Advent Software Q4 Results Beat View; But Sees 2014 Revenue Below Estimates

(RTTNews) - Software products and services provider Advent Software, Inc. (ADVS) on Monday reported a 38 percent increase in profit for the fourth quarter on higher revenues and margins as well as lower charges compared to last year. Results for the quarter beat analysts' estimates. However, the company forecast revenue for fiscal 2014 below Street expectations.

The San Francisco, California-based company's net income for the fourth quarter was $11.00 million or $0.20 per share, up from $7.98 million or $0.15 per share in the year-ago period. The latest quarter's results include restructuring charges of $811 thousand, compared to charges of $3.58 million in the year-ago period.

Adjusted earnings for the latest quarter were $0.32 per share, compared to $0.30 per share in the prior-year quarter. On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter grew 6 percent to $97.58 million from $92.02 million in the same period last year. Analysts had a consensus revenue estimate of $96.36 million.

Gross margin for the quarter was 70.2 percent, compared to 68.0 percent in the same period last year.

Deferred revenue as of December 31, 2013 was $194 million, compared to $183 million as of December 31, 2012.

For fiscal 2013, Advent Software's net income was $28.8 million or $0.54 per share, down from $30.42 million or $0.58 per share in the previous year. Adjusted earnings per share for the year were $1.32, compared to $1.03 per share in the prior year.

Net revenues for the year increased 7 percent to $382.96 million from $358.82 million last year.

Street expected the company to earn $1.26 per share for the year on revenues of $378.71 million.

Looking ahead to the first quarter, Advent Software forecast revenues in a range of $95 million to $97 million. Analysts expect the company to report revenues of $96.90 million for the quarter.

For fiscal 2014, Advent Software currently projects revenues in a range of $395 million to $403 million. Analysts currently expect full-year revenues of $404.94 million.

ADVS closed Monday's regular trading session at $30.61, down $2.25 or 6.85 percent on a volume of 506,649 shares. In after-hours, the stock further declined $0.21 or 0.69 percent to $30.40.