Profits at Santa Barbara-based software firm QAD hit $3.2 million in the third quarter of 2020, up from $125,000 in the same quarter of 2019, the company announced Nov. 24.
QAD had earnings of 16 cents per share, up from just 1 cent per share a year earlier.
“We made significant progress toward our long-term goals this quarter and delivered a strong set of results. Our investment in sales and marketing continues to pay off well and we are seeing sustained improvement in our bottom-line performance,” Anton Chilton, QAD’s CEO, said in the company’s earnings release.
QAD makes and hosts software for manufacturing companies. Its revenue saw a slight decrease in the past year, at $76.7 million in the third quarter of 2020 compared to $77.8 million in the same quarter of 2019.
For the first three quarters of the year, QAD’s revenue was $224.8 million, compared to $232.2 million in the first three quarters of 2019.
QAD’s earnings were released after hours, with the company finishing the trading day at $32.50, down about 1% from the day before.
In the last year, QAD’s stock has fallen 11.3%.
QAD also said its subscription revenue was up 24% to $33.8 million in the third quarter.
The company had $144.3 million in cash and cash equivalents when the quarter ended on Oct. 31, compared to the $133.3 million a year earlier.