Results for the unnamed customer were in the year ago numbers, but produced no revenue for the recent quarter. The manufacturing software company fell to a $3.5 million loss, compared to $1.4 million in net income in last year’s corresponding period. Professional services revenue dropped to $18.4 million, down 31.4 percent from $26.9 million a year ago. CFO Daniel Lender noted the company is increasing sales and marketing spending to attract new customers. Although the sales pipeline is increasing, “We are seeing new deals taking a little longer to close,” he said during this week’s earnings webcast. However, QAD reported cloud subscription bookings reached the highest level ever. While cloud sales have generally split 50-50 between conversions and new customers, in the recent quarter, the majority were conversion of existing customers.Last modified on Friday, 31 May 2019
PRO SERVICES DROP HURTS QAD Featured
QAD results took a hit as it was unable to overcome the loss of revenue from an international implementation, which was completed before the first quarter began. The result was revenue fell to slightly more than $78 million for the quarter ended April 30, off 9.5 percent from $86.2 million a year ago.