Delaware
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0-22823
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77-0105228 |
(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. | Description |
Press Release, dated as of March 7, 2013, entitled “QAD Reports Fiscal 2013 Fourth Quarter and Full-Year Financial Results”
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Date: March 7, 2013
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By:
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/s/ Daniel Lender | |
Daniel Lender | |||
Chief Financial Officer | |||
(on behalf of the Registrant and as | |||
Principal Financial Officer) |
For More Information, Contact:
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John Neale
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Laurie Berman/Matt Sheldon
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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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pwinvestor@pondel.com
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·
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Received orders from 35 customers representing more than $500,000 each in combined license, maintenance, subscription and professional services billings, including 14 orders in excess of $1.0 million, of which four orders were in excess of $2.0 million including one order in excess of $4.0 million;
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·
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Received license or On Demand orders from companies across QAD’s six vertical markets, including: Adium Pharma S.A., Biomet Japan, Inc., CoorsTek, Inc., Delphi Automotive Systems, Eaton Corporation, Essilor International S.A., Freudenberg & Co., Hewlett-Packard Company, Imperial Tobacco Group, Laerdal Medical A/S, Lear Corporation, Mitek Industries Inc., Pentair, Takata Corporation, and Zodiac SA;
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·
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Acquired quality and standards management solution provider CEBOS, Ltd. to enhance the quality management functionality of QAD’s ERP software suite;
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·
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Announced new Demand Planning capabilities as an add-on to QAD Enterprise Applications to support collaborative forecasting and demand planning for our customers;
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·
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Earned the Readers' Choice award by Consumer Goods Technology for providing the best customer experience in the ERP market.
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Three Months Ended
January 31,
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Twelve Months Ended
January 31,
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|||||||||||||||
2013
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2012
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2013
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2012
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|||||||||||||
Revenue:
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||||||||||||||||
License fees
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$ | 9,493 | $ | 11,056 | $ | 31,260 | $ | 33,166 | ||||||||
Maintenance and other
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35,358 | 33,917 | 138,563 | 137,659 | ||||||||||||
Subscription fees
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4,055 | 2,974 | 14,838 | 9,787 | ||||||||||||
Professional services
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16,880 | 17,218 | 67,511 | 66,646 | ||||||||||||
Total revenue
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65,786 | 65,165 | 252,172 | 247,258 | ||||||||||||
Cost of revenue:
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||||||||||||||||
License
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1,350 | 1,302 | 4,032 | 4,585 | ||||||||||||
Maintenance, subscription and other
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9,996 | 9,394 | 40,355 | 36,077 | ||||||||||||
Professional services
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16,078 | 15,582 | 63,206 | 64,677 | ||||||||||||
Total cost of revenue
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27,424 | 26,278 | 107,593 | 105,339 | ||||||||||||
Gross profit
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38,362 | 38,887 | 144,579 | 141,919 | ||||||||||||
Operating expenses:
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||||||||||||||||
Sales and marketing
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17,233 | 16,009 | 62,223 | 58,336 | ||||||||||||
Research and development
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9,891 | 9,177 | 38,332 | 35,708 | ||||||||||||
General and administrative
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7,903 | 7,378 | 31,952 | 29,969 | ||||||||||||
Amortization of intangibles from acquisitions
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119 | - | 264 | 14 | ||||||||||||
Total operating expenses
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35,146 | 32,564 | 132,771 | 124,027 | ||||||||||||
Operating income
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3,216 | 6,323 | 11,808 | 17,892 | ||||||||||||
Other (income) expense:
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||||||||||||||||
Interest income
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(124 | ) | (160 | ) | (590 | ) | (630 | ) | ||||||||
Interest expense
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215 | 312 | 990 | 1,174 | ||||||||||||
Other expense, net
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204 | 127 | 1,118 | 548 | ||||||||||||
Total other expense, net
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295 | 279 | 1,518 | 1,092 | ||||||||||||
