DESCARTES GROUP REPORTS $138 MILLION LOSS FOR FISCAL 2003
The Descartes Systems Group, a logistics services provider, has reported a loss of $138 million for its 2003 fiscal year which ended Jan. 31. In 2002, the company had reported a loss of $58.7 million.
“Included in the loss for fiscal year 2003 were non-cash write-downs of goodwill and intangible assets in the amount of $104.7 million,” Descartes said in a statement.
Descartes’ software license revenues declined 46 percent in 2003, “reflecting the company’s shift in its pricing model,” the statement noted.
For its fiscal fourth quarter, Descartes reported a loss of $108.5 million, compared to a loss of $11.2 million in the fourth quarter of fiscal 2002. Adjusted fourth-quarter 2003 earnings were $964,000, compared to an adjusted loss of $2.7 million for the year-earlier period.
“Our results this year were driven by tough decisions made to improve efficiencies across the company,” said Manuel Pietra, co-chief executive officer and president of Descartes Systems Group, based in Waterloo, Ontario.