Record Operating Performance Driven by 42% Year-Over-Year Increase in Quarterly Revenues
WATERLOO, Ontario, March 9, 2011 (GLOBE NEWSWIRE) -- Descartes Systems Group (TSX:DSG) (Nasdaq:DSGX) announced financial results for its fiscal 2011 fourth quarter (Q4FY11) and year (FY11) ended January 31, 2011. All financial results referenced are in United States (US) currency and, unless otherwise indicated, are determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
Q4FY11 Financial ResultsAs described in more detail below, key financial highlights for Descartes in Q4FY11 included:
- Revenues of $26.9 million, up 42% from $18.9 million in the fourth quarter of fiscal 2010 (Q4FY10) and up 4% from $25.8 million in the previous quarter (Q3FY11);
- Services revenues of $25.0 million, up 41% from $17.7 million in Q4FY10 and up 1% from $24.7 million in Q3FY11. Services revenues comprised 93% of total revenues for the quarter;
- Gross margin of 65%, compared to 68% in Q4FY10 and 67% in Q3FY11;
- Net income of $7.7 million, up from $1.6 million in Q3FY11 and compared to $10.3 million in Q4FY10;
- Earnings per share on a diluted basis of $0.12, up from $0.03 in Q3FY11 and compared to $0.17 in Q4FY10;
- Days-sales-outstanding (DSO) for Q4FY11 were 48 days, down 5 days from 53 days in Q3FY11 and compared to 47 days in Q4FY10;
- Adjusted EBITDA of $7.7 million, up 48% from $5.2 million in Q4FY10 and up 7% from $7.2 million in Q3FY11. Adjusted EBITDA as a percentage of revenues was 29% this quarter, compared to 28% in both Q4FY10 and Q3FY11; and
- Adjusted EBITDA per diluted share of $0.12, up 50% from $0.08 in Q4FY10 and up from $0.11 in Q3FY11.