Descartes Appoints Edward J. Ryan as Chief Executive Officer
November 27 2013 - 6:00AM
Company Expects to Report Record
Q3FY14 Operating Results Revenues Expected to be $38.5 to $38.8
Million; Adjusted EBITDA Expected to be $11.3 to $11.4 Million
Scott Pagan Appointed President and Chief Operating Officer
WATERLOO, Ontario, Nov. 27, 2013 (GLOBE NEWSWIRE) -- Descartes
Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting
logistics-intensive businesses in commerce, announced today that
Edward J. Ryan has been appointed as Descartes' Chief Executive
Officer, in accordance with its leadership succession plan. Mr.
Ryan served as Descartes' Chief Commercial Officer since 2011, in
addition to several other senior executive roles since joining
Descartes in 2000.
Descartes also announced today that J. Scott Pagan has been
appointed as Descartes' President and Chief Operating Officer. Mr.
Pagan has served as Descartes' Chief Corporate Officer and
Corporate Secretary since 2011, in addition to other senior
executive roles since he joined Descartes in 2000.
"The Board of Directors congratulates both Ed and Scott on their
well-deserved promotions. We're highly confident in the strong
leadership that they will continue to bring to Descartes," said Dr.
Stephen Watt, Lead Director of Descartes' Board of Directors.
"Their appointments reflect the company's succession plan and are
based on Ed's and Scott's proven ability to deliver over the last
thirteen years. Together, they have led Descartes' day-to-day
operations for the past several years. They've had great success in
working with our customers, providing leadership to our management
team and employees, and delivering strong results to our
shareholders."
"I look forward to the opportunity to lead Descartes as CEO in
its next period of growth," said Mr. Ryan. "Descartes has a proven
track record of helping our customers to improve the productivity
and performance of their businesses through our cloud-based
solutions and related services. Our continued focus on helping
customers achieve results using our technology and people will be a
critical driver of our future strategic, functional and geographic
expansion."
Mr. Ryan replaces Arthur Mesher as Descartes' CEO. Mr. Mesher
served as Descartes' CEO since 2004, after joining the company as
Executive Vice President, Strategic Development, in 1998. Mr.
Mesher has retired as CEO and Chairman of the Board due to health
and personal issues.
"Descartes' business has grown significantly under Art's
stewardship as CEO," said Dr. Watt. "We appreciate all of Art's
contributions to Descartes' development over his 15 years of
service with the company, including the strong management team that
he assembled and groomed. We wish Art and his family well."
Mr. Mesher said, "It has been extremely rewarding to serve as
CEO of Descartes during the formation of the company's strategy. I
am proud of the company's results and many achievements, and am
thankful for the opportunity to work with a fantastic management
team. As I step away from Descartes to focus on my health
issues and personal life, I have great confidence in the future of
the company as Ed and Scott continue to lead the execution of the
strategy we created together over many years."
Company Expects Record Q3FY14 Operating
Results
Descartes is scheduled to report its third quarter fiscal 2014
(Q3FY14) financial results before market open on Wednesday,
December 4, 2013. Descartes expects to report record operating
performance with its Q3FY14 revenues in the range of US$38.5
million to US$38.8 million, its income before income taxes being in
the range of US$4.1 million to US$4.3 million (which includes
recent restructuring and acquisition costs) and its Adjusted EBITDA
in the range of US$11.3 million to US$11.4 million. As at October
31, 2013, Descartes had cash and cash equivalents of approximately
US$49.3 million and approximately US$17.2 million of debt
outstanding on an acquisition line of credit. The above results are
unaudited and preliminary by nature, and they are subject to the
completion of the company's quarterly close process.
Members of Descartes' executive management team are scheduled to
host a conference call to discuss the company's financial results
at 8:00 a.m. ET on December 4. Designated numbers are +1 866
551-3680 for North America or +1 212 401-6760 for international,
using Participant PIN Code 49970739#. The company will
simultaneously conduct an audio webcast on the Descartes Web site
at www.descartes.com/descartes/investor-relations. Phone conference
dial-in or webcast log-in is required approximately 10 minutes
beforehand.
Adjusted EBITDA is a non-GAAP financial measure that Descartes
provides as a complement to financial results presented in
accordance with GAAP. Descartes defines Adjusted EBITDA as earnings
before interest, taxes, depreciation, amortization, stock-based
compensation (for which Descartes includes related fees and taxes)
and other charges (for which Descartes includes acquisition-related
expenses and restructuring charges). These items are considered by
management to be outside Descartes' ongoing operational results. A
reconciliation of Adjusted EBITDA to unaudited net income
determined in accordance with GAAP will be provided in Descartes'
financial results news release currently scheduled for December 4,
2013.
About Descartes
Descartes (TSX:DSG) (Nasdaq:DSGX) is the global leader in
providing on-demand, software-as-a-service solutions focused on
improving the productivity, performance and security of
logistics-intensive businesses. Descartes has over 171,000 parties
using its cloud based services. Customers use our modular,
software-as-a-service solutions to route, schedule, track and
measure delivery resources; plan, allocate and execute shipments;
rate, audit and pay transportation invoices; file customs and
security documents for imports and exports; and complete numerous
other logistics processes by participating in the world's largest,
collaborative multi-modal logistics community. Our headquarters are
in Waterloo, Ontario, Canada and we have offices and partners
around the world. Learn more at www.descartes.com.
This release contains forward-looking information within the
meaning of applicable securities laws ("forward-looking
statements") that relate to Descartes' anticipated unaudited
revenues, income before income taxes and Adjusted EBITDA for
Q3FY14, the leadership Mr. Ryan and Mr. Pagan will bring to
Descartes' business; Descartes' solution offering and potential
benefits derived therefrom; anticipated future growth and
expansion; and other matters. Such forward-looking statements
involve known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, performance or
achievements to differ materially from the anticipated results,
performance or achievements or developments expressed or implied by
such forward-looking statements. Such factors include, but are not
limited to, the factors and assumptions discussed in the section
entitled, "Certain Factors That May Affect Future Results" in
documents filed with the Securities and Exchange Commission, the
Ontario Securities Commission and other securities commissions
across Canada. Readers are cautioned not to place undue reliance
upon any such forward-looking statements, which speak only as of
the date made. We do not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in our
expectations or any change in events, conditions or circumstances
on which any such statement is based.
CONTACT: Investor and Media Contact
Phil Denning
(203) 682-8246
phil.denning@icrinc.com
Jen Long
(203) 682-8289
jen.long@icrinc.com
Diamond S Shipping Group, Inc. (NYSE:DSG)
Historical Stock Chart
From Nov 2024 to Dec 2024
Diamond S Shipping Group, Inc. (NYSE:DSG)
Historical Stock Chart
From Dec 2023 to Dec 2024
