Revenues were up 9% last year at Advent Software.
“Advent had a phenomenal year in 2006, and we are very pleased to close it with such a strong fourth quarter,” says Stephanie DiMarco, Advent’s Chief Executive Officer. “We executed well on every front — financial performance, sales, client support and satisfaction, product development and delivery, and our transition to a term license model. The momentum we are building puts us in a position of unprecedented strength as we begin a new phase of growth for Advent.”
The company reported total net revenues of $50.2 million for the fourth quarter of 2006, compared with $45.9 million in the third quarter of 2006 and $45.6 million in the fourth quarter of 2005. Total revenues for the year ended 31 December 2006 were $184.1 million, compared with $168.7 million for the year ended 31 December 2005.
“As a result of Advent’s greatly improved financial performance over the past three years and our strong outlook for the future, we have released the deferred tax asset valuation allowance that was originally recorded in the fourth quarter of 2003,” says Graham Smith, Advent’s Chief Financial Officer. “This release caused the large tax provision benefit of $78.0 million in the current quarter. We will continue to use these assets to offset most of our tax payments for at least the next three years.”