Higher revenue and a slight decrease in operating expenses led the manufacturing software company to report net income of $549,000 for the most recently ended period. That compared to a loss of $76,000 a year ago. First-quarter revenue was $69.3 million, up 1.1 percent from $68.5 million in last year's corresponding period." Our first quarter came in as planned, and we saw continued good momentum in adding new cloud customers to our base," CEO Karl Lopker said in a prepared statement. "Cloud adoption was an important topic at our recent Explore 2015 user conference, and our funnel remains heavily weighted toward this deployment option." For fiscal 2016, QAD forecasts about $295 million in revenue, including approximately $37.5 million of subscription revenue. That means it is looking at flat sales as revenue for 2015 was $295.1 million, but continuing to shift to the cloud as subscription revenue for last year was $28.2 million.Last modified on Friday, 12 June 2015
QAD SUBS COUNTER DOLLAR Featured
A 52-percent rise in subscription revenue countered currency impact that dented both maintenance and professional services revenue for QAD for the first quarter ended April 30. Subscription revenue rose to $9.4 million for the most recently ended period, compared to $6.2 million a year earlier. Maintenance revenue fell by 8 percent to $33.3 million with the weaker dollar chopping $2.7 million off that income source. Professional services revenue was $19.6 million with a $1.8-million increase in constant currencies offset by an equal impact of currency.
Bob Scott has been informing and entertaining the mid-market financial software community with his email newsletters for 10 years. And he has been covering this market through print publications for 18 years, first as technology editor of Accounting Today and then as the Editor of Accounting Technology from 1997 through 2009. He has covered the traditional tax and accounting profession during the same time and continues to address that as executive editor of the Progressive Accountant.