Income before income taxes
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2,921 | 6,044 | 10,290 | 16,800 | ||||||||||||
Income tax expense
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910 | 2,360 | 3,651 | 6,016 | ||||||||||||
Net income
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$ | 2,011 | $ | 3,684 | $ | 6,639 | $ | 10,784 | ||||||||
Diluted Net Income per Share
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||||||||||||||||
Class A
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$ | 0.13 | $ | 0.23 | $ | 0.42 | $ | 0.67 | ||||||||
Class B
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$ | 0.11 | $ | 0.19 | $ | 0.35 | $ | 0.56 | ||||||||
Diluted Weighted Shares
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||||||||||||||||
Class A
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12,940 | 13,274 | 13,063 | 13,287 | ||||||||||||
Class B
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3,250 | 3,299 | 3,266 | 3,293 |
January 31,
|
January 31,
|
|||||||
2013
|
2012
|
|||||||
Assets
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||||||||
Current assets:
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||||||||
Cash and equivalents
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$ | 65,009 | $ | 76,927 | ||||
Accounts receivable, net
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72,564 | 64,757 | ||||||
Deferred tax assets, net
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4,414 | 4,355 | ||||||
Other current assets
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13,806 | 11,853 | ||||||
Total current assets
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155,793 | 157,892 | ||||||
Property and equipment, net
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32,526 | 33,139 | ||||||
Capitalized software costs, net
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4,180 | 583 | ||||||
Goodwill
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11,412 | 6,412 | ||||||
Long-term deferred tax assets, net
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16,431 | 17,285 | ||||||
Other assets, net
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5,606 | 2,834 | ||||||
Total assets
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$ | 225,948 | $ | 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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$ | 372 | $ | 321 | ||||
Accounts payable and other current liabilities
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43,952 | 40,823 | ||||||
Deferred revenue
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101,193 | 93,871 | ||||||
Total current liabilities
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145,517 | 135,015 | ||||||
Long-term debt
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15,474 | 15,813 | ||||||
Other liabilities
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6,759 | 5,302 | ||||||
Stockholders' equity:
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||||||||
Common stock
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18 | 18 | ||||||
Additional paid-in capital
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149,777 | 148,993 | ||||||
Treasury stock
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(31,093 | ) | (27,968 | ) | ||||
Accumulated deficit
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(52,468 | ) | (48,974 | ) | ||||
Accumulated other comprehensive loss
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(8,036 | ) | (10,054 | ) | ||||
Total stockholders' equity
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58,198 | 62,015 | ||||||
Total liabilities and stockholders' equity
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$ | 225,948 | $ | 218,145 |
Twelve Months Ended
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||||||||
January 31,
|
||||||||
2013
|
2012
|
|||||||
|
||||||||
Net cash provided by operating activities
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$ | 16,330 | $ | 21,448 | ||||
Cash flows from investing activities:
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||||||||
Purchase of property and equipment
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(3,071 | ) | (3,781 | ) | ||||
Capitalized software costs
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(492 | ) | (285 | ) | ||||
Acquisition of businesses, net of cash acquired
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(7,817 | ) | (107 | ) | ||||
Other, net
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(1 | ) | 26 | |||||
Net cash used in investing activities
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(11,381 | ) | (4,147 | ) | ||||
Cash flows from financing activities:
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||||||||
Repayments of debt
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(312 | ) | (308 | ) | ||||
Tax payments, net of proceeds, related to stock awards
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(1,185 | ) | (722 | ) | ||||
Excess tax benefits from share-based payment arrangements
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171 | 33 | ||||||
Repurchase of stock
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(7,530 | ) | (4,319 | ) | ||||
Dividends paid in cash
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(8,076 | ) | (2,409 | ) | ||||
Net cash used in financing activities
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(16,932 | ) | (7,725 | ) | ||||
Effect of exchange rates on cash and equivalents
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65 | 75 | ||||||
Net (decrease) increase in cash and equivalents
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(11,918 | ) | 9,651 | |||||
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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$ | 65,009 | $ | 76,927 |