UPDATE 1-QAD swings to third quarter loss; sees bleak '09
* Q3 loss 6 cents vs earnings of 5 cents a year ago
* Q3 revenue rises 2 percent $67.8 million
* Sees FY '09 below estimates.
Nov 25 (Reuters) - Enterprise software and services provider QAD Inc (QADI.O) swung to a third-quarter loss, hurt by higher operating losses and forecast fiscal 2009 results way below market expectations, citing the current economic backdrop.
For the latest quarter, the company posted a loss of $1.8 million, or 6 cents a share, compared with earnings of $1.5 million, or 5 cents a share, in the year-ago quarter.
The net loss for the latest quarter includes tax expense of 4 cents a share for incorporating changes related to the estimated level and mix of profitability by tax jurisdiction.
For fiscal 2009, the company expects earnings to breakeven or extend to a loss of 10 cents a share, after items, on revenue of $274 million to $278 million.
Analysts, on average, are looking for earnings of 26 cents cents a share, before items, on revenue of $281.5 million.
Shares of the company closed down 8 percent at $7.66 Tuesday on Nasdaq. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Jarshad Kakkrakandy)
