ERP software purveyor QAD Inc. on Tuesday reported a sizeable loss in its fiscal 2009 third quarter, and only a slight rise in revenue, all of which executives blame on the economic climate and the negative impact of foreign currency rates.
For the quarter ended Oct. 31st, QAD reported a net loss of $1.8 million, or $0.06 per share on revenue of $67.8 million. While revenue was up 2% over the $66.6 million reported in the fiscal 2008 third quarter, the loss stood in marked contrast to net income of $1.5 million reported in last year’s quarter.
Foreign currency negatively impacted QAD’s revenue by approximately $600,000, officials said. Operating expenses of $37. 1 million — a slight increase over $35.5 million in last year’s third quarter — reflected higher personnel costs and additional expense related to acquisitions, the company said.
Headcount in sales and services was up 8% year-over-year, QAD CEO Karl Lopker said on a conference call to announce the results. And in May, QAD acquired FullTilt, a maker of product information management software.