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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Qad Inc. (MM) | NASDAQ:QADI | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5.23 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
QAD Inc. (Nasdaq:QADI), a global provider of enterprise software and services, today reported financial results for the fiscal 2011 second quarter ended July 31, 2010.
Total revenue was $51.3 million for the fiscal 2011 second quarter, compared with $51.3 million for the same period last year. License revenue equaled $6.5 million, versus $6.7 million for the fiscal 2010 second quarter. Maintenance and other revenue totaled $32.0 million, compared with $32.1 million for the second quarter of fiscal 2010. Services revenue was $12.8 million, versus $12.5 million for last year’s fiscal second quarter.
Net income for the fiscal 2011 second quarter was $0.3 million, or $0.01 per diluted share, compared with a net loss of $1.4 million, or $0.05 per diluted share, for the fiscal 2010 second quarter.
“Profitability this quarter reflected gross margin improvements and continued focus on enhancing operating efficiencies,” said Karl Lopker, chief executive officer of QAD. “Our On Demand business was strong, most noticeably in the automotive and life sciences sectors. Although some companies remain reticent to start new projects, we believe our newest software launch, QAD Enterprise Applications 2010, will help drive our business in the future. With a strong cash position and a solid balance sheet, QAD is well positioned to meet the demands of global manufacturers.”
Gross margin for the fiscal 2011 second quarter was 58 percent, compared with 57 percent for the fiscal 2010 second quarter. The change mainly reflects an improvement in services cost of revenue.
Total operating expenses were $28.7 million, or 56 percent of total revenue, for the fiscal 2011 second quarter, versus $31.2 million, or 61 percent of total revenue, for the second quarter of fiscal 2010.
Operating income for the fiscal 2011 second quarter was $1.1 million, including $1.3 million in stock compensation expense. This compares with an operating loss of $2.1 million, including $1.3 million in stock compensation expense, for the second quarter of the prior fiscal year.
For the first half of fiscal 2011, revenue totaled $102.1 million, versus $106.3 million for the first half of fiscal 2010. Net loss for the first six months of fiscal 2011 was $0.9 million, or $0.03 per share. This compares with a net loss for the first six months of fiscal 2010 of $4.1 million, or $0.13 per share.
QAD's cash and equivalents balance grew to $55.8 million at July 31, 2010 from $44.7 million at January 31, 2010. Cash provided by operations was $0.5 million for the second quarter of fiscal 2011, versus cash provided by operations of $5.0 million for the second quarter of fiscal 2010. For the first six months of fiscal 2011, cash provided by operations was $13.7 million, compared with $12.3 million in the prior year period.
Fiscal 2011 Second Quarter Highlights:
Business Outlook
For the third quarter of fiscal 2011, QAD currently expects total revenue of approximately $52.0 million and earnings per share of approximately breakeven.
Investor Conference Call
QAD management will host an investor conference call today at 2:00 p.m. PT (5:00 p.m. ET) to review the company’s financial results and operations for the fiscal 2011 second quarter. The conference call will be webcast live and is accessible through the investor relations section of QAD’s Web site at www.qad.com, where it will be available for approximately one year. Interested parties may participate in the call by dialing 800-230-1096. A replay of the call will be accessible through September 2 by dialing 800-475-6701, access code 165125.
About QAD
QAD is a leading provider of enterprise applications for global manufacturing companies. 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. Manufacturers of automotive, consumer products, electronics, food and beverage, industrial and life science products use QAD applications in more than 90 countries and in as many as 27 languages. 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.
This press release contains certain forward-looking statements made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. A number of risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements. These risks include, but are not limited to, evolving demand for the company's software products and products that operate with the company's products; the company's ability to sustain license and service demand; the company's ability to leverage changes in technology; the company's ability to sustain customer renewal rates at current levels; the publication of opinions by industry and financial analysts about the company, its products and technology; the reliability of estimates of transaction and integration costs and benefits; the entry of new competitors or new offerings by existing competitors and the associated announcement of new products and technological advances by them; delays in localizing the company's products for new or existing markets; the ability to recruit and retain key personnel; delays in sales as a result of lengthy sales cycles; changes in operating expenses, pricing, timing of new product releases, the method of product distribution or product mix; timely and effective integration of newly acquired businesses; general economic conditions; exchange rate fluctuations; and, the global political environment. In addition, revenue and earnings in the enterprise resource planning (ERP) software industry are subject to fluctuations. Software license revenue, in particular, is subject to variability with a significant proportion of revenue earned in the last month of each quarter. Given the high margins associated with license revenue, modest fluctuations can have a substantial impact on net income. Investors should not use any one quarter's results as a benchmark for future performance. For a more detailed description of the risk factors associated with the company and the industries in which it operates, please refer to the company's Annual Report on Form 10-K for fiscal 2010 ended January 31, 2010.
