BlueStone Capital Reiterates BUY Recommendation on QAD, Inc.NEW YORK--(BUSINESS WIRE)--Dec. 2, 1998--Senior Analyst, Steven Jaworski, CFA (Computer Fraud and Abuse Act of 1986) Signed into law in 1986, the CFA was a significant step forward in criminalizing unauthorized access to computer systems and networks. The Act applies to "federal interest computers" that include any system used by the U.S. , at BlueStone bluestone, common name for the blue, crystalline heptahydrate of cupric sulfate called chalcanthite, a minor ore of copper. It also refers to a fine-grained, light to dark colored blue-gray sandstone. Capital reiterates his BUY recommendation on QAD QAD Quality Assurance Division QAD Quality Assurance Department QAD Quick And Dirty QAD Quality Audit Division QAD Quick Attach/Detach QAD Question Answer Detail (language arts education) QAD Quality Application Development , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : QADI). -- While QAD's third quarter results of $36.4 million in revenues and a loss of $0.63 per share were below our estimate of $41 million and a loss of $0.23 per share, we continue to view the company's long term prospects as positive. -- The acquisition of global distribution partners in Europe, Latin America and Asia, and the formation of an internal consulting/implementation group adds a service component to QAD that up until now has been absent its operations. The acquisitions had trailing 12 month revenues of $50 million and have been growing at over 35 percent per annum Per annum Yearly. . These moves will boost QAD's sales and field support presence giving it more control over operations. -- QAD sold its first On/Q Advanced Planing and Scheduling (APS) solution (worth approximately $1 million) and reported that it has received an additional three orders for the APS application. We see the APS module contributing $15 to $20 million in revenues in FY 2000. The commercial introduction of the Procurement and Logistics solutions have been delayed until early 2000. We had anticipated their release in late 1999. -- We continue to see QAD as a turnaround situation that could yield measurable price appreciation to the patient investor. While the company continues to work through near term issues related to its sales and marketing efforts, we look positively upon its longer term outlook and reiterate re·it·er·ate tr.v. re·it·er·at·ed, re·it·er·at·ing, re·it·er·ates To say or do again or repeatedly. See Synonyms at repeat. re·it our BUY recommendation and 12 to 18 month price target of $7.00 to $8.50. BlueStone Capital Partners, L.P. is a full service investment banking and brokerage firm that delivers financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to emerging growth and medium size companies worldwide. BlueStone Capital assists clients in maximizing their growth by providing sophisticated investment strategies that are designed to achieve clients' strategic, operating and financial goals. |
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