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In The News:

Descartes Sales Increase in Second Quarter

Descartes Systems Group, Waterloo, Ontario, a federated global logistics network, reported sales for its second quarter ended July 31, 2010, of $25.2 million, up 35 percent from the same period a year ago and up 18 percent from the first quarter. Profit was $2 million, up from $0.8 million a year ago.

Total revenues were comprised of $23.9 million (95 percent) in services revenues and $1.3 million (5 percent) in license revenues.

Fiscal year-to-date revenues were $46.5 million, an increase of 29 percent from the same period a year ago. Profit declined 26.7 percent to $2.2 million.

On June 16, Descartes acquired privately-held, Belgian-based, Routing International NV, a developer and distributor of optimized route planning solutions. To complete the acquisition, net of cash received, Descartes paid approximately EUR 3.4 million (US$4.2 million at the time of the transaction).

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