LONG BEACH, Calif., March 28, 2013 (GLOBE NEWSWIRE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today reported financial results for its fiscal 2013 fourth quarter ended January 31, 2013.
- Revenues were $1,099.3 million, a decrease of 4.7 percent from $1,153.6 million.
- Net revenues (revenues minus purchased transportation costs) were $371.1 million, a decrease of 8.7 percent from $406.5 million.
- Net loss attributable to UTi Worldwide Inc. was $142.8 million, or $1.38 per diluted share, compared to net income of $12.4 million, or $0.12 per diluted share.
- Excluding the items described below, non-GAAP net loss attributable to UTi Worldwide Inc. was $13.4 million, or $0.13 per diluted share, compared to non-GAAP net income of $14.7 million, or $0.15 per diluted share.
- Adjustments to GAAP net loss in the fiscal 2013 fourth quarter included after-tax goodwill and intangible asset impairment charges and severance costs totaling $95.0 million, or $0.92 per diluted share. In addition, the company increased its valuation allowance on deferred tax assets by $34.5 million, or $0.33 per diluted share.
- Adjustments to GAAP net income in the fiscal 2012 fourth quarter were comprised of after-tax intangible asset impairment charges, severance and other costs totaling $7.9 million, or $0.08 per diluted share. The company also reduced its valuation allowance on deferred tax assets by $5.6 million, or $0.05 per diluted share.
- 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.