Delaware
|
0-22823
|
77-0105228
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification Number)
|
100 Innovation Place, Santa Barbara, California
|
93108
|
|
(Address of principal executive offices)
|
(Zip code)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
d) | Exhibits. |
Exhibit No.
|
Description
|
|
Press Release, dated as of May 29, 2014, entitled “QAD Reports Fiscal 2015 First Quarter Financial Results”
|
QAD Inc.
|
||
Date: May 29, 2014
|
By: |
/s/ Daniel Lender
|
|
Daniel Lender
|
|
|
Chief Financial Officer
|
For More Information, Contact:
|
|
John Neale
|
Laurie Berman/Matt Sheldon
|
QAD Senior Vice President and Treasurer
|
Pondel Wilkinson Inc.
|
805.566.5117
|
310.279.5980
|
investor@qad.com
|
pwinvestor@pondel.com
|
·
|
Received orders from 21 customers representing more than $500,000 each in combined license, maintenance, subscription and professional services billings, including five orders in excess of $1.0 million, of which two orders were in excess of $2.0 million;
|
·
|
Received License or Cloud orders from companies across QAD’s six vertical markets, including: Apotex Nederland B.V., Autoliv, Inc., Biomet, Inc., DS Smith Plc, FINDUS France, Furukawa Electric Co., Ltd., KYB Suspensions Europe, S.A., Quality Packaging, Sunrise Medical Limited, Thales Nederland BV, Vascutek Ltd., Yanfeng Visteon, and Zertus GmbH;
|
·
|
QAD’s CEBOS Division released the latest versions of MQ1 Elements and QAD Quality Management Suite, our Cloud Electronic Quality Management Solution (EQMS), and signed a multi-plant deal with a major global automotive company;
|
·
|
Named ERP Customer Experience Leader by Consumer Goods Technology Magazine readers; and
|
·
|
Held our EXPLORE Global Customer Conference in New Orleans, rated best ever by attendees.
|
|
Three Months Ended
April 30, |
|||||||
|
2014
|
2013
|
||||||
Revenue:
|
||||||||
License fees
|
$
|
6,652
|
$
|
6,218
|
||||
Subscription fees
|
6,192
|
4,042
|
||||||
Maintenance and other
|
36,076
|
35,201
|
||||||
Professional services
|
19,565
|
16,466
|
||||||
Total revenue
|
68,485
|
61,927
|
||||||
Cost of revenue:
|
||||||||
License
|
900
|
955
|
||||||
Maintenance, subscription and other
|
11,956
|
11,062
|
||||||
Professional services
|
18,575
|
16,608
|
||||||
Total cost of revenue
|
31,431
|
28,625
|
||||||
Gross profit
|
37,054
|
33,302
|
||||||
Operating expenses:
|
||||||||
Sales and marketing
|
16,477
|
16,056
|
||||||
Research and development
|
11,195
|
10,845
|
||||||
General and administrative
|
8,904
|
7,946
|
||||||
Amortization of intangibles from acquisitions
|
180
|
176
|
||||||
Total operating expenses
|
36,756
|
35,023
|
||||||
Operating income (loss)
|
298
|
(1,721
|
)
|
|||||
Other expense (income):
|
||||||||
Interest income
|
(57
|
)
|
(97
|
)
|
||||
Interest expense
|
181
|
203
|
||||||
Other expense (income), net
|
226
|
(273
|
)
|
|||||
Total other expense (income), net
|
350
|
(167
|
)
|
|||||
Loss before income taxes
|
(52
|
)
|
(1,554
|
)
|
||||
Income tax expense (benefit)
|
24
|
(291
|
)
|
|||||
Net loss
|
$
|
(76
|
)
|
$
|
(1,263
|
)
|
||
|
||||||||
Basic and Diluted Net Loss per Share
|
||||||||
Class A
|
$
|
(0.01
|
)
|
$
|
(0.08
|
)
|
||
Class B
|
$
|
(0.00
|
)
|
$
|
(0.07
|
)
|
||
|
||||||||
Basic and Diluted Weighted Shares
|
||||||||
Class A
|
12,628
|
12,429
|
||||||
Class B
|
3,168
|
3,145
|
|
April 30,
|
January 31,
|
||||||
|
2014
|
2014
|
||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and equivalents
|
$
|
78,225
|
$
|
75,984
|
||||
Accounts receivable, net
|
51,398
|
71,337
|
||||||
Deferred tax assets, net
|
8,282
|
8,133
|
||||||
Other current assets
|
15,414
|
14,980
|
||||||
Total current assets
|
153,319
|
170,434
|
||||||
|
||||||||
Property and equipment, net
|
32,869
|
33,085
|
||||||
Capitalized software costs, net
|
3,095
|
3,315
|
||||||
Goodwill
|
11,459
|
11,377
|
||||||
Long-term deferred tax assets, net
|
10,488
|
11,788
|
||||||
Other assets, net
|
4,681
|
4,814
|
||||||
|
||||||||
Total assets
|
$
|
215,911
|
$
|
234,813
|
||||
|
||||||||
|
||||||||
Liabilities and stockholders' equity
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$
|
393
|
$
|
389
|
||||
Accounts payable and other current liabilities
|
36,690
|
45,241
|
||||||
Deferred revenue
|
97,283
|
104,160
|
||||||
Total current liabilities
|
134,366
|
149,790
|
||||||
|
||||||||
Long-term debt
|
14,984
|
15,085
|
||||||
Other liabilities
|
3,050
|
5,733
|
||||||
|
||||||||
Stockholders' equity:
|
||||||||
Common stock
|
18
|
18
|
||||||
Additional paid-in capital
|
149,685
|
150,837
|
||||||
Treasury stock
|
(26,712
|
)
|
(28,220
|
)
|
||||
Accumulated deficit
|
(52,661
|
)
|
(51,472
|
)
|
||||
Accumulated other comprehensive loss
|
(6,819
|
)
|
(6,958
|
)
|
||||
Total stockholders' equity
|
63,511
|
64,205
|
||||||
|
||||||||
Total liabilities and stockholders' equity
|
$
|
215,911
|
$
|
234,813
|
|
Three Months Ended
|
|||||||
|
April 30,
|
|||||||
|
2014
|
2013
|
||||||
|
||||||||
Net cash provided by operating activities
|
$
|
3,178
|
$
|
12,273
|
||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Purchase of property and equipment
|
(570
|
)
|
(1,130
|
)
|
||||
Capitalized software costs
|
(56
|
)
|
(54
|
)
|
||||
Other, net
|
-
|
4
|
||||||
Net cash used in investing activities
|
(626
|
)
|
(1,180
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Repayments of debt
|
(97
|
)
|
(94
|
)
|
||||
Tax payments, net of proceeds, related to stock awards
|
(577
|
)
|
(133
|
)
|
||||
Excess tax benefits from share-based payment arrangements
|
143
|
51
|
||||||
Payment of contingent liability associated with acquisitions
|
(471
|
)
|
-
|
|||||
Repurchase of stock
|
-
|
(686
|
)
|
|||||
Dividends paid in cash
|
-
|
(947
|
)
|
|||||
Net cash used in financing activities
|
(1,002
|
)
|
(1,809
|
)
|
||||
|
||||||||
Effect of exchange rates on cash and equivalents
|
691
|
(512
|
)
|
|||||
Net increase in cash and equivalents
|
2,241
|
8,772
|
||||||
Cash and equivalents at beginning of period
|
75,984
|
65,009
|
||||||
Cash and equivalents at end of period
|
$
|
78,225
|
$
|
73,781
|
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