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TheStreet Open House

QAD Reports Fiscal 2013 Third Quarter Financial Results

Stocks in this article: QADAQADB

QAD Inc. (NASDAQ: QADA) (NASDAQ: QADB), a leading provider of enterprise business software and services for global manufacturers, today reported financial results for the fiscal 2013 third quarter ended October 31, 2012.

Total revenue rose to $61.7 million for the fiscal 2013 third quarter, from $60.7 million for the fiscal 2012 third quarter. The increase was principally related to higher subscription and maintenance revenue.

License revenue equaled $7.0 million for the third quarter of fiscal 2013, compared with $7.2 million for last year’s third fiscal quarter. The company closed four license deals valued at approximately $2.4 million, which were deferred for accounting purposes and not recognized during the quarter. Maintenance and other revenue increased to $34.8 million, up from $34.0 million for the same period last year. Subscription revenue, which includes QAD’s On Demand deployment option, grew to $3.8 million, up from $2.3 million for last year’s third fiscal quarter. Professional services revenue decreased to $16.1 million, from $17.2 million for the third quarter of fiscal 2012.

Net income for the fiscal 2013 third quarter was $1.8 million, or $0.12 per diluted Class A share and $0.10 per diluted Class B share, compared with $3.0 million, or $0.19 per diluted Class A share and $0.15 per diluted Class B share for the third quarter of fiscal 2012.

“We delivered solid financial results this quarter, selling new licenses and successfully delivering upgrades to the latest releases of our software while closely managing costs,” said Karl Lopker, Chief Executive Officer of QAD Inc. “Despite the challenging economic conditions facing manufacturers throughout the world, we are focusing on select growth areas such as global On Demand, supply chain management and key geographies.”

Gross profit for the fiscal 2013 third quarter was $35.2 million, or 57 percent of total revenue, compared with $34.6 million, or 57 percent of total revenue, for the fiscal 2012 third quarter.

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