QAD’s third quarter net income falls
QAD revenues edged up during its fiscal third quarter 2017, but the company lost ground on net income and earnings per share.
Total revenue for the enterprise business software provider, based in Santa Barbara, grew to $69.5 million, up from $68 million for the third quarter last year. Revenue mix continued to trend away from licenses to subscriptions and cloud-based services, the company said in an earnings release Nov. 22.
Net income fell from $2.6 million for the third quarter of 2016 to $1.5 million this quarter, or 8 cents per diluted A share and 7 cents per diluted B share.
Operating expenses for the third quarter were $34.2 million, up from $33.6 million for the same quarter last year. QAD had cash and cash equivalents of $135.7 million as of Oct. 31, down from $137.7 million in January.
Revenue for the first nine months of fiscal 2017 was $204.7 million. The company expects to reach $277 million-$279 million, with earnings of 38-42 cents per Class A share and 31-35 cents per Class B share.
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