SS&C shuts book on record 2010

SS&C Technologies Holdings Inc. made its first year as a public company a record one in revenues for the Windsor financial software and services vendor.

SS&C said it earned $9.2 million, or 12 cents a share, for the three months ended Dec. 31, up from $6 million, or 9 cents a share, earned the same period in 2009.

Fourth-quarter revenues grew 21 percent to $86.1 million from $71 million a year earlier.

For 2010, SS&C earned $32.4 million, or 44 cents a share, up from $19 million, or 30 cents a share, in 2009.

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Annual revenues hit a record $328.9 million in 2010 vs. $270.9 million in 2009.     

The company went public last March.

“2010 was the highest-ever revenue year in SS&C’s history and we believe we can continue our success in 2011,” said Chairman and CEO Bill Stone.

Part of the company’s success is reflected in its steady cash buildup. SS&C ended 2010 with an $84.8 million cash horde, much of it generated by operations, it said.

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Having all that cash is a reason the company plans to cut its expensive long-term debt in half, using proceeds from a second stock offering and some of that available cash.

SS&C released its earnings after the close of Thursday’s stock market, where its stock closed up 42 cents, or 2.1 percent, at $20.15.

  

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