Tuesday, Advent Software, Inc. (ADVS), s software and services provider to investment management industry, reported a sharp rise in third quarter earnings from a year ago, on improved revenues. Going forward, the company provided revenue guidance for the fourth quarter and fiscal year 2009, with revenues for both the periods expected to fall short of Street view.
The San Francisco, California-based company's third-quarter net income soared to $4.67 million or $0.18 per share from $2.71 million or $0.10 per share last year. Adjusted net income increased to $7.86 million or $0.30 per share from $5.27 million or $0.19 per share in the prior year period.
On average, six analysts polled by Thomson Reuters expected the company to report a profit of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter under review rose to $63.78 million from $58.15 million prior year. Analysts expected revenue of $62.72 million.
Year-to-date, Advent posted net income of $18.92 million or $0.72 per share, up from $12.7 million or $0.45 per share in the corresponding period last year. Revenues advanced to $193.18 million from $171.4 million in the comparable nine-month period last year.
Looking ahead, for the fourth quarter Advent expects revenues in the range of $64 million - $66 million. Analysts have currently projected revenues of $66.23 million for the quarter.
For fiscal year 2009, the company anticipates revenues in the range of $257 million - $259 million, while analysts currently expect revenues of $264.81 million for the year.
ADVS closed Tuesday's trading at $41.78, up $0.02 or 0.05%, on a volume of about 129 thousand shares.
For comments and feedback: editorial@rttnews.com