Quest Software has reported an 83% decline in net income to $2.9m for the third quarter 2009, compared to a net income of $17.31m in the year-ago quarter. Revenue declined 9% to $170.84m. Skip related content
Operating loss was $2m compared to operating income of $27.78m in the same period last year, while diluted EPS declined 81% to $0.03 from $0.16 last year. Cash flow from operations was $43.7m during the quarter.
The company said licenses revenue declined 22% to $67.32m, while services revenue increased 3% to $103.52m. During the quarter, it appointed Alan Fudge as senior vice president of worldwide sales.
For the nine-month period, Quest Software has reported a 14% decline in net income to $33.33m compared to a net income of $38.87m a year ago. Revenue was down 6% at $500.7m.
Doug Garn, president and CEO at Quest, said: "The key theme for the third quarter was operating discipline. We delivered excellent margin improvement and operating cash flow this quarter. My primary focus is to ensure that Quest is continuing to execute well and that we are building a foundation for sustainable long-term growth."
Quest also announced that it has reached an agreement in principle with the class representative to settle the shareholder class action that was filed in the district court of California in October 2006 against Quest and certain of its current or former officers and directors for a payment of $29.4m.
