Descartes profits down
Waterloo, Ontario-based Descartes Systems Group, a provider of on-demand logistics technology and services, reported net income of $1 million for its fiscal year 2008 first quarter ended April 30, down from $1.2 million a year prior.
Descartes’ quarterly revenue of $13.3 million is a 14 increase over $11.7 million in the first quarter of fiscal year 2007.
The company recently completed the acquisition of certain assets of Ocean Tariff Bureau and Blue Pacific Services Inc., both based in Long Beach, Calif. Ocean Tariff Bureau provides tariff filing and publishing services to ocean intermediaries involved in the shipping of cargo into or out of U.S. waters, while Blue Pacific helps these same types of companies secure surety bonds required by applicable U.S. law to ship cargo into or out of U.S. waters.
“Our results this quarter illustrate our operational improvements since last year,” said Stephanie Ratza, Descartes’ chief financial officer.
“The acquisitions that we’ve recently made are performing well as part of Descartes and the Global Logistics Network, and our core operations continue to generate cash. Our consistent operational results together with our solid, debt-free balance sheet, create an excellent foundation from which to continue delivering value to our customers and shareholders while exploring acquisitions.”