Enterprise software and services provider QAD has reported revenue of $59.4m for the first quarter of fiscal 2012, as compared to $50.84m of the same period last year.
The company’s gross profit increased to $33.3m from $28.2 of Q1 FY11. Gross margin for the fiscal 2012 first quarter was 56%, compared with 55% for the fiscal 2011 first quarter.
For the quarter ended 30 April 2011, QAD posted an operating income of $2.6m as compared to operating loss of $2.1m in Q1 FY11.
QAD reported a net income of $1.02m as compared to net loss of $1.22m of the same period prior year. Diluted net income per share was $0.05, as compared to diluted net loss per share of $0.07m in Q1 fiscal 2011.
QAD chief executive officer Karl Lopker said the strong revenue result for the fiscal first quarter was driven by their services business; subscription based revenue also continued to increase as more manufacturing companies start to take advantage of the software as a service deployment model.
"We believe the combination of a strengthening economy and our competitive position support continued growth throughout the year," Lopker said.
QAD’s cash and equivalents balance grew to $73.4m on 30 April 2011 from $67.3m at the end of the last fiscal year.
