Record Operating Performance Driven by 14% Increase in Year-Over-Year Revenues
WATERLOO, Ontario, May 30, 2013 (GLOBE NEWSWIRE) -- Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG) announced financial results for its fiscal 2014 first quarter (Q1FY14) ended April 30, 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).
Q1FY14 Financial ResultsAs described in more detail below, key financial highlights for Descartes in Q1FY14 included:
- Revenues of $34.0 million, up 14% from $29.9 million in the first quarter of fiscal 2013 (Q1FY13) and up 1% from $33.8 million in the previous quarter (Q4FY13);
- Services revenues of $30.1 million, up 9% from $27.7 million in Q1FY13 and consistent with Q4FY13. Services revenues comprised 89% of total revenues for the quarter;
- Gross margin of 69%, up from 65% in Q1FY13 and 68% in Q4FY13;
- Cash provided by operating activities of $9.6 million, up from $4.4 million in Q1FY13 and down from $14.1 million in Q4FY13;
- Income before income taxes of $4.8 million, up 9% from $4.4 million in Q1FY13 and up 14% from $4.2 million in Q4FY13;
- Net income of $2.8 million, up 8% from $2.6 million in Q1FY13 and down from $7.8 million in Q4FY13. Q4FY13 net income was positively impacted by the release of valuation allowance of $5.3 million;
- Earnings per share on a diluted basis of $0.04, consistent with Q1FY13 and down from $0.12 in Q4FY13;
- Days-sales-outstanding (DSO) for Q1FY14 were 52 days, down from 58 days in Q1FY13 and 55 days in Q4FY13;
- Adjusted EBITDA of $10.4 million, up 20% from $8.7 million in Q1FY13 and up 1% from $10.3 million in Q4FY13. Adjusted EBITDA as a percentage of revenues was 31%, up from 29% and 30% in Q1FY13 and Q4FY13, respectively; and
- Adjusted EBITDA per share on a diluted basis of $0.16, up 19% from $0.14 in Q1FY13 and consistent with Q4FY13.