Advent Software, Inc., a provider of software and services to the investment management industry, announces financial results for the third quarter ended September 30, 2008.
The Company reported record revenue of $64.9 million for the third quarter of 2008, compared to $55.5 million in the third quarter of 2007, a 17% increase.
Income from operations for the third quarter of 2008 was $4.7 million, or 7% of revenue, which represented a decrease of 18% compared with $5.8 million, or 10% of revenue, in the third quarter of 2007.
Net income for the third quarter of 2008 was $2.7 million compared to net income of $3.3 million in the third quarter of 2007, an 18% decrease.
On a fully diluted basis, earnings per share in the third quarter of 2008 were $0.10 and represent a 20% decrease from diluted earnings per share of $0.12 in the third quarter of 2007.
Cash flow from operations in the third quarter of 2008 was $19.1 million, compared with $12.4 million in the third quarter of 2007, a 54% increase. Cash and cash equivalents totaled $76.1 million as of September 30, 2008, compared to $42.8 million as of September 30, 2007, a 78% increase.
Total deferred revenues as of September 30, 2008 were $137.7 million, compared to $99.8 million as of September 30, 2007, a 38% increase.
Non-GAAP income from operations for the third quarter of 2008 was $10.2 million. This represents a 5% increase compared to non-GAAP income from operations of $9.6 million for the third quarter of 2007.
On a non-GAAP basis, net income for the third quarter of 2008 was $6.5 million, which represents an increase of 5% compared with $6.2 million for the third quarter of 2007.
Non-GAAP EPS was $0.23 per diluted share in both the third quarter of 2008 and 2007.
Advent Software achieved record quarterly revenue of $65 million, a 17% increase over prior year.
We are pleased to report that Advent had a solid third quarter that included record revenue of $65 million, strong operating cash flow and our acquisition of leading research management solution provider Tamale Software,” says Stephanie DiMarco, founder and chief executive officer, Advent.
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