“We're also pleased to have achieved our highest first-quarter bookings ever, with growth over 50 percent from last year's numbers, giving us a good head start to our financial year,” CEO Anton Chilton said during this week’s earnings webcast. QAD reported net income of $1.9 million for the most recently ended quarter, compared to a loss of $410,000 a year ago. Revenue was slightly less than $83 million, up from $74.1 million in last year’s corresponding period. QAD benefited from a rise in license revenue to $3.1 million, more than two-and-half times the $1.2 million a year ago. But that was primarily from existing customers adding new seats or modules and execs do not expect that result to continue. Subscription revenue, however, jumped to $36.7 million from $30. 8 million and is expected to continue. Maintenance revenue remained essentially unchanged at $26.6 million. Chilton reported the company closed 33 new cloud deals in the quarter—23 of those from new customers and 10 from conversions. A. year ago, QAD closed 14 cloud deals, nine from new customers and five from conversions.
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CLOUD SPURS PROFITABLE QAD QUARTER Featured
In the last few quarters, QAD has reported net income, but a drop in revenue. For the first quarter ended April 30, the manufacturing software company reported both net income and 11.7-percent rise in revenue.