QAD Inc. (QADI, Financial) filed Quarterly Report for the period ended 2008-10-31.
QAD is a leading provider of enterprise applications for global manufacturing companies. QAD applications provide critical functionality for managing manufacturing resources and operations within and beyond the enterprise enabling global manufacturers to collaborate with their customers suppliers and partners to make and deliver the right product at the right cost and at the right time. Manufacturers of automotive consumer products electronics food and beverage industrial and life science products use QAD applications. QAD Inc. has a market cap of $107.07 million; its shares were traded at around $3.41 with a P/E ratio of 116.33 and P/S ratio of 0.41. The dividend yield of QAD Inc. stocks is 2.87%.
License revenue was $36.4 million for the nine months ended October 31, 2008, a decrease of $2.7 million, or 7%, from $39.1 million for the nine months ended October 31, 2007. Holding foreign currency exchange rates constant to fiscal 2008, license revenue for the current nine-month period would have been approximately $36.0 million, representing a $3.1 million, or 8%, decrease from the same period last year. When comparing the year-to-date results as of October 31, 2008 with the year-to-date results as of October 31, 2007, we experienced decreases in license revenue in the North America and Latin America geographic regions, partially offset by increases in license revenue in our EMEA and Asia Pacific regions. During the nine months ended October 31, 2008, 18 customers placed license orders totaling more than $0.3 million, three of which were greater than $1.0 million. This is compared to 26 customers who placed license orders totaling more than $0.3 million in the nine-month period ended October 31, 2007, two of which exceeded $1.0 million. Discounts associated with license revenue were consistent when compared to the same period in the prior year.
Sales and Marketing. Sales and marketing expense increased $0.6 million, or 3%, to $17.8 million for the third quarter of fiscal 2009 from $17.2 million in the comparable prior year period. Holding foreign currency exchange rates constant to those prevailing in the third quarter of fiscal 2008, current quarter expense would have increased approximately $0.8 million to $18.0 million when compared with the same period last year. The increase in sales and marketing expense was primarily due to an increase in salaries and related expenses amounting to $1.6 million. The increase in sales and marketing salaries and related expenses was primarily attributable to increased headcount as we invested in our sales support infrastructure to support a more complex sales effort associated with our broadening product line. The increase in sales and marketing salaries and related expenses was partially offset by decreases of $0.7 million in third-party sales agent fees, marketing related consulting fees and travel-related expenses.
For the nine months ended October 31, 2008, research and development expense increased $2.8 million, or 9%, to $33.2 million from $30.4 million during the same period last year. Holding exchange rates constant to those prevailing in the same period of fiscal 2008, research and development expense would have been approximately $1.8 million higher at $32.2 million. The increase in research and development expense when comparing the first nine months of fiscal 2009 to the same period of the previous year was primarily due to a $1.7 million increase in salaries and related expenses.
General and Administrative. General and administrative expense increased $0.3 million, or 4%, to $8.3 million for the third quarter of fiscal 2009, when compared to the same quarter last year at $8.0 million. Holding exchange rates constant to those prevailing in the third quarter of fiscal 2008, current quarter expense would have been unchanged at approximately $8.3 million. The increase in general and administrative expense when comparing the third quarter of fiscal 2009 to the same quarter of the previous year was primarily due to a $0.6 million increase in salaries and related expenses and a $0.3 million increase in the provision for doubtful accounts partially offset by a decrease of $0.3 million in professional fees primarily related to tax consulting fees.
For the nine months ended October 31, 2008, general and administrative expense increased $0.5 million, or 2%, to $25.2 million from $24.7 million during the same period last year. Holding exchange rates constant to those prevailing in the same period of fiscal 2008, general and administrative expense would have been approximately $24.8 million, or $0.1 million higher than the same period last year. The increase in general and administrative expense when comparing the first nine months of fiscal 2009 to the same period in fiscal 2008 was primarily due to a $1.2 million increase in salaries and related expenses partially offset by a decrease of $0.8 million in professional fees primarily related to tax consulting fees.
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More on QADI:
Gurus buys and sells of QADI
10-year financial history of QADI.
Insider buys/sells of QADI.
QAD is a leading provider of enterprise applications for global manufacturing companies. QAD applications provide critical functionality for managing manufacturing resources and operations within and beyond the enterprise enabling global manufacturers to collaborate with their customers suppliers and partners to make and deliver the right product at the right cost and at the right time. Manufacturers of automotive consumer products electronics food and beverage industrial and life science products use QAD applications. QAD Inc. has a market cap of $107.07 million; its shares were traded at around $3.41 with a P/E ratio of 116.33 and P/S ratio of 0.41. The dividend yield of QAD Inc. stocks is 2.87%.
