QAD reports Q2 profit
Santa Barbara-based business software firm QAD is back in the black, with second-quarter earnings of $315,000, or 1 cent per share – up from a $1.4 million net loss in the same quarter last year.
With second-quarter revenues flat at $51.3 million, the company attributed the earnings growth to “operational efficiencies” and improved margins. It also said it saw strong sales of its on-demand products, particularly in the auto and life sciences sectors.
“Although some companies remain reticent to start new projects, we believe our newest software launch, QAD Enterprise Applications 2010, will help drive our business in the future. With a strong cash position and a solid balance sheet, QAD is well positioned to meet the demands of global manufacturers,” QAD CEO Karl Lopker said in an earnings release.
QAD said it received orders from 13 customers representing more than $500,000 each – including two orders of more than $1 million – in the second quarter.
Management said it expects third-quarter revenue to come in around $52 million and for earnings per share to break even.
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