QAD reports solid second quarter earnings
Santa Barbara enterprise software firm QAD said it earned 3 cents per share or $600,000 in its fiscal second quarter on revenue of $69.8 million.
When adjusted for non-cash items such as stock option expenses and amortization costs, earnings were 15 cents per share, the company said.
The results reflect QAD’s accelerated transition from a licensing model to a subscription-based service delivered via the cloud. “Subscription revenue grew 37 percent in constant currency, driving recurring revenue to 66 percent of total revenue, versus 60 percent for last year’s second quarter,” the company said in a news release.
QAD said in a release that it expects its per-share earnings to be 8 cents for the current quarter, which ends in November. Revenue is forecast to be $68 million to $70 million.
The company said full-year earnings will be between 31 cents to 41 cents per share and the revenue range is from $277 million to $283 million.
The results were posted after the market closed. For the day, QAD’s “B” shares fell $1.00 or about 5.5 percent to $17.25
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