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.
Descartes profits up 200%
