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QAD Reports Fiscal 2013 Fourth Quarter And Full-Year Financial Results

Stocks in this article: QADA QADB

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 fourth quarter and full year ended January 31, 2013.

Total revenue increased to $65.8 million for the fiscal 2013 fourth quarter, from $65.2 million for the fiscal 2012 fourth quarter.

License revenue decreased to $9.5 million for the fourth quarter of fiscal 2013, from $11.1 million for last year’s fourth fiscal quarter. QAD closed seven license deals valued at approximately $4.3 million, which were deferred for accounting purposes and not recognized during the quarter. Maintenance and other revenue rose to $35.4 million, from $33.9 million for the same period last year. Subscription revenue, which includes QAD’s On Demand deployment option, grew to $4.1 million, up from $3.0 million for last year’s fourth fiscal quarter. Professional services revenue decreased to $16.9 million, from $17.2 million for the fourth quarter of fiscal 2012. Revenue related to the acquisitions of DynaSys and CEBOS, which were completed in fiscal 2013, totaled $1.5 million.

Net income for the fiscal 2013 fourth quarter was $2.0 million, or $0.13 per diluted Class A share and $0.11 per diluted Class B share, compared with $3.7 million, or $0.23 per diluted Class A share and $0.19 per diluted Class B share for the fourth quarter of fiscal 2012.

“We ended fiscal 2013 by closing several multi-million dollar deals across different geographies and verticals,” said Karl Lopker, Chief Executive Officer of QAD. “Throughout the year we added important functionality through the acquisitions of CEBOS and DynaSys. We returned additional cash to our stockholders through a special dividend and closed the year with a strong balance sheet. We expect to continue delivering solid results and have a successful fiscal 2014.”

Gross profit for the fiscal 2013 fourth quarter totaled $38.4 million, or 58 percent of total revenue, compared with $38.9 million, or 60 percent of total revenue, for the fiscal 2012 fourth quarter.

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