Descartes profits up 200%

Descartes profits up 200%    Descartes Systems Group Inc., a provider of on-demand logistics technology and services, reported net income of $1 million for its fiscal 2006 fourth quarter ended Jan. 31, up 200 percent compared to a $1 million net loss in the same quarter in the previous fiscal year.
   Descartes’ latest quarterly revenue of $11.5 million represents a 4.5 increase from $11 million in the fourth quarter of fiscal year 2005.
   For the full fiscal year 2006, Descartes posted net income of $3 million, compared to a loss of $55.3 million in fiscal year 2005. Revenue in fiscal year 2006 was $45.7 million, down 1.5 percent from $46.4 in the previous fiscal year.
   Descartes received $1.2 million in the first quarter of fiscal year 2006 from the sale of 22 percent of its long-term investment in Ocado Ltd., a U.K.-based, online grocer and customer of Descartes.
   In a separate development, Descartes has appointed Greg Cronin as executive vice president, business development and corporate strategy. Cronin was chief executive officer at Trenstar Inc.
   Descartes is based in Waterloo, Ontario.