Descartes Systems Group, a premier provider of global trade compliance, supply chain execution and mobile resource management services, reported solid fourth-quarter and full-year results for fiscal 2011.
“This quarter’s and year’s financial results were ahead of our internal plans. Our operating performance per diluted share grew more than planned, with a higher ending cash position than originally anticipated. Our strong performance and balance sheet position us well for continued operational excellence and consolidation opportunities,” Stephanie Ratza, CFO of Descartes stated in the press release.
Revenues were reported at $26.9 million, up 42 percent from $18.9 million reported in the fourth quarter of fiscal 2010. Services revenues contributed 93 percent of total revenues for the quarter at $25.0 million, up 41 percent from the $17.7 million reported in the fourth quarter of 2010.
Net income was $7.7 million, or $0.12 per diluted share, up from $10.3 million, or $0.17 per diluted share, reported in the fourth quarter of fiscal 2010.
For full-year fiscal 2011, the company reported revenue of $99.2 million, a 34 percent increase from the $73.8 million reported for the full-year fiscal 2010. Services revenue contributed to 94 percent of total revenue at $93.7 million, up 35 percent from $68.6 million in fiscal year 2010.
Net income for fiscal full-year 2011 was reported at $11.5 million, or $0.18 per diluted share, compared to $14.3 million, or $0.25 per diluted share, reported for full year 2010.
As of January 31, 2011, Descartes reported $69.6 million in cash and cash equivalents.
Descartes CEO Art Mesher said the company’s efforts to focus on the timeliness of its deliveries boosted the company’s position and results.
“By concentrating on accelerating the results that we deliver to our customers, we have enhanced our own operating performance,” Mesher stated. “We will continue to put our customers first, mindful that their successes are the driving force behind Descartes’ own success.”
For more information visit www.descartes.com