DESCARTES EXTENDS LOSSES, ANNOUNCES RESTRUCTURING

DESCARTES EXTENDS LOSSES, ANNOUNCES RESTRUCTURING    Descartes Systems Group Inc., the logistics management technology provider, reported losses for its fiscal fourth quarter and year ending Jan. 31, and announced a restructuring of executive management.
   The Waterloo, Ontario-based company reported a fourth-quarter loss of $11.2 million, compared to a loss of $778,000 in the year-earlier period. Revenue was $18.1 million, down 12.9 percent from the fourth quarter of 2000. Descartes saw an operating loss of $12.5 million, compared to a loss of $3.6 million in the year-earlier quarter.
   For its fiscal year 2002, Descartes reported a net loss of $58.7 million, compared to a loss of $31.6 million in its fiscal year ended Jan. 31, 2001. The company reported a fiscal 2002 operating loss of $64.7 million, compared to $36.6 million in fiscal year 2001. Revenues improved 19 percent in fiscal 2002, to $79.5 million.
   Descartes also said it has named Manuel Pietra as president and co-chief executive officer, sharing the CEO role with Peter Schwartz, who's also chairman.
   Willem Galle, Descartes' former president and chief operating officer, will become vice chairman.
   Under the co-CEO titles, Pietra will manage day-to-day operations with direct responsibility for the executive management team, while Schwartz will focus on corporate strategy and development.
   Pietra has more than 20 years experience in the information technology industry, serving as an executive with the Baan Co., Nixdorf Computers, QMCS and Qnet. He has been involved in initial public offerings in Europe, South Africa and the United States, including serving as one of the founding members of the Baan Americas management team at the time of Baan's IPO.
   Schwartz has been CEO of Descartes for seven years.