QAD Inc. Condensed Consolidated Statements of Operations (In thousands, except per share data) (unaudited) Three Months EndedJuly 31,
Six Months EndedJuly 31,
2010 2009 2010 2009 Revenue: License fees $ 6,512 $ 6,658 $ 12,958 $ 12,909 Maintenance and other 32,033 32,136 64,085 64,953 Services 12,760 12,516 25,103 28,446 Total revenue 51,305 51,310 102,146 106,308 Cost of revenue: Cost of license fees 1,476 1,769 3,020 3,538 Cost of maintenance, service and other revenue 20,012 20,457 41,120 44,460 Total cost of revenue 21,488 22,226 44,140 47,998 Gross profit 29,817 29,084 58,006 58,310 Operating expenses: Sales and marketing 12,183 12,674 25,689 26,563 Research and development 8,819 9,345 18,146 19,671 General and administrative 7,714 9,011 15,141 16,391 Amortization of intangibles from acquisitions 13 174 27 347 Total operating expenses 28,729 31,204 59,003 62,972 Operating income (loss) 1,088 (2,120 ) (997 ) (4,662 ) Other (income) expense: Interest income (111 ) (147 ) (244 ) (308 ) Interest expense 309 324 607 627 Other (income) expense, net (99 ) (347 ) (122 ) (98 ) Total other (income) expense 99 (170 ) 241 221 Income (loss) before income taxes 989 (1,950 ) (1,238 ) (4,883 ) Income tax expense (benefit) 674 (525 ) (333 ) (793 ) Net income (loss) $ 315 $ (1,425 ) $ (905 ) $ (4,090 ) Basic net income (loss) per share $ 0.01 $ (0.05 ) $ (0.03 ) $ (0.13 ) Diluted net income (loss) per share $ 0.01 $ (0.05 ) $ (0.03 ) $ (0.13 ) Basic weighted shares 31,473 30,897 31,418 30,826 Diluted weighted shares 33,487 30,897 31,418 30,826 QAD Inc. Condensed Consolidated Balance Sheets (In thousands) (unaudited) July 31, January 31, 2010 2010 Assets Current assets: Cash and equivalents $ 55,763 $ 44,678 Accounts receivable, net 42,738 61,089 Deferred tax assets, net 3,549 3,548 Other current assets 14,732 13,680Total current assets
116,782 122,995 Property and equipment, net 35,174 37,219 Capitalized software costs, net 1,269 2,446 Goodwill 6,394 6,348 Long-term deferred tax assets, net 19,759 19,411 Other assets, net 2,541 2,755 Total assets $ 181,919 $ 191,174 Liabilities and stockholders' equity Current liabilities: Current portion of long-term debt $ 294 $ 285 Accounts payable and other current liabilities 29,949 32,787 Deferred revenue 79,651 85,745Total current liabilities
109,894 118,817 Long-term debt 16,291 16,443 Other liabilities 5,122 6,363 Stockholders' equity: Common stock 35 35 Additional paid-in capital 144,859 143,121 Treasury stock (30,892 ) (32,275 ) Accumulated deficit (55,206 ) (52,480 ) Accumulated other comprehensive loss (8,184 ) (8,850 )Total stockholders' equity
50,612 49,551 Total liabilities and stockholders' equity $ 181,919 $ 191,174 QAD Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (unaudited) Six Months Ended July 31, 2010 2009 Net cash provided by operating activities $ 13,693 $ 12,282 Cash flows from investing activities: Purchase of property and equipment (681 ) (474 ) Capitalized software costs (247 ) (299 ) Acquisitions of businesses, net of cash acquired - (12 ) Proceeds from sale of property and equipment 2 41 Net cash used in investing activities (926 ) (744 ) Cash flows from financing activities: Repayments of debt (143 ) (130 ) Proceeds from issuance of common stock 56 14 Tax payments related to net share settlements of restricted stock awards (226 ) - Changes in book overdraft - (2,476 ) Dividends paid (1,277 ) (986 ) Net cash used in financing activities (1,590 ) (3,578 ) Effect of exchange rates on cash and equivalents (92 ) 1,207 Net increase in cash and equivalents 11,085 9,167 Cash and equivalents at beginning of period 44,678 31,467 Cash and equivalents at end of period $ 55,763 $ 40,634
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