Descartes Revenue Down, Profit Up

Revenues for the fiscal fourth quarter ended January 31st were $15.7 million, down $0.3 million or 2% from $16.0 million in the fourth quarter of last fiscal year. This was also $1.3 million or 8% lower than the $17.0 million in the previous quarter. Currency-adjusted revenues for the fourth quarter, compared to the prior-year period, were up 6% to $16.9 million. Currency- adjusted revenues for the quarter, compared to the prior quarter, were $16.4 million. [Currency-adjusted revenues is a non-GAAP financial measure use by Descartes solely for comparing revenues from two different periods without the impact of foreign exchange.]

Net income of $15.7 million, was down $2.2 million from $17.9 million in 2008 fiscal fourth quarter and up $13.4 million from $2.3 million in the quarter just past. Net income for both fiscal fourth quarters included non-cash, deferred income tax recoveries of $13.1 million and $16.0 million, respectively, as Descartes recorded a deferred tax asset for prior period tax losses that are anticipated to be applied against taxable income earned in future periods.

Record EBITDA of $4.5 million, up 18% from $3.8 million in Q4FY08 and up 2% from $4.4 million in Q3FY09. EBITDA as a percentage of revenues was 29% this quarter, up from 24% in Q4FY08 and 26% in Q3FY09.

"In these unprecedented times, our diligent attention to our operating model has delivered positive results," said Stephanie Ratza, CFO at Descartes. "We maintain a solid balance sheet with a healthy cash position and will continue to closely monitor our operations while we execute on our consolidation strategy."

Full-year revenues of $66.0 million, up $7.0 million or 12% from $59.0 million in Descartes' fiscal year ended January 31, 2008 (FY08) provided income before taxes of $9.0 million, up 32% from $6.8 million in FY08. Net income of $20.5 million, down by $1.9 million from $22.4 million in FY08. Net income in FY09 and FY08 included net non-cash, deferred income tax recoveries of $11.7 million and $16.0 million, respectively, as Descartes recorded deferred tax assets for prior period tax losses that are anticipated to be applied against taxable income earned in future periods.

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