QAD Declares Quarterly Dividend of $0.025 Per Share
28 September 2010 - 6:05AM
Business Wire
QAD Inc. (NASDAQ: QADI), a leading provider of enterprise
software solutions for global manufacturers, today announced that
its Board of Directors has declared a quarterly dividend of $0.025
per share of common stock payable on January 10, 2011 to
shareholders of record at the close of business on November 30,
2010.
QAD will pay its quarterly dividend in either cash or shares of
the company’s common stock, at the election of each shareholder.
Shareholders will have until December 20, 2010 to make a
distribution election. If a cash distribution election is not made
by such date, the shareholder will automatically receive the
quarterly dividend in shares of QAD’s common stock. Those
shareholders choosing the dividend payable in QAD common stock will
receive shares proportionate to the total cash amount based on the
average closing price of QAD’s common stock for the three trading
days immediately following the election deadline. The company will
make a cash payment in lieu of issuing fractional shares to
shareholders choosing the dividend payable in QAD common stock.
If QAD's recently announced recapitalization proposal becomes
effective prior to the record date, the dividend, whether in cash
or stock, will be adjusted proportionally in accordance with the
new capital structure of the company. If QAD’s recently announced
recapitalization proposal becomes effective after the record date
but prior to the payment date, the cash dividend amount will not
change, however, those shareholders receiving the dividend payable
in QAD common stock will receive shares of QAD Class A common stock
in accordance with the new capital structure of the company.
Shareholders should consult with a tax advisor prior to making a
distribution election.
Additional information regarding the distribution election will
be mailed to shareholders of record as soon as practicable after
November 30, 2010. A properly completed distribution election form
must be received by the company’s transfer agent prior to 5:00 PM
EST on December 20, 2010. For shares held through a bank, broker or
nominee, questions should be directed to such bank, broker or
nominee. Registered shareholders with questions regarding the
dividend should contact American Stock Transfer & Trust Company
at (212) 936-5100.
Continuing quarterly dividends are subject to the approval of
QAD’s Board of Directors whose decision will consider factors such
as the continued profitability and liquidity requirements of the
company.
About QAD
QAD is a leading provider of enterprise applications for global
manufacturing companies specializing in automotive, consumer
products, electronics, food and beverage, industrial and life
science products. QAD applications provide critical functionality
for managing manufacturing resources and operations within and
beyond the enterprise, enabling global manufacturers to collaborate
with their customers, suppliers and partners to make and deliver
the right product, at the right cost and at the right time. For
more information about QAD, telephone +1 805-566-6000, or visit the
QAD web site at www.qad.com.
"QAD" is a registered trademark of QAD Inc. All other products
or company names herein may be trademarks of their respective
owners.
Note to Investors:
This press release contains certain forward-looking statements
made under the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. A number of risks and uncertainties
could cause actual results to differ materially from those in the
forward-looking statements. These risks include, but are not
limited to, evolving demand for the company's software products and
products that operate with the company's products; the company's
ability to sustain license and service demand; the company's
ability to leverage changes in technology; the company's ability to
sustain customer renewal rates at current levels; the publication
of opinions by industry and financial analysts about the company,
its products and technology; the reliability of estimates of
transaction and integration costs and benefits; the entry of new
competitors or new offerings by existing competitors and the
associated announcement of new products and technological advances
by them; delays in localizing the company's products for new or
existing markets; the ability to recruit and retain key personnel;
delays in sales as a result of lengthy sales cycles; changes in
operating expenses, pricing, timing of new product releases, the
method of product distribution or product mix; timely and effective
integration of newly acquired businesses; general economic
conditions; exchange rate fluctuations; and, the global political
environment. In addition, revenue and earnings in the enterprise
resource planning (ERP) software industry are subject to
fluctuations. Software license revenue, in particular, is subject
to variability with a significant proportion of revenue earned in
the last month of each quarter. Given the high margins associated
with license revenue, modest fluctuations can have a substantial
impact on net income. Investors should not use any one quarter's
results as a benchmark for future performance. For a more detailed
description of the risk factors associated with the company and the
industries in which it operates, please refer to the company's
Annual Report on Form 10-K for fiscal 2010 ended January 31,
2010.
Important Information for QAD Stockholders.
QAD filed preliminary proxy statement relating to the
proposed recapitalization plan with the SEC on September 22,
2010 and intends to file a definitive proxy statement and other
relevant materials with the SEC at a later
date. QAD stockholders are urged to read the proxy
statement and the other relevant materials when they become
available because they will contain important information about the
recapitalization plan. The proxy statement, and any other documents
filed by QAD with the SEC, may be obtained free of charge at the
SEC’s website at www.sec.gov, or by
contacting QAD by email at investor@qad.com, by phone at
805.566.5117, or by mail at QAD Inc., 100 Innovation Place, Santa
Barbara, California 93108. In addition, the definitive proxy
statement will be available in the Investor Relations section of
the QAD website at www.qad.com.
QAD and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from QAD stockholders
in connection with the proposed recapitalization plan. Information
about QAD’s directors and executive officers is set forth in QAD’s
proxy statement on Schedule 14A filed with the SEC on May 14, 2010
and QAD’s Annual Report on Form 10-K filed with the SEC on April
15, 2010. Additional information regarding the interests of
participants in the solicitation of proxies in connection with the
proposed recapitalization plan will be included in the definitive
proxy statement that QAD intends to file with the SEC.
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