Descartes profit soars
Waterloo, Ontario-based Descartes Systems Group Inc., providers of logistics software, posted a net income of $1.7 million for its fiscal year 2008 third quarter ended Oct. 31, up 325 percent compared to a $400,000 a year ago.
The Canadian firm reports its financial results in U.S. dollars.
Descartes’ revenue in the period rose 16 percent to $15.5 million from $13.4 million. The company said sales benefited from the acquisition of U.K-based online air freight booking portal Global Freight Exchange Ltd. (GF-X) in August.
The geographical breakdown of Descartes’ quarterly revenue shows:
' $8.8 million (57 percent) was generated in the Americas (excluding Canada).
' $4.0 million (26 percent) in Europe, Middle East and Africa (EMEA).
' $2.3 million (15 percent) in Canada.
' $400,000 (2 percent) in the Asia Pacific region.
As at Oct. 31, Descartes had $48.3 million in cash and cash equivalents.
“Our consistent attention to our operating model, and focused acquisition integration, has had a positive impact on our bottom line,” said Stephanie Ratza, Descartes’ chief financial officer. “Our core business is performing well, we continue to have a solid balance sheet with a healthy cash position, and we are generating cash from operations. This creates an excellent platform to continue to provide value for our customers and shareholders.”
For the fiscal year 2008 year-to-date, Descartes posted net income of $4.5 million, up 61 percent against $2.8 million a year ago. Revenue for the period increased 12 percent to $43 million.
Descartes profit soars
