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Advent 3Q profit climbs 14 percent

Mon, 10/24/2011 - 3:06pm
The Associated Press

Investment-management software maker Advent Software Inc. said Monday that its third-quarter net income increased 14 percent as sales rose.

Net income in the three months ending Sept. 30 climbed to $6.8 million, or 13 cents per share, from $6 million, or 11 cents per share, a year ago.

Excluding stock-based compensation expenses, earnings came to 19 cents per share, a penny short of the 20 cents expected by analysts polled by FactSet.

Revenue rose 17 percent to $75 million from $63.5 million, also falling short of the $81.9 million expected by analysts.

The company forecast fourth-quarter revenue of $84 million to $86 million, roughly in line with analysts' expectations of $84.9 million. Its full-year outlook for revenue of $324 million to $326 million was slightly better than analyst expectations for $322.4 million.

Shares rose 71 cents, or 2.9 percent, to $25 in after-hours trading Monday after closing up $1.43, or 6.3 percent, at $24.29 in the regular session.

The company also said its board had authorized the purchase of 2 million shares of common stock, in addition to the 45,000 shares it had remaining in a buyback authorization in May 2010.

The company had about 51 million of shares outstanding as of Friday.

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