Descartes sees Q1 profits, revenues rise

The logistics software provider’s revenues and operating profits for the first quarter of the fiscal year rose 10 percent and 17 percent year-over-year, respectively.    The logistics and global trade management software provider Descartes on Thursday said its first quarter fiscal year revenue rose 10 percent year-over-year to $48.9 million, while net income rose 22 percent to $6 million.
   Descartes’ fiscal year begins Feb. 1.
   The company’s adjusted earnings before interest, tax, depreciation and amortization rose 17 percent year-over-year to $16.6 million. Descartes said it had $55.6 million in cash at the end of the quarter, up $18.4 million from the same quarter last year, due to strong cash flow from operating activities.
   In addition, Descartes noted that in early March it amended its previous $77 million revolving debt facility with a new senior secured credit facility of $150 million revolving operating credit facility, to be available for financing ongoing working capital needs and acquisitions. The credit facility also provides for an additional $7.5 million available to support foreign exchange and interest rate hedging.
   “We continue to add capabilities, content and scale to the (Descartes’) Global Logistics Network so that shippers, carriers, logistics intermediaries and governments can collaborate to execute shipments in a safe and efficient manner,” said Descartes Chief Executive Officer Ed Ryan. “We believe that consumer expectations relating to buying and delivering goods continue to evolve and are placing more and more demands on global and domestic supply chains. We continue to evolve our solutions and combine with complementary businesses to address this.”