SS&C Technologies, a global provider of financial services software and outsourcing implementations, have announced results for the fourth quarter and full year ended December 31, 2006. Reported revenue on a GAAP basis for fourth quarter and the year was $54.0 million and $205.5 million, respectively.
Included in reported revenue for the year was a $3.6 million reduction in revenue caused by purchase accounting adjustments to reflect November 23, 2005 deferred revenue at its fair value compared to $0.7 million of such adjustments in the prior year.
Adjusted revenue (a non-GAAP financial measure defined in note 3 to the attached Consolidated Condensed Financial Information) for the year was $209.1 million, a 28.8% increase from the prior year of $162.4 million. Adjusted revenue for the fourth quarter was $54.1 million, a 12.5% increase from $48.1 million in the prior year.
Net loss, on a GAAP basis, for the fourth quarter of 2006 was $0.8 million and net income, on a GAAP basis, for the year 2006 was $1.1 million.
Adjusted operating income (a non-GAAP financial measure defined in note 1 to the attached Consolidated Condensed Financial Information) for the year was $73.3 million, a 33.4% increase from the prior year of $54.9 million. Adjusted operating income was $18.4 million for the fourth quarter compared to $17.2 million in the prior year.
Consolidated EBITDA (a non-GAAP financial measure defined in note 2 of the attached Consolidated Condensed Financial Information) for 2006 was $84.0 million, or 40.2% of adjusted revenue, and increased 10.9% from $75.7 million in the prior year. Consolidated EBITDA for the fourth quarter was $22.0 million, or 40.6% of adjusted revenue, compared to $20.4 million in the prior year. Consolidated leverage, as defined in our credit agreement, was 5.5 times at December 31, 2006.