Software provider reports higher earnings

 

 Logistics software provider Descartes Systems Group said it had net income of $2.3 million in the quarter ending Oct. 31, compared to $1.7 million in the same period the prior year.

   Revenues for the quarter were $17.0 million, up 10 percent from $15.5 million during the same period the prior year.

   Based in Waterloo, Ontario, the firm reported earnings in U.S. dollars.

   We're achieved solid operational performance in a difficult economic environment,?said Stephanie Ratza, the company's chief financial officer. Revenues and expenses were each reduced this quarter by approximately $0.7 million because of the dramatic fluctuations in foreign exchange rates over the quarter, we continued to focus on driving positive operating results. The company said that it has responded to the new U.S. Customs and Border Protection Importer Security Filing 0+2 rule by forming a Descartes ?0+2?Workgroup.

   The Workgroup, it said is designed for leading importers, customs brokers, carriers, freight forwarders, non-vessel operating common carriers (NVOCCs), and shippers ?including representation from the top 5 integrators and leading international freight forwarders.  It said the group will utandardize and develop best practices across this global logistics community for this new rule. Descartes said previously it announced the availability of its Importer Security Filing 10+2 Service to address the CBP interim final rule. 

Source: American Shipper