Descartes Fiscal Fourth-Quarter Profit Rises 50%

Canadian transport technology provider Descartes Systems Group raised fiscal fourth-quarter net income for the period ended Jan. 31 by 50% to $5.4 million, or 7 cents per share, helped by an 8% rise in revenue to $48 million.

The Waterloo, Ontario-based company in the prior-year period posted net income of $3.6 million, or 6 cents, and revenue of $44.3 million.

The company also announced its revolving credit facility was increased to $150 million from $77 million. Results from Nov. 29 included revenue from Oz Development Inc., a U.S. company, acquired on that date for $29.5 million. “With our global team of domain experts, a focus on cash generation and our expanded debt facility, we believe we have the right platform and the capital capacity to continue to grow the Global Logistics Network to help our customers meet the challenges of the ever-changing logistics landscape,” Descartes CEO Edward Ryan said.

Full-year net income was $20.6 million, or 27 cents, an increase of nearly 40%.