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UTi Worldwide Reports Fiscal 2013 Second Quarter Results

Kirchner continued, "Our transformation is expected to deliver long-term operating margin expansion, which will position the company well when the economic and freight environment improves. While we are optimistic on the long-term outlook, we see little to suggest that the trends that impacted results in the first half of fiscal 2013 will change in the second half of the year. While we don't control external factors, we do remain vigilant in controlling costs and driving increased sales. The deployment of our new financial and freight forwarding operating system continues, and we remain on track to achieve our long-term operating margin goals."  

Revenues decreased 10.9 percent in the fiscal 2013 second quarter compared to the prior-year second quarter, primarily due to the impact of currency, lower pricing and weaker airfreight tonnage. These negative factors were partially offset by increased contract logistics and distribution activity in the Africa and Asia-Pacific regions. Net revenues fell 8.4 percent in the fiscal 2013 second quarter, primarily due to currency translation and lower airfreight volumes. On an organic basis, revenues decreased 3.3 percent, while net revenues increased 0.7 percent in the fiscal 2013 second quarter compared to the same period last year.

Operating expenses less purchased transportation costs were $373.0 million in the second quarter of fiscal 2013, compared to $403.7 million in the same period last year. Severance costs (before taxes) totaled $2.1 million in the fiscal 2013 second quarter, compared to $3.5 million in the second quarter of last year. Severance costs in both periods were primarily related to the company's transformation activities.

Excluding severance costs from both periods, adjusted operating expenses less purchased transportation costs were $370.9 million in the fiscal 2013 second quarter, a decrease of 7.3 percent from $400.2 million in the same period last year, primarily due to currency effects. On an organic basis, adjusted operating expenses less purchased transportation costs increased 1.7 percent, compared to the same period last year.

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