Chief Financial Officer at QAD to Leave

QAD Inc. said its chief financial officer, Dennis Raney, will resign. Raney, who started with the Carpinteria-based resource-planning software company in February, will step down Nov. 30. QAD Chief Executive Karl Lopker will assume the duties of chief financial officer while QAD looks for Raney’s replacement. QAD also reported its fiscal 1998 third-quarter earnings. It had net income of $1.4 million, or 5 cents a share, compared with a loss of $2.79 million, or 12 cents, a year earlier. Analysts had expected QAD to earn 3 cents a share. Results for the third quarter ended Oct. 31 reflect a 27% increase in the number of QAD shares outstanding. QAD held an $86.3 million initial public offering in August, selling 5.75 million shares at $15 a share. Shares were unchanged at $15 on Nasdaq.