The proposed use of proceeds is for general corporate purposes. QAD wraps up fiscal 2015 this month. For the first nine months of the current fiscal year, it reported revenue of $215.5 million, an increase of 11.8 percent from $192.8 million in the first three quarters of fiscal 2014. Total revenue for 2014 was $266.3 million and the company appears on course to easily beat that. Net income for the year to date was a tiny bit under $6 million, up almost three times the $2 million in the prior year's corresponding period. For 2014, earnings were $6.4 million. The Lopkers are married and have held their positions since the company was incorporated in 1981.
QAD RAISES $37.1 MILLION Featured
Manufacturing software company QAD raised about $31.7 million from the sale of 2 million shares of stock this month. Another 1 million shares of Class A common stock were sold by controlling shareholders Karl F. Lopker and Pamela M. Lopker through their living trust. The price was $20 per share with the underwriters holding a 30-day option to purchase another 450,000 shares. Karl is CEO and Pamela is chairman and president.
