Quest Software Inc

The Irvine software company posted third-quarter net income of $272,000, or 1 cent a share, down 57% from the $627,000, or 1 cent a share, for the comparable period last year. Revenue more than doubled to $18.3 million from $8.7 million.

Quest Software Inc., a database software company that made a spectacular stock market debut recently, saw its shares move up 9% Wednesday, a day after a report that the company's chairman bought 28,500 shares over six days in August. Quest shares closed at $54.50, up $4.50, after touching $58.88 earlier in the trading session. The stock also rose 9% on Tuesday.

Just days away from its expected initial public stock offering, Newport Beach-based Quest Software Inc. said Wednesday that one of its directors has resigned to avoid any conflict of interest. Raymond Lane, who also is the president and chief operating officer and a director of Oracle Corp., resigned from Quest's board after reviewing his own company's internal policies regarding outside directorships with firms in similar markets. Lane had joined Quest's board just six weeks ago.

Quest Software Inc., a Newport Beach developer of custom software products for business, said that Raymond J. Lane, president and chief operating officer of Oracle Corp., has joined its board of directors. Lane joined the five-member Quest board as a director and member of the compensation committee. He sits on Oracle's executive committee and oversees its management committee. Oracle, in Redwood City, develops and markets database software.

Quest Software Inc., a profitable Newport Beach firm that develops e-commerce and computer database software, hopes to raise $60 million in an initial public stock offering. The company did not disclose how many shares it plans to sell, nor at what price. Quest said in a Securities and Exchange Commission filing that it plans to use about $10 million of the offering's proceeds to repurchase all 1.78 million of its Series B shares, which it sold to UBS Capital LLC in April for $10.02 million.