UTi Posts 4Q Loss On Charges, Lower Volumes

LONG BEACH, Calif. (AP) — Shipping and supply chain company UTi Worldwide Inc. reported losses for the fourth quarter and fiscal year on Thursday, citing charges and a sharp drop in freight and logistics volumes.

The company also said it has taken several steps to cut costs since beginning of the fourth quarter, including a salary freeze, a revision to the company's incentive structure, discretionary spending cuts and job cuts.

A company spokesman declined to comment on how many jobs have been cut, but said the company's latest employee count would be revealed in its annual report being filed next week with the Securities and Exchange Commission. The company said the cost cuts would reduce operating costs for fiscal 2010 by about $50 million.

The company said it lost $89.8 million, or 89 cents per share, for the quarter ended Jan. 31, compared with a profit of $18 million, or 18 cents per share, in the same quarter last year.

Revenue fell 26 percent to $894.1 million from $1.2 billion.

Excluding charges related to goodwill write-downs, restructuring and severance payments, the company said it earned 15 cents per share during the quarter. Analysts surveyed by Thomson Reuters expected a profit of 23 cents per share on $1.11 billion in revenue, on average. Such estimates typically exclude one-time items.