| Operating income was $5.6 million in fiscal 2008, compared with $8.1 million in the prior year. Fiscal 2008 operating income was affected by several factors including the fiscal 2007 acquisitions of FBO Systems, Inc, Precision Software Limited and Soft Cell N.V. We also better aligned our sales teams to strengthen their vertical focus and conducted training to improve their knowledge of industry-specific functionality requirements to maximize their effectiveness, particularly with respect to the products we acquired. We believe this investment paid off quickly as we strengthened our sales funnel through the remainder of the year. QAD is now in a great position to successfully market our enterprise-level offering to the world’s leading manufacturers.
Net income was $5.4 million, or $0.17 per diluted share in fiscal 2008, compared with $7.3 million, or $0.22 per diluted share, last year. For the ninth consecutive year we generated positive annual cash flow from operations including $15.9 million in fiscal 2008.
During the year, we maintained our commitment to maximizing long-term shareholder value. In fiscal 2008, we purchased approximately 2.2 million shares of QAD common stock for a total of $18.7 million, continuing the belief that our company’s stock represents a solid long-term investment. At the same time, we returned an additional $3.2 million in cash to our shareholders through regular, quarterly dividend payments.
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