Continuing to feel the effects of the recession, which has been slamming its manufacturing customers, enterprise application vendor QAD Inc. on Tuesday reported significant drops in total revenue and license sales during its recent third fiscal quarter.
But QAD officials said business conditions seem to be improving, noting that most of the company’s financial results improved over the previous quarter.
“We don’t think we are yet out of the woods, but we are seeing some daylight,” said QAD CEO Karl Lopker yesterday in remarks to financial analysts.
For the three-month period ended Oct. 31, QAD reported total revenue of $56.2 million, a 17% decline from the $67.8 million the company reported in the prior third quarter. QAD’s software license revenue, at $8.4 million, was down almost 36% year over year. And its revenue from services, at $14.1 million, fell 36%. Only QAD’s maintenance sales were up, rising 3% to $33.8 million.