Descartes ups quarterly revenues, net income

Canadian logistics software provider Descartes reported revenues of $54.5 million during its latest fiscal quarter, up 11 percent year-over-year and 3 percent from the previous quarter.

   Logistics software provider Descartes Systems Group saw quarterly revenues, net income and earnings per share rise in its most recent fiscal quarter compared with both the previous quarter and the corresponding period last year, according to company’s most recent financial report.
   The Waterloo, Canada-based firm reported revenues of $54.5 million during Q1 FY2018, which began Feb. 1 and ended May 31, up 11 percent from $48.9 million in the first quarter of FY2017 and 3 percent from $52.8 million in the previous quarter, which was its last of FY2017.
   Net income during the quarter stood at $6.9 million, up 15 percent from $6 million in Q1 FY2017 and 13 percent from $6.1 million in Q4 FY2017. Net income as a percentage of revenues rose from 12 percent in both Q1 FY2017 and Q4 FY2017 to 13 percent in Q1 FY2018, the company said.
   Descartes posted diluted earnings per share (EPS) of $0.09, up 13 percent from $0.08 per share in Q1 FY2017 and Q4 FY2017.
   Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) grew 14 percent year-over-year and 3 percent from the previous quarter to $19 million in Q1 FY2018. Adjusted EBITDA as a percentage of revenues stood at 35 percent compared to 34 percent in Q1 FY17 and 35 percent in Q4 FY17.
   Total revenues were comprised of license revenues of $1.7 million (3 percent of total revenues) and services revenues of $52.8 million (97 percent). Services revenues were up 11 percent during the quarter from $47.5 million in Q1 FY2017, and up 3 percent from $51.4 million in Q4 FY2017.
   Cash provided by operating activities from February through May was $16.5 million, up 4 percent from $15.9 million in Q1 of FY17, but down from $19.5 million in Q4 FY2017.
   “We believe our continued strong financial performance reflects our customers’ success in leveraging our investments to improve the security and efficiency of their operations,” Descartes CEO Edward Ryan said in a statement.
   Last week, Descartes agreed to acquire the assets of Progressive Computer Services, known as PCSTrac, for $11.25 million. PCSTrac, which is based in Philadelphia, provides retailers and their service providers with carton-level visibility for their shipments from distribution centers to stores.