Descartes profits rise, appoints new CFO
Waterloo, Ontario-based Descartes Systems Group Inc., a provider of on-demand logistics technology and services, reported double-digit revenue and net income gains for both its fiscal 2007 fourth quarter and full year, which ended Jan. 31.
For the fiscal fourth quarter, Descartes’ net income rose 20 percent to $1.2 million after a revenue gain of 18 percent to $13.6 million. For the full fiscal year, the company’s net income improved 33 percent to $4 million while revenue increased 14 percent to $52 million.
During the fiscal year, Descartes acquired Ottawa-based ViaSafe Inc., Maryland-based Flagship Customs Services Inc., and certain assets of Toronto-based Cube Route Inc.
“Our operational results have improved again this quarter,” said Brandon Nussey, Descartes’ outgoing chief financial officer. “Our recent acquisitions are performing well and our core operations are generating cash. This, together with our solid, debt-free balance sheet, creates an excellent platform from which to continue delivering value to our customers and shareholders.”
Nussey is leaving Descartes on April 1 to become CFO of a private technology company. Descartes has appointed Stephanie Ratza as his replacement.
Ratza was CFO at IPICO Inc., a Burlington, Ontario-based company that designs, develops, manufactures and markets a range of radio frequency identification services.
Descartes profits rise, appoints new CFO
