8% of revenue for 2008. Net income for the year was $20.8 million compared to $17.3 million for 2008, a 20% increase. On a fully diluted basis, earnings per share from continuing operations for the year were $0.79 and represent a 26% increase compared to $0.62 per share for 2008. Operating cash flow for the year was $72.4 million, compared with $70.3 million for 2008, a 3% increase.
Cash, cash equivalents and short and long-term marketable securities totaled $117.6 million as of December 31, 2009, compared to $45.1 million as of December 31, 2008.
Total deferred revenues from continuing operations were $146.1 million as of December 31, 2009, compared to $141.3 million from continuing operations as of December 31, 2008, a 3% increase.
Stephanie DiMarco, Founder and CEO of Advent said she was “extremely proud” of the results, where the company's revenues, profits and operating cash flows grew despite a “very challenging environment in 2009.” “The breadth of our product portfolio and our customer focus had us well positioned for the renewed demand we experienced in the fourth quarter.”
On October 1, 2009, the company completed the sale of its New York-based subsidiary MicroEdge, Inc. to Vista Equity Partners. All past and future reported results of the MicroEdge business are now reported as discontinued operations of the Company. Net income from discontinued operations for the fourth quarter of 2009 was $13.6 million compared to $0.6 million from discontinued operations in the fourth quarter of 2008. Net income from discontinued operations for the year ended December 31, 2009 was $16.1 million, compared to $1.6 million from discontinued operations for 2008. Net income from discontinued operations for the fourth quarter and fiscal 2009 included a post-tax gain of $13.6 million from the disposition of MicroEdge. On a fully diluted basis, earnings per share from discontinued operations in the fourth quarter of 2009 were $0.50 compared to $0.02 from discontinued operations in the fourth quarter of 2008. On a fully diluted basis, earnings per share from discontinued operations for the year ended December 31, 2009 were $0.61, compared to $0.06 from discontinued operations for 2008. |
