SANTA BARBARA, Calif. (AP) _ QAD Inc. (QADA) on Wednesday reported a fiscal second-quarter loss of $13.3 million, after reporting a profit in the same period a year earlier.
The Santa Barbara, California-based company said it had a loss of 69 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 11 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 3 cents per share.
The enterprise software developer posted revenue of $76.4 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $77.9 million.
For the current quarter ending in November, QAD said it expects revenue in the range of $78 million to $79 million.
The company expects full-year revenue in the range of $313 million to $318 million.
QAD shares have declined 6% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $36.94, a decrease of 30% in the last 12 months.