Advent Software (NASDAQ:ADVS), a leading provider of software and services to the global investment management industry, announced today financial results for the second quarter ended June 30, 2010.
"I am very pleased to report our second quarter financial results. We achieved record quarterly revenues from continuing operations, strong new bookings and 20% non-GAAP operating margins," said Stephanie DiMarco, Founder and Chief Executive Officer of Advent. "Our healthy performance results from demand for our market leading suite of software and services from customers around the world."
SECOND QUARTER 2010 RESULTS
GAAP Results for Continuing Operations
The Company reported revenue from continuing operations of $69.3 million for the second quarter of 2010, compared to $63.1 million in the second quarter of 2009, a 10% increase.
Operating income from continuing operations for the second quarter of 2010 was $7.6 million, or 11% of revenue, which represented an increase of 5% compared with $7.2 million, or 11% of revenue, in the second quarter of 2009.
Net income from continuing operations for the second quarter of 2010 was $4.8 million compared to net income of $7.2 million in the second quarter of 2009, a 32% decrease.
On a fully diluted basis, earnings per share from continuing operations in the second quarter of 2010 were $0.18 and represent a 35% decrease from diluted earnings per share of $0.27 in the second quarter of 2009. The second quarter of 2009 included a $0.08 per share gain resulting from the sale of Advent's equity investment in Latent Zero Limited.
Operating cash flow from continuing operations in the second quarter of 2010 was $17.8 million, compared to $12.5 million in the first quarter of 2010, a 42% increase. Cash, cash equivalents and marketable securities of continuing operations totaled $102.5 million as of June 30, 2010.
The Company repurchased approximately 555,000 shares in the second quarter of 2010 at an average price of $43.02 per share.
Read the full statement here:Download the document now 110.7 kb (PDF File)