Delaware
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0-22823
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77-0105228
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification Number)
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100 Innovation Place, Santa Barbara, California
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93108
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(Address of principal executive offices)
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(Zip code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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d)
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Exhibits.
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Exhibit No.
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Description
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Press Release, dated as of March 10, 2011, entitled “QAD Announces Fiscal 2011 Fourth Quarter and Full-Year Financial Results”
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Date: March 10, 2011
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By
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/s/ Daniel Lender
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Daniel Lender
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||
Chief Financial Officer
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(on behalf of the Registrant and as Principal Financial Officer)
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John Neale
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Laurie Berman/Rob Whetstone
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QAD Senior Vice President and Treasurer
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PondelWilkinson Inc.
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805.566.5117
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310.279.5980
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investor@qad.com
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investor@pondel.com
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·
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Received orders from 37 customers representing more than $500,000 each in combined license, support and services billings, including 14 orders in excess of $1.0 million;
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·
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Received license orders from companies across QAD’s six vertical markets, including, among others: Adium Pharma S.A., Argon Medical Devices, Dakota Growers Corporation, Eaton Corporation, Fujikura Electronics, General Mills India Pvt Ltd, Scotts International and Visteon Corporation;
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·
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Cited as a pioneer by Aberdeen Group in delivering a complete Enterprise Resource Planning solution in a Software as a Service (SaaS) delivery model;
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·
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Received recognition at the 2010 Automotive Industry Action Group Outstanding Achievement Awards for the company’s senior director of automotive for contributions in helping advance global industry standards;
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·
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Opened registration for Explore 2011 Customer Conference in San Antonio, Texas; and
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·
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Completed recapitalization plan to increase financial flexibility for the company and its shareholders. As a result of the recapitalization, QAD reclassified each whole share of its common stock as one-tenth of a new share of Class B common stock (QADB), and each share of Class B common stock was paid a dividend of four shares of Class A common (QADA). As of January 31, 2011, we had 12,780,000 Class A shares and 3,182,000 Class B shares outstanding.
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Three Months Ended
January 31,
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Twelve Months Ended
January 31,
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|||||||||||||||
2011
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2010
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2011
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2010
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Revenue:
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||||||||||||||||
License fees
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$ | 12,727 | $ | 7,134 | $ | 32,446 | $ | 28,452 | ||||||||
Maintenance and other
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33,856 | 32,410 | 131,162 | 131,142 | ||||||||||||
Services
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15,874 | 13,139 | 56,404 | 55,637 | ||||||||||||
Total revenue
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62,457 | 52,683 | 220,012 | 215,231 | ||||||||||||
Cost of revenue:
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||||||||||||||||
Cost of license fees
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1,747 | 1,590 | 5,699 | 6,941 | ||||||||||||
Cost of maintenance, service and other revenue
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23,424 | 19,507 | 86,533 | 84,686 | ||||||||||||
Total cost of revenue
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25,171 | 21,097 | 92,232 | 91,627 | ||||||||||||
Gross profit
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37,286 | 31,586 | 127,780 | 123,604 | ||||||||||||
Operating expenses:
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||||||||||||||||
Sales and marketing
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15,493 | 13,248 | 54,206 | 51,979 | ||||||||||||
Research and development
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8,295 | 8,954 | 34,575 | 37,303 | ||||||||||||
General and administrative
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8,024 | 7,477 | 30,637 | 30,969 | ||||||||||||
Amortization of intangibles from acquisitions
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14 | 14 | 55 | 482 | ||||||||||||
Total operating expenses
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31,826 | 29,693 | 119,473 | 120,733 | ||||||||||||
Operating income
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5,460 | 1,893 | 8,307 | 2,871 | ||||||||||||
Other (income) expense:
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||||||||||||||||
Interest income
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(131 | ) | (130 | ) | (515 | ) | (570 | ) | ||||||||
Interest expense
