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TheStreet Open House

QAD Reports Fiscal 2013 Second Quarter Financial Results

Stocks in this article: QADAQADB

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 second quarter ended July 31, 2012.

Total revenue was $61.0 million for the second quarter of fiscal 2013, compared with $62.0 million for the second quarter of fiscal 2012. The decrease was principally the result of lower license revenue driven primarily by the slowdown in the global manufacturing economy, as well as the impact of foreign exchange on maintenance and professional services revenue.

License revenue was $6.9 million for the fiscal 2013 second quarter, compared with $8.6 million for the same period last year. Maintenance and other revenue totaled $33.9 million, compared with $35.4 million for last year’s second fiscal quarter. Professional services revenue increased to $16.4 million, from $15.7 million for the second quarter of fiscal 2012. Subscription revenue, which includes QAD’s On Demand deployment option, grew to $3.7 million, from $2.3 million for last year’s fiscal second quarter.

Net income for the fiscal 2013 second quarter was $959,000, or $0.06 per diluted Class A share and $0.05 per diluted Class B share. Net income for the fiscal 2013 second quarter was negatively impacted by $588,000, or $0.04 per diluted Class A share and $0.03 per diluted Class B share, due to a mark-to-market adjustment for an interest rate swap related to the refinancing of QAD’s mortgage on its Santa Barbara headquarters. Net income for the fiscal 2012 second quarter was $3.1 million, or $0.19 per diluted Class A share and $0.16 per diluted Class B share.

“While we saw good performance in some territories and in our Precision division, overall performance was negatively impacted by the slowing global manufacturing economy,” said Karl Lopker, CEO of QAD Inc. “In response, we have implemented cost containment initiatives to improve our profitability. At the same time, we still see areas of opportunity and are putting greater emphasis on initiatives that support our customers in this uncertain climate.”

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