Descartes Reports Fiscal 2013 Fourth Quarter And Annual Financial Results
Record Operating Performance Drives 27% Increase in Annual Cash Provided by Operations and 33% Increase in Net Income
WATERLOO, Ontario, March 7, 2013 (GLOBE NEWSWIRE) -- The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced financial results for its fiscal 2013 fourth quarter (Q4FY13) and year (FY13) ended January 31, 2013. 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).
FY13 Financial ResultsAs described in more detail below, key financial highlights for Descartes in FY13 included:
- Revenues of $126.9 million, up 11% from $114.0 million in the year ended January 31, 2012 (FY12);
- Services revenues of $116.8 million, up 11% from $105.7 million in FY12. Services revenues comprised 92% and 93% of total revenues for years ended FY13 and FY12, respectively;
- Gross margin of 67%, up from 66% in FY12;
- Income before income taxes of $17.2 million, up 12% from $15.4 million in FY12;
- Net income of $16.0 million, up 33% from $12.0 million in FY12;
- Earnings per share on a diluted basis of $0.25, up 32% from $0.19 in FY12;
- Cash provided by operating activities of $30.3 million, up 27% from $23.9 million in FY12;
- Adjusted EBITDA of $38.2 million, up 16% from $33.0 million in FY12. Adjusted EBITDA as a percentage of revenues was 30% in FY13 up from 29% in FY12; and
- Adjusted EBITDA per share on a diluted basis was $0.60, up 15% from $0.52 in FY12.
|Income before income taxes||17.2||15.4|
|Net income *||16.0||12.0|
|Earnings per diluted share*||0.25||0.19|
|Cash provided by operating activities||30.3||23.9|
|Adjusted EBITDA as a % of revenues||30%||29%|
|Adjusted EBITDA per diluted share||0.60||0.52|
|* Net income and earnings per diluted share in FY13 and FY12 were positively impacted by the release of valuation allowance of $5.3 million and $0.7 respectively.|
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