Record Revenues and Operating Results
WATERLOO, Ontario, Sept. 6, 2012 (GLOBE NEWSWIRE) -- The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced financial results for its fiscal 2013 second quarter (Q2FY13) ended July 31, 2012. 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).
Q2FY13 Financial ResultsAs described in more detail below, key financial highlights for Descartes in Q2FY13 included:
- Revenues of $30.5 million, up 6% from $28.8 million in the second quarter of fiscal 2012 (Q2FY12) and up 2% from $29.9 million in the previous quarter (Q1FY13);
- Services revenues of $29.3 million, up 10% from $26.7 million in Q2FY12 and up 6% from $27.7 million in Q1FY13. Services revenues comprised 96% of total revenues for the quarter;
- Cash provided by operating activities of $6.6 million, up from $4.6 million in Q2FY12 and $4.4 million in Q1FY13;
- Net income of $2.5 million, slightly down from $2.6 million in both Q2FY12 and Q1FY13;
- Earnings per share on a diluted basis of $0.04, consistent with both Q2FY12 and Q1FY13;
- Days-sales-outstanding (DSO) for Q2FY13 were 55 days, down from 58 days in Q1FY13 and up from 53 days in Q2FY12;
- Adjusted EBITDA of $9.3 million, up 12% from $8.3 million in Q2FY12 and up 7% from $8.7 million in Q1FY13. Adjusted EBITDA as a percentage of revenues was 30%, up from 29% in both Q2FY12 and Q1FY13; and
- Adjusted EBITDA per share on a diluted basis of $0.15, up 15% from $0.13 in Q2FY12 and up 7% from Q1FY13.
|Q2 FY13||Q1 FY13||Q4 FY12||Q3 FY12||Q2 FY12|
|Cash provided by operating activities||6.6||4.4||7.5||6.6||4.6|
|Net income *||2.5||2.6||4.5||2.7||2.6|
|Earnings per diluted share*||0.04||0.04||0.07||0.04||0.04|
|Adjusted EBITDA as a % of revenues||30%||29%||29%||30%||29%|
|Adjusted EBITDA per diluted share||0.15||0.14||0.13||0.13||0.13|
|* Net income and earnings per diluted share in Q4FY12 were positively impacted by the recovery of deferred income taxes of $1.9 million.|
- $14.2 million of revenues (46%) were generated in the US;
- $7.3 million (24%) in Europe, Middle East and Africa ("EMEA"), excluding Belgium;
- $3.8 million (12%) in Belgium;
- $3.6 million (12%) in Canada;
- $1.4 million (5%) in the Asia Pacific region; and
- $0.2 million (1%) in the Americas, excluding the US and Canada.
- Revenues of $60.4 million, up 8% from $55.9 million in the same period a year ago (1HFY12);
- Services revenues of $57.0 million, up 8% from $52.6 million in 1HFY12. Services revenues comprised 94% of total revenues for 1HFY13, consistent with 1HFY12;
- Gross margin of 65%, down from 67% in 1HFY12;
- Net income of $5.1 million, up 6% from $4.8 million in 1HFY12;
- Earnings per share on a diluted basis of $0.08, consistent with 1HFY12;
- Adjusted EBITDA of $18.0 million, up 13% from $16.0 million in 1HFY12. Adjusted EBITDA as a percentage of revenues was 30% in 1HFY13, up from 29% in 1HFY12; and
- Adjusted EBITDA per share on a diluted basis for 1HFY13 was $0.28, up 12% from $0.25 in 1HFY12.
|Earnings per diluted share||0.08||0.08|
|Adjusted EBITDA as a % of revenues||30%||29%|
|Adjusted EBITDA per diluted share||0.28||0.25|
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