Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

For More Information, Contact:  
Kara Bellamy   Laurie Berman
Chief Accounting Officer PondelWilkinson Inc.
805.566.6100  310.279.5980
investor@qad.com lberman@pondel.com

 

 

QAD Reports Fiscal 2020 First Quarter Financial Results

 

-- Subscription Revenue Grows to 32 Percent of Total Revenue --

 

SANTA BARBARA, Calif. – May 29, 2019 QAD Inc. (Nasdaq: QADA) (Nasdaq: QADB), a leading provider of flexible, cloud-based enterprise software and services for global manufacturing companies, today reported financial results for the fiscal 2020 first quarter ended April 30, 2019.

 

Fiscal 2020 First Quarter Financial Highlights:

 

Total revenue for the fiscal 2020 first quarter was $78.0 million, compared with $86.2 million for the fiscal 2019 first quarter. The revenue decline was anticipated and primarily related to a reduction in professional services following the completion of a large implementation. All financial metrics for the quarter addressed in the company’s guidance were within or above the company’s guidance range. Currency had a negative $3.3 million impact on total revenue compared with the prior year, and a negligible impact compared with the fourth quarter of fiscal 2019. Subscription revenue grew 18 percent (20 percent on a constant currency basis), and was 32 percent of total revenue for the fiscal 2020 first quarter, a seven-percentage point increase over last year’s first quarter.

 

Additional fiscal 2020 first quarter financial highlights, versus the same period last year, include:

 

Subscription revenue of $25.3 million, up from $21.5 million. Currency had a $584,000 negative impact.

Subscription gross margin of 63 percent, versus 62 percent.

License revenue of $4.5 million, compared with $6.3 million. Currency had a $288,000 negative impact.

Professional services revenue of $18.4 million, versus $26.9 million. Currency had a $1.3 million negative impact.

Maintenance and other revenue of $29.9 million, compared with $31.5 million. Currency had a $1.2 million negative impact.

GAAP pre-tax loss of $2.5 million, versus GAAP pre-tax income of $2.6 million.

Non-GAAP pre-tax income of approximately breakeven, compared with $4.6 million.

GAAP net loss of $3.2 million, or $(0.17) per Class A share and $(0.14) per Class B share, versus GAAP net income of $1.4 million, or $0.07 per diluted Class A share and $0.06 per diluted Class B share.

 

“Our recent launch of QAD Adaptive Applications has been well received by global manufacturers. We are now exceptionally well-positioned to grow our cloud business with existing customers and increase our penetration with new customers.” said Anton Chilton, Chief Executive Officer at QAD. “The increased pace of disruption in manufacturing is expanding the opportunity to replace legacy ERP applications, causing the addressable market for our cloud solutions to grow.”

 

1

The following information was filed by Qad Inc (QADA) on Wednesday, May 29, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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