Descartes Systems Group, a global logistics network, continued to navigate the economic rough seas to higher revenue in the fourth quarter and fiscal 2010 year.
Total fourth-quarter revenue of $18.9 million rose 20% from $15.7 million a year earlier. Services revenue of $17.7 million accounted for 94% of the total. The quarterly license revenue came in at $1.2 million.
Net income for the quarter was $10.3 million, down from $15.4 million a year earlier. Adjusted net income, or earnings before interest, taxes, depreciation, and amortization (EBITDA), was $5.2 million, up 13% from $4.6 million a year ago.
Descartes CEO Art Mesher termed the results “a gold medal performance” on a call today with analysts to discuss the company’s financial picture.