Descartes fiscal Q1 profits up 17%

Profits at the logistics and trade compliance software provider grew faster than revenues thanks to the company’s focus on building its Global Logistics Network.    Logistics software provider Descartes Systems Group increased its fiscal first quarter operating profits 17 percent year-over-year to $14.2 million, according to its latest financial statements.
   The Ontario, Canada-based company, which provides a range of solutions in the transportation and trade compliance arenas, said its revenues grew 9 percent to $44.4 million in the quarter, including a negative impact of $3.8 million due to changes in foreign exchange rates.
   Net income rose 32 percent to $4.9 million. Descartes said it had $128.5 million in cash as of the end of the quarter (April 30), 10 percent more than the previous quarter.
   “We believe these consistent, predictable financial results are made possible by focusing first on delivering customer results,” said Descartes Chief Executive Officer Ed Ryan. “Last week I had a chance to meet many of our customers at our Global User and Partner Conference, and after listening to our customers I feel stronger than ever that we remain well positioned to continue to grow the largest collaborative logistics community in the world, the Global Logistics Network.”