Saturday, April 19th-0.1°C
21450
20944

Descartes reports record Q3 revenue, net income falls, following acquisition

WATERLOO, Ont. - Descartes Systems Group Inc. (TSX:DSG) reports it had US$2.18 million of net income in its fiscal third quarter, a decline from the same period last year due to costs associated with an acquisition.

The Waterloo, Ont.-based company's net income for the three months ended Oct. 31, expressed in U.S. currency, amounted to three cents per share on a diluted basis, down from five cents a year earlier.

Descartes said the net income in the most recent quarter included $600,000 in restructuring charges and $300,000 of interest expense related to the acquisition of KSD Software Norway AS.

The Canadian logistics technology company's revenue for the third quarter was US$38.7 million, up 19 per cent from $32.7 million a year earlier and up two per cent from $38.2 million in the previous quarter.

Descartes says its adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $11.4 million in the third quarter, up from $10.8 million a year earlier.

Adjusted EBITDA per share was 18 cents — up from 16 cents a year earlier and a cent above estimates compiled by Thomson Reuters.

The results were consistent with preliminary estimates issued last week when the company announced a change in upper management.

Descartes announced on Nov. 27 that long-time chief executive, Arthur Mesher, has retired as CEO and chairman of the board due to health and personal issues.

Its preliminary estimate was for revenue to be in a range of US$38.5 million to US$38.8 million. It expected income before income taxes being in the range of US$4.1 million to US$4.3 million, which includes recent restructuring and acquisition costs. Adjusted EBITDA was expected to be US$11.3 million to US$11.4 million.

Descartes' new CEO, Edward Ryan, joined the logistics technology company in 2000 and has been its chief commercial officer since 2011. Scott Pagan, who also joined Descartes in 2000, was named chief operating officer and president.

The Canadian Press


Read more Business News

19984


Recent Trending




Today's Market
S&P TSX14500.39+53.87
S&P CDNX998.770.80
DJIA16408.54-16.31
Nasdaq4095.516+9.291
S&P 5001864.85+2.54
CDN Dollar0.90720.00
Gold1293.80-9.2999
Oil104.59+0.83
Lumber326.10-2.70
Natural Gas4.735+0.205

 
Okanagan Companies
Pacific Safety0.115+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.29+0.07
Cantex0.055+0.01
Anavex Life Sciences0.3750.00
Metalex Ventures0.08+0.005
Russel Metals30.66+0.11
Copper Mountain Mining2.35-0.07
Colorado Resources0.255-0.01
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.25+0.02

 



21100

FEATURED Property
1906710#209 1329 KLO Road - 2 bed 2 bath Condo
$164,800
more details
image2image2image2
Click here to feature your property
Please wait... loading


Learning to flirt with the edge

With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...


Time spent prospecting

How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...


Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...

_



21368

21641


Member of BC Press Council


21188