Descartes reports second quarter loss

The Descartes Systems Group Inc., a provider of logistics solutions, announced an adjusted loss of $3.3 million, or 6 cents per basic and diluted share, for the second quarter (all figures in U.S. dollars).

In the same period last year, the Waterloo, Ont.-based company reported $20 million in revenues and an adjusted loss of $2.7 million or 5 cents per basic and diluted share.

During the quarter, the company focused on key initiatives to improve > financial performance. These initiatives included a corporate restructuring to reduce operating costs, a focused program to improve > collections and continued momentum in customer sign-ups.
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“We are pleased with our results this quarter. The initiatives that we have undertaken will enable us to better service our customers and more efficiently operate our business,” said Peter Schwartz, co-chief executive officer and chairman, Descartes Systems Group.
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For the six month period ended July 31, 2002, the company reported revenues of $35 million. Network-Based Logistics revenues represented $20.5 million, software license revenues were $9.3 million and service revenues contributed $5.0 million.

In the six months ended July 31, 2002, the company reported an adjusted loss of $7.7 million or 15 cents per basic and diluted share compared with revenues of $43 million and an adjusted profit of $1.8 million or 4 cents per share in the same six month period in fiscal 2002.