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QAD Announces Fiscal 2013 First Quarter Financial Results

QAD Inc. (Nasdaq: QADA) (Nasdaq: QADB), a leading provider of enterprise software and services for global manufacturing companies, today reported financial results for the fiscal 2013 first quarter ended April 30, 2012.

Total revenue increased 7 percent to $63.7 million for the first quarter of fiscal 2013, compared with $59.4 million for the first quarter of fiscal 2012.

License revenue grew to $7.9 million for the fiscal 2013 first quarter, up from $6.3 million for the fiscal 2012 first quarter. Maintenance and other revenue rose to $34.5 million, from $34.3 million for last year’s first fiscal quarter. Subscription revenue, which includes QAD’s On Demand deployment option, grew to $3.2 million, from $2.2 million for last year’s fiscal first quarter. Professional services revenue increased to $18.1 million, versus $16.5 million for the first quarter of fiscal 2012.

Net income for the fiscal 2013 first quarter grew to $1.8 million, or $0.12 per diluted Class A share and $0.10 per diluted Class B share, versus $1.0 million, or $0.06 per diluted Class A share and $0.05 per diluted Class B share, in the fiscal 2012 first quarter.

“We were pleased to report our highest first quarter revenue in four years and our largest first quarter profit since fiscal 2006, with our customers continuing to upgrade to our latest solutions and increasing interest in QAD On Demand, our Cloud ERP offering,” said Karl F. Lopker, CEO of QAD Inc. “We are encouraged by manufacturing performance in the U.S., however, we remain cautious given the economic uncertainties in Europe.”

Gross profit for the fiscal 2013 first quarter grew to $37.1 million, or 58 percent of total revenue, compared with $33.3 million, or 56 percent of total revenue, for the fiscal 2012 first quarter.

Total operating expenses amounted to $33.1 million, or 52 percent of total revenue, for the fiscal 2013 first quarter, versus $30.7 million, or 52 percent of total revenue, for the same period last year.

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