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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Item 2.02
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Results of Operations and Financial Condition.
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Item 9.01
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Financial Statements and Exhibits.
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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 May 30, 2012, entitled “QAD Announces Fiscal 2013 First Quarter Financial Results”
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QAD Inc. | ||
(Registrant) | ||
Date: May 30, 2012
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By |
/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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For More Information, Contact:
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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 17 customers representing more than $500,000 each in combined license, support, subscription and services billings, including five orders in excess of $1.0 million, one of which was in excess of $2.0 million;
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·
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Received license and On Demand orders from companies across QAD’s six vertical markets, including: Alcoa Fastening Systems, C.R. Bard, Hitachi, Laerdal Medical, Lear Automotive, Mabuchi Motor Co., Qualtia Alimentos, Radiant Power Corporation, Sharp Corporation, TS Tech and Yakima Products, among others;
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·
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Launched QAD Enterprise Applications 2012, the latest edition of QAD’s core ERP suite, featuring enhanced navigation and usability, as well as new functionality that assists global companies to support their businesses. Simultaneously, QAD commenced an early adopter program for its new embedded business process management system (BPMS); and,
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·
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Hosted the successful Explore 2012 Global Customer Conference in Atlanta, GA. Attendance at the May event was 10 percent higher than last year.
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Three Months Ended
April 30,
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||||||||
2012
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2011
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|||||||
Revenue:
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||||||||
License fees
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$ | 7,865 | $ | 6,344 | ||||
Maintenance and other
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34,520 | 34,338 | ||||||
Subscription fees
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3,223 | 2,208 | ||||||
Professional services
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18,100 | 16,513 | ||||||
Total revenue
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63,708 | 59,403 | ||||||
Cost of revenue:
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||||||||
License
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881 | 1,031 | ||||||
Maintenance, subscription and other
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10,000 | 8,775 | ||||||
Professional services
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15,738 | 16,288 | ||||||
Total cost of revenue
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26,619 | 26,094 | ||||||
Gross profit
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37,089 | 33,309 | ||||||
Operating expenses:
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||||||||
Sales and marketing
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15,496 | 14,489 | ||||||
Research and development
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9,534 | 8,483 | ||||||
General and administrative
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8,105 | 7,713 | ||||||
Total operating expenses
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33,135 | 30,685 | ||||||
Operating income
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3,954 | 2,624 | ||||||
Other (income) expense:
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||||||||
Interest income
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(163 | ) | (136 | ) | ||||
Interest expense
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286 | 270 | ||||||
Other (income) expense, net
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446 | 818 | ||||||
Total other expense
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569 | 952 | ||||||
Income before income taxes
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3,385 | 1,672 | ||||||
Income tax expense
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1,541 | 652 | ||||||
Net income
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$ | 1,844 | $ | 1,020 | ||||
Diluted Net Income per Share
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||||||||
Class A
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$ | 0.12 | $ | 0.06 | ||||
Class B
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$ | 0.10 | $ | 0.05 | ||||
Diluted Weighted Shares
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||||||||
Class A
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13,212 | 13,192 | ||||||
Class B
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3,287 | 3,283 |
April 30,
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January 31,
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|||||||
2012
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2012
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|||||||
Assets
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||||||||
Current assets:
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||||||||
Cash and equivalents
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$ | 78,353 | $ | 76,927 | ||||
Accounts receivable, net
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45,103 | 64,757 | ||||||
Deferred tax assets, net
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4,354 | 4,355 | ||||||
Other current assets
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13,167 | 11,853 | ||||||
Total current assets
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140,977 | 157,892 | ||||||
Property and equipment, net
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32,880 | 33,139 | ||||||
Capitalized software costs, net
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589 | 583 | ||||||
Goodwill
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6,426 | 6,412 | ||||||
Long-term deferred tax assets, net
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17,959 | 17,285 | ||||||
Other assets, net
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2,791 | 2,834 | ||||||
Total assets
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$ | 201,622 | $ | 218,145 | ||||
Liabilities and stockholders' equity
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||||||||
Current liabilities:
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Current portion of long-term debt
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$ | 330 | $ | 321 | ||||
Accounts payable and other current liabilities
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32,592 | 40,823 | ||||||
Deferred revenue
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85,697 | 93,871 | ||||||
Total current liabilities
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118,619 | 135,015 | ||||||
Long-term debt
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15,724 | 15,813 | ||||||
Other liabilities
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5,271 | 5,302 | ||||||
Stockholders' equity:
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Common stock
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18 | 18 | ||||||
Additional paid-in capital
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149,065 | 148,993 | ||||||
Treasury stock
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(28,598 | ) | (27,968 | ) | ||||
Accumulated deficit
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(48,568 | ) | (48,974 | ) | ||||
Accumulated other comprehensive loss
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(9,909 | ) | (10,054 | ) | ||||
Total stockholders' equity
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62,008 | 62,015 | ||||||
Total liabilities and stockholders' equity
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$ | 201,622 | $ | 218,145 |
Three Months Ended
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||||||||
April 30,
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||||||||
2012
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2011
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|||||||
Net cash provided by operating activities
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$ | 5,087 | $ | 5,511 | ||||
Cash flows from investing activities:
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Purchase of property and equipment
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(685 | ) | (781 | ) | ||||
Capitalized software costs
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(105 | ) | (13 | ) | ||||
Other, net
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1 | 16 | ||||||
Net cash used in investing activities
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(789 | ) | (778 | ) | ||||
Cash flows from financing activities:
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||||||||
Repayments of debt
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(80 | ) | (96 | ) | ||||
Tax payments, net of proceeds, related to stock awards
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(338 | ) | (25 | ) | ||||
Excess tax benefits from share-based payment arrangements
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51 | 4 | ||||||
Repurchase of stock
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(1,791 | ) | - | |||||
Dividends paid in cash
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(948 | ) | (330 | ) | ||||
Net cash used in financing activities
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(3,106 | ) | (447 | ) | ||||
Effect of exchange rates on cash and equivalents
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234 | 1,849 | ||||||
Net increase in cash and equivalents
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1,426 | 6,135 | ||||||
Cash and equivalents at beginning of period
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76,927 | 67,276 | ||||||
Cash and equivalents at end of period
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$ | 78,353 | $ | 73,411 |