SS&C Technologies revises 2005 net income statement
SS&C Technologies, Inc., a global provider of financial services software and outsourcing solutions, today announced that it has revised the amount of net loss it previously reported on the March 7, 2006 for the period from January 1, 2005 to November 22, 2005 from a net loss of $5.1 million to net income of $0.7 million.
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The revision was due to an adjustment to stock compensation expense recorded during the period from October 1, 2005 to November 22, 2005 in connection with the Company's merger transaction with The Carlyle Group. The Company decreased stock compensation expense for the period from October 1, 2005 to November 22, 2005 by $8.9 million. After income taxes, this resulted in a change of $5.8 million from the net loss previously reported. This decrease does not impact Consolidated EBITDA as defined under our Credit Agreement entered in November 2005.