The logistics solutions provider Descartes Systems Group said its operating profit rose 9 percent year-on-year in its fiscal first quarter to $4.8 million.
Descartes, whose quarter ended April 30, said revenue grew 14 percent to $34 million. Service revenue rose 9 percent to $30.1 million. Net income, meanwhile, rose 8 percent to $2.6 million.
Fifty-one percent of Descartes’ revenue was generated in the United States, 37 percent in Europe, 10 percent in Canada, and the remainder in the Asia-Pacific region.
“Our superior financial results reflect the accelerated pace at which we're delivering results to our customers," said Art Mesher, Descartes' chairman and chief executive officer, in a statement. "We continue to design innovative products and integrate acquired businesses so that our customers have solutions that don't cost, but pay. Now, more than ever, our customers are relying on us to help them achieve immediate results."
The company closed a five-year, $50 million revolving debt facility, helping the company build cash reserves of $64.6 million, $27 million higher than at the end of the previous fiscal year. - Eric Johnson