The manufacturing software reported a loss of $6.7 million for the most recently ended period, compared to earnings of $1.7 million a year ago. In a prepared statement, CEO Anton Chilton said QAD grew cloud revenue, while improving cloud and services margins. Revenue was $84.8 million, up 14.5 percent from slightly more than $74 million in last year’s corresponding period. Growth was driven by subscriptions which rose 23.6 percent to $38.4 million from $31.1 million. Predictably, the only revenue category to decline was license revenue, which fell to $2.8 million, off 8.5 percent from slightly more than $3 million a year ago. Maintenance revenue was flat at $26.4 million. Professional services revenue increased to $17.2 million, up 27.4 percent from $13.5 million.
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QAD ISSUES LAST? EARNINGS REPORT Featured
QAD, which is being taken private by Thoma Bravo in a $2 billion deal, saw acquisition costs cut into its operating profit for the second quarter ended July 31. They deal is expected to close in the fourth quarter of calendar 2021 so this is potentially the last earning report.