It now expects that revenue for its second quarter to July 31 will be in the range of $56 million to $57 million, down on the $55.9 million recorded a year earlier and below the Carpinteria, California-based company’s previous forecast of $58 million to $61 million.
While QAD had previously been looking for earnings per share of $0.10 to $0.15, it now expects earnings in the range of $0.05 to $0.07.
Though QAD is focused on a manufacturing sector that faces difficulties, it started its current fiscal year confident that it could achieve growth. Its shares plunged 24.89% to $2.17 on the news and, with its market capitalization of $222 million less than the $230.6 million it achieved in revenue last year, this profitable company is likely to have suitors hammering on its door.
