Advent Software Posts Q2 Profit - Update

(RTTNews) - Advent Software Inc. (ADVS) on Monday posted a profit for the second quarter, turning around from a loss last year, driven largely by revenue growth and lower operating costs.

San Francisco, California-based Advent Software's second-quarter profit was $12.6 million or $0.24 per share, compared to a loss of $4.0 million or $0.08 per share last year.

Advent's last year results included recapitalization transaction costs of $6.7 million and $21.9 million of stock-based compensation expense.

Excluding one-time items, adjusted earnings for the quarter were $20.3 million or $0.38 per share, up from $19.7 million or $0.37 per share last year. On average, five analysts polled by Thomson Reuters expected earnings of $0.34 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the second quarter grew 4 percent to $100.37 million from $96.12 million last year. Five analysts had a consensus revenue estimate of $97.82 million for the quarter.

Gross margins for the quarter improved to 70.3 percent from 68.4 percent last year.

Looking ahead to the third quarter, the company expects revenue of $99 million to $102 million. Analysts currently expect revenue of $101.57 million for the quarter.

For fiscal year 2014, Advent continues to see revenues of $395 million to $403 million. Analysts currently expect full year revenues of $398.99 million.

ADVS closed Monday's trading at $31.23, down $0.06 or 0.19%, on the Nasdaq.