Revenues at Santa Barbara’s QAD down for third quarter
Santa Barbara software developer QAD Inc. saw revenues decrease slightly in the third quarter of fiscal year 2016.
Revenues at QAD decreased from $74 million to $68 million. Net income for the company was $2.6 million, or 14 cents per share. That missed analyst estimates of 18 cents per share.
In recent years, QAD has been bolstering its lineup of cloud services to boost subscription revenues. QAD acquired three companies in the last eight years, but kept the companies separate because of the markets they serve. Subscription revenues were up during the quarter from $7.7 million last year to $9.7 million this year.
The company also said a strong dollar hurt QAD’s sales.
QAD also decreased forecasted revenues for fiscal year 2016 from $295 million to $279 million. Despite that, QAD said it still expects subscription revenues of $38 million. QAD also lowered its fiscal 2016 earnings per share guidance from 49 cents per share to 36 cents per share.
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