Highlight of Business Operations:
License Revenue. License revenue was $13.1 million for the third quarter of fiscal 2009, down $1.0 million, or 7%, from $14.1 million in the third quarter of fiscal 2008. Holding foreign currency exchange rates constant to those prevailing in the third quarter of fiscal 2008, license revenue for the current quarter would have been approximately $13.3 million, representing a $0.8 million, or 6%, decrease from the same period last year. We experienced decreases in license revenue in our North America, Latin America and Asia Pacific geographic regions, partially offset by an increase in our EMEA region. One of the metrics that management uses to measure license revenue performance is the number of customers that have placed sizable license orders in the period. During the third quarter of fiscal 2009, 10 customers placed license orders totaling more than $0.3 million, of which one order exceeded $1.0 million. This compared to the fiscal 2008 third quarter in which 12 customers placed license orders totaling more than $0.3 million, one of which exceeded $1.0 million. Discounts associated with license revenue were consistent when comparing the quarter ended October 31, 2008 to the same period in the previous year.License revenue was $36.4 million for the nine months ended October 31, 2008, a decrease of $2.7 million, or 7%, from $39.1 million for the nine months ended October 31, 2007. Holding foreign currency exchange rates constant to fiscal 2008, license revenue for the current nine-month period would have been approximately $36.0 million, representing a $3.1 million, or 8%, decrease from the same period last year. When comparing the year-to-date results as of October 31, 2008 with the year-to-date results as of October 31, 2007, we experienced decreases in license revenue in the North America and Latin America geographic regions, partially offset by increases in license revenue in our EMEA and Asia Pacific regions. During the nine months ended October 31, 2008, 18 customers placed license orders totaling more than $0.3 million, three of which were greater than $1.0 million. This is compared to 26 customers who placed license orders totaling more than $0.3 million in the nine-month period ended October 31, 2007, two of which exceeded $1.0 million. Discounts associated with license revenue were consistent when compared to the same period in the prior year.
Sales and Marketing. Sales and marketing expense increased $0.6 million, or 3%, to $17.8 million for the third quarter of fiscal 2009 from $17.2 million in the comparable prior year period. Holding foreign currency exchange rates constant to those prevailing in the third quarter of fiscal 2008, current quarter expense would have increased approximately $0.8 million to $18.0 million when compared with the same period last year. The increase in sales and marketing expense was primarily due to an increase in salaries and related expenses amounting to $1.6 million. The increase in sales and marketing salaries and related expenses was primarily attributable to increased headcount as we invested in our sales support infrastructure to support a more complex sales effort associated with our broadening product line. The increase in sales and marketing salaries and related expenses was partially offset by decreases of $0.7 million in third-party sales agent fees, marketing related consulting fees and travel-related expenses.
For the nine months ended October 31, 2008, research and development expense increased $2.8 million, or 9%, to $33.2 million from $30.4 million during the same period last year. Holding exchange rates constant to those prevailing in the same period of fiscal 2008, research and development expense would have been approximately $1.8 million higher at $32.2 million. The increase in research and development expense when comparing the first nine months of fiscal 2009 to the same period of the previous year was primarily due to a $1.7 million increase in salaries and related expenses.
General and Administrative. General and administrative expense increased $0.3 million, or 4%, to $8.3 million for the third quarter of fiscal 2009, when compared to the same quarter last year at $8.0 million. Holding exchange rates constant to those prevailing in the third quarter of fiscal 2008, current quarter expense would have been unchanged at approximately $8.3 million. The increase in general and administrative expense when comparing the third quarter of fiscal 2009 to the same quarter of the previous year was primarily due to a $0.6 million increase in salaries and related expenses and a $0.3 million increase in the provision for doubtful accounts partially offset by a decrease of $0.3 million in professional fees primarily related to tax consulting fees.
For the nine months ended October 31, 2008, general and administrative expense increased $0.5 million, or 2%, to $25.2 million from $24.7 million during the same period last year. Holding exchange rates constant to those prevailing in the same period of fiscal 2008, general and administrative expense would have been approximately $24.8 million, or $0.1 million higher than the same period last year. The increase in general and administrative expense when comparing the first nine months of fiscal 2009 to the same period in fiscal 2008 was primarily due to a $1.2 million increase in salaries and related expenses partially offset by a decrease of $0.8 million in professional fees primarily related to tax consulting fees.
Read the The complete Report
More on QADI:
Gurus buys and sells of QADI
10-year financial history of QADI.
Insider buys/sells of QADI.
