UTi Worldwide Reports Fiscal 2013 Second Quarter Results

LONG BEACH, Calif., Sept. 6, 2012 (GLOBE NEWSWIRE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today reported financial results for its fiscal 2013 second quarter ended July 31, 2012.

Fiscal Second Quarter 2013 vs. 2012 Results:

• Revenues were $1,155.8 million, a decrease of 10.9 percent from $1,297.4 million.  
• Net revenues (revenues minus purchased transportation costs) were $406.1 million, a decrease of 8.4 percent from $443.4 million.  
• Net income attributable to UTi Worldwide Inc. was $18.9 million, or $0.18 per diluted share, compared to $22.9 million, or $0.22 per diluted share.  
• After-tax severance costs were $1.4 million, compared to $2.4 million.  
• Excluding severance costs, adjusted net income attributable to UTi Worldwide Inc. was $20.3 million, or $0.20 per diluted share, compared to $25.3 million, or $0.24 per diluted share.  
• The impact from currency translation reduced net income by approximately $0.03 per diluted share, compared to the fiscal 2012 second quarter.    
• All references to adjusted items and organic items in this release refer to non-GAAP results. A reconciliation of GAAP to these non-GAAP results is provided in the supplemental financial information attached to this release.

Eric W. Kirchner, chief executive officer, said, "The anemic global economy and weak freight environment continued to weigh on results in our fiscal 2013 second quarter, which together with currency translation led to a 10.9 percent decline in revenues. Trends apparent throughout the industry in the first quarter continued into the second, with companies still favoring ocean freight over airfreight and lower weight per shipment. In addition, clients have become increasingly careful in their freight and logistics spending. Airfreight was once again impacted more than other modes, with tonnage falling 11 percent compared to the second quarter last year. Transportation rates in ocean freight have risen significantly this year, putting pressure on yields and net revenue per unit. Contract logistics and distribution was stable in the second quarter. Revenues in the segment were lower than the same period last year primarily due to currency effects, while operating income improved."

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