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12/4/2013 11:00:00 AM Write a Letter to the Editor Write a letter to the Editor

Descartes’ Fiscal Third-Quarter Income Declines

Descartes Systems Group said its third-quarter net income for its 2014 fiscal year declined 29% on costs associated with an acquisition.

Net income for its fiscal third-quarter ended Oct. 31 declined to $2.2 million, or 3 cents per share, from $3.1 million, or 5 cents per share, in the prior reporting period.

The company said income was affected by a $600,000 restructuring charge related to its acquisition of KSD Software Norway.

Revenue increased to $38.8 million from $32.7 million. The Waterloo, Ontario-based company, which offers routing and telematics services, reports results in U.S. dollars.

“Our focus on customer success enables our business to thrive, and we remain optimistic about Descartes' future as we continue to see strong demand for our [software as a service]-based solutions that drive the largest collaborative logistics community in the world,” CEO Edward Ryan said in a statement.

Descartes bought KSD Software Norway for $13 million to expand in Scandinavia. KSD’s annual revenue was about $10 million.

By Transport Topics

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