SANTA BARBARA, Calif. (AP) — QAD Inc., a maker of software for manufacturers, warned Monday that results from the just-ended quarter will come in below its previous forecast .
The Santa Barbara-based company said it expects to report total revenue of $50 million to $51 million for the period ended April 30. It previously forecast $54 million in revenue.
It's also projecting a loss of 4 cents to 5 cents per share, rather than net income of 3 cents per share, as it had previously forecast.
In extended trading, after the release of the forecast, QAD shares fell 68 cents, or 12 percent, to $5.03.
CEO Karl Lopker said that although the company missed its revenue expectations, it is seeing "increased activity at our manufacturing customers," which is leading to more orders. "As a result, we believe that our existing business model and plans are appropriate for the current environment."
QAD is scheduled to report its fiscal first-quarter results on May 27.