QAD Inc. (NASDAQ: QADA) (NASDAQ: QADB), a leading provider of enterprise business software and services for global manufacturers, today announced that its Board of Directors has declared a one-time cash dividend of $0.288 per share of Class A common stock and $0.24 per share of Class B common stock payable on December 28, 2012 to shareholders of record at the close of business on December 18, 2012.
The cash effect of the one-time dividend will be approximately $4.4 million based on approximately 12.5 million QADA shares outstanding and 3.3 million QADB shares outstanding as of October 31, 2012. QAD’s cash and equivalents balance as of October 31, 2012 was $69.7 million.
“Solid financial results and a strong balance sheet provide us with the flexibility to deliver additional returns to our shareholders through a one-time dividend,” said Karl Lopker, Chief Executive Officer of QAD Inc. “We continue to generate cash from our business which enables us to pursue growth opportunities in our target markets and maintain investment levels in research and development and new product offerings.”
QAD’s board of directors also approved the acceleration of the payment date of the company’s regular quarterly dividend of $0.072 per share of Class A common stock and $0.06 per share of Class B common stock to December 28, 2012 from January 7, 2013. The record and election dates associated with these dividend payments remain unchanged at November 27, 2012 and December 17, 2012, respectively.About QAD QAD is a leading provider of enterprise applications for global manufacturing companies specializing in automotive, consumer products, electronics, food and beverage, industrial and life sciences products. QAD applications provide critical functionality for managing manufacturing resources and operations within and beyond the enterprise, enabling global manufacturers to collaborate with their customers, suppliers and partners to make and deliver the right product, at the right cost and at the right time. For more information about QAD, telephone +1 805-566-6000, or visit the QAD web site at www.qad.com. “QAD” is a registered trademark of QAD Inc. All other products or company names herein may be trademarks of their respective owners.