On March 11, QAD announced its fourth-quarter and fiscal 2010 results. According to QAD, "Total revenue was $52.7 million for the fourth quarter of fiscal 2010, compared with $58.6 million for the fourth quarter of fiscal 2009. License revenue was $7.1 million, compared with $10.2 million for the fiscal 2009 fourth quarter."

QAD also stated, "As reported previously, the company’s financial results for the quarter were negatively impacted by approximately $5 million related to a number of signed license agreements for which revenue was deferred for accounting purposes. Maintenance and other revenue was $32.4 million, versus $31.7 million for the fourth quarter of fiscal 2009. Services revenue was $13.1 million, compared with $16.7 million for last fiscal year's fourth quarter."

Its net income for the fiscal 2010 fourth quarter was $0.7 million, or $0.02 per diluted share. This is compared with a net loss for the fourth quarter of fiscal 2009 of $19.7 million, or $0.64 per share.  QAD's fiscal 2009 fourth quarter net loss included a non-cash goodwill write-down of $14.4 million.

According to QAD, "Total operating expenses were $29.7 million, or 56 percent of total revenue, for the fiscal 2010 fourth quarter. Total operating expenses were $35.8 million, or 61 percent of total revenue, for the fourth quarter of fiscal 2009, excluding the $14.4 million goodwill write-down. Including the write-down, operating expenses for the 2009 fiscal fourth quarter were $50.2 million."

Lastly, the operating income for the fiscal 2010 fourth quarter was $1.9 million, including $0.9 million in stock compensation expense. This is compared to an operating loss of $19.5 million, including $1.0 million in stock compensation expense.

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