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 2014 second quarter ended July 31, 2013.
Total revenue increased to $65.2 million for the second quarter of fiscal 2014, up from $61.0 million for the same quarter of fiscal 2013. License revenue grew to $8.6 million for the fiscal 2014 second quarter, up from $6.9 million for the second quarter last year. Maintenance and other revenue rose to $34.3 million, up from $33.9 million for the second quarter last year. Subscription revenue, which includes QAD’s On Demand deployment option, grew to $4.5 million, up from $3.7 million for last year’s second fiscal quarter. Professional services revenue equaled $17.9 million, an increase from $16.4 million for the second quarter of fiscal 2013. Revenue related to DynaSys and CEBOS, which were acquired in June and December 2012, respectively, totaled $2.2 million for the fiscal 2014 second quarter. DynaSys contributed $1.1 million in revenue for the fiscal 2013 second quarter.
Net income for the fiscal 2014 second quarter was $1.3 million, or $0.08 per diluted Class A share and $0.07 per diluted Class B share. Net income for the fiscal 2013 second quarter totaled $1.0 million, or $0.06 per diluted Class A share and $0.05 per diluted Class B share.
“Our results this quarter reflect solid performance across all of our business lines,” said Karl Lopker, Chief Executive Officer of QAD. “In particular, our emerging On Demand business has shown impressive growth year-to-date with bookings reaching full fiscal 2013 levels in just the first six months of this year. We are continuing to focus on this high-growth area, and believe we are well positioned to capitalize on the ongoing transition to cloud-based ERP solutions.”
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