DESCARTES LOSES $15.6 MILLION IN THIRD QUARTER
Descartes Systems Group Inc. has reported a third quarter loss of $15.6 million. In the third quarter of 2000 the company lost $2.8 million.
Total revenues for the third quarter were $18.3 million, up 5.2 percent from the same period of the year before.
The third quarter results include a $4 million charge to cover the costs of cutting its work force by 10 percent, office consolidations and the use of consultants.
Peter Schwartz, Decartes’ chief executive and chairman, commented “We are predicting improvement as we are looking into next year, so we want to make sure that we are positioned well for that and we think we have modest cash burn now relative to what we think the opportunity to take advantage of a recovery is in the short term”.