23% annual increase in quarterly services revenues drives record quarterly and annual operating performance
WATERLOO, Ontario — March 10, 2010 —Descartes Systems Group, a federated global logistics network, announced financial results for its fiscal 2010 fourth quarter (Q4FY10) and year (FY10) ended January 31, 2010. All financial results referenced are in United States (US) currency and, unless otherwise indicated, are determined in accordance with US Generally Accepted Accounting Principles (GAAP).
Q4FY10 Financial Results
As described in more detail below, key financial highlights for Descartes in Q4FY10 included:
* Revenues of $18.9 million, up $3.2 million or 20% from $15.7 million in the fourth quarter of last fiscal year (Q4FY09) and consistent with $18.9 million in the previous quarter (Q3FY10);
* Services revenues of $17.7 million, or 94% of total revenues. Q4FY10 services revenues were up 23% from $14.4 million in Q4FY09 and down 2% from $18.0 million in Q3FY10;
* Gross margin of 68%, consistent with 68% in Q4FY09 and compared to 69% in Q3FY10;
* Net income of $10.3 million, compared to $15.4 million in Q4FY09 and $1.0 million in Q3FY10. Net income in Q4FY10 and Q4FY09 included non-cash, deferred income tax recoveries of $10.9 million and $13.1 million, respectively, as Descartes recorded deferred tax assets for prior period tax losses that are anticipated to be applied against taxable income earned in future periods;
* Earnings per share on a diluted basis of $0.17, compared to $0.29 in Q4FY09 and $0.02 in Q3FY10;
* Days sales outstanding of 47 days, down 3 days from 50 days in Q4FY09, and compared to 48 days last quarter;
* Adjusted Net Income of $5.2 million, up 13% from $4.6 million in Q4FY09 and consistent with $5.2 million in Q3FY10. Adjusted Net Income as a percentage of revenues was 28% this quarter, compared to 29% in Q4FY09 and consistent with 28% in Q3FY10. Adjusted Net Income per share on a diluted basis for Q4FY10 was $0.08, compared to $0.09 in both Q4FY09 and Q3FY10.
Visit the Descartes website to read the complete announcement.
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