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Shares of QAD, Inc. (QADI) were lower during Wednesday's session after the Company reported its financial results for the fiscal 2010 second quarter ended July 31, 2009.
Total revenue was $51.3 million for the fiscal 2010 second quarter, compared with $69.5 million for the same period last year.
Net loss for the fiscal 2010 second quarter was $1.4 million, or $0.05 per share, including stock compensation expense of $0.03 per diluted share net of tax. Fiscal 2009 second quarter net loss was $1.4 million, or $0.05 per share, including stock compensation expense of $0.04 per diluted share net of tax. The net loss was greater than analysts' estimates for a loss of $0.02 per share.
Karl Lopker, CEO of QAD, commented in a conference call, "Despite results slightly below expectations, we were able to reduce expenses in-line with revenue, maintain our financial health and position ourselves for the eventual turnaround in manufacturing."
He added, "We increased our cash position through good colelction practice, reduced expenses and reduced capital expenditures. Bankruptcies and near-bankruptcies have affected our customer base because so many of them are dependent on the auto industy. We atill have some exposure in this area, but most of the risks are known and under control."
Mr. Lopker concluded, "We see a pick-up in revenue in the second half of the year. When combined with our cost reduction actions, we should see a return to profitability. This puts us in great shape for next year."
For the third quarter of fiscal 2010, QAD currently expects total revenue of approximately $54.0 million and a small profit.
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