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324 | 325 | 1,248 | 1,273 | ||||||||||||
Other (income) expense, net
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287 | 320 | 304 | (289 | ) | |||||||||||
Total other (income) expense
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480 | 515 | 1,037 | 414 | ||||||||||||
Income before income taxes
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4,980 | 1,378 | 7,270 | 2,457 | ||||||||||||
Income tax expense
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1,854 | 693 | 3,376 | 1,108 | ||||||||||||
Net income
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$ | 3,126 | $ | 685 | $ | 3,894 | $ | 1,349 | ||||||||
Diluted Net Income per Share
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||||||||||||||||
Class A
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$ | 0.20 | $ | 0.04 | $ | 0.25 | $ | 0.09 | ||||||||
Class B
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$ | 0.16 | $ | 0.04 | $ | 0.21 | $ | 0.07 | ||||||||
Diluted Weighted Shares
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||||||||||||||||
Class A
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13,155 | 13,181 | 13,050 | 12,907 | ||||||||||||
Class B
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3,286 | 3,295 | 3,262 | 3,227 |
January 31,
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January 31,
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|||||||
2011
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2010
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|||||||
Assets
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Current assets:
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Cash and equivalents
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$ | 67,276 | $ | 44,678 | ||||
Accounts receivable, net
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65,620 | 61,089 | ||||||
Deferred tax assets, net
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3,954 | 3,548 | ||||||
Other current assets
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14,270 | 13,680 | ||||||
Total current assets
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151,120 | 122,995 | ||||||
Property and equipment, net
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33,795 | 37,219 | ||||||
Capitalized software costs, net
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841 | 2,446 | ||||||
Goodwill
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6,457 | 6,348 | ||||||
Long-term deferred tax assets, net
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19,869 | 19,411 | ||||||
Other assets, net
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2,518 | 2,755 | ||||||
Total assets
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$ | 214,600 | $ | 191,174 | ||||
Liabilities and stockholders' equity
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||||||||
Current liabilities:
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Current portion of long-term debt
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$ | 304 | $ | 285 | ||||
Accounts payable and other current liabilities
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41,217 | 32,787 | ||||||
Deferred revenue
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94,453 | 85,745 | ||||||
Total current liabilities
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135,974 | 118,817 | ||||||
Long-term debt
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16,138 | 16,443 | ||||||
Other liabilities
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5,214 | 6,363 | ||||||
Stockholders' equity:
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||||||||
Common stock
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18 | 18 | ||||||
Additional paid-in capital
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146,898 | 143,138 | ||||||
Treasury stock
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(28,070 | ) | (32,275 | ) | ||||
Accumulated deficit
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(53,255 | ) | (52,480 | ) | ||||
Accumulated other comprehensive loss
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(8,317 | ) | (8,850 | ) | ||||
Total stockholders' equity
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57,274 | 49,551 | ||||||
Total liabilities and stockholders' equity
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$ | 214,600 | $ | 191,174 |
Twelve Months Ended
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||||||||
January 31,
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||||||||
2011
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2010
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Net cash provided by operating activities
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$ | 26,260 | $ | 17,696 | ||||
Cash flows from investing activities:
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Purchase of property and equipment
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(1,432 | ) | (963 | ) | ||||
Capitalized software costs
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(484 | ) | (426 | ) | ||||
Other, net
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(6 | ) | 32 | |||||
Net cash used in investing activities
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(1,922 | ) | (1,357 | ) | ||||
Cash flows from financing activities:
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||||||||
Repayments of debt
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(286 | ) | (255 | ) | ||||
Proceeds from issuance of common stock
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439 | 272 | ||||||
Tax payments related to net share settlements of restricted stock
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(464 | ) | (175 | ) | ||||
Excess tax benefits from share-based payment arrangements
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26 | - | ||||||
Changes in book overdraft
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- | (2,476 | ) | |||||
Dividends paid in cash
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(2,204 | ) | (1,873 | ) | ||||
Net cash used in financing activities
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(2,489 | ) | (4,507 | ) | ||||
Effect of exchange rates on cash and equivalents
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749 | 1,379 | ||||||
Net increase in cash and equivalents
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22,598 | 13,211 | ||||||
Cash and equivalents at beginning of period
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44,678 | 31,467 | ||||||
Cash and equivalents at end of period
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$ | 67,276 | $ | 44,678 |