QAD profits skyrocket
Two years after making deep staff cuts to combat the global manufacturing collapse, Santa Barbara-based QAD profits rebounded 300 percent to $10.7 million in fiscal 2012, the company said March 8.
QAD makes software that manufacturing firms use to track materials, labor and other costs. The company counts Hewlett-Packard and other Fortune 500 firms as customers. It also said March 8 that sales grew 12 percent to $247.3 million for its 2012 fiscal year.
“We are proud to have finished our fiscal year with continued growth and improved profitability despite an uneven global economy,” Karl Lopker, CEO of QAD, said in a release.
In recent years, QAD has expanded its operations in China and started offering its software as an Internet-hosted service. Though shares trade on the Nasdaq, Lopker and his wife Pam, who founded QAD, control about 60 percent of the firm’s stock.