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UTi Worldwide Reports Fiscal 2014 First Quarter Results

LONG BEACH, Calif., June 6, 2013 (GLOBE NEWSWIRE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today reported financial results for its fiscal 2014 first quarter ended April 30, 2013.

Fiscal First Quarter 2014 vs. 2013 Results:
  • Revenues were $1,080.7 million, a decrease of 7.5 percent from $1,168.7 million.
  • Net revenues (revenues minus purchased transportation costs) were $375.7 million, a decrease of 7.4 percent from $405.8 million.
  • Net loss attributable to UTi Worldwide Inc. was $12.4 million, or $0.12 per diluted share, compared to net income of $12.9 million, or $0.12 per diluted share.
  • Adjustments to GAAP net loss in the fiscal 2014 first quarter included after-tax severance costs of $1.7 million, or $0.02 per diluted share. In addition, the company increased its valuation allowance on deferred tax assets by $8.3 million, or $0.08 per diluted share.
  • Excluding adjustments described above, non-GAAP net loss attributable to UTi Worldwide Inc. was $2.4 million, or $0.02 per diluted share. By further adjusting for a higher than normal tax rate and the impact of currency changes, non-GAAP earnings per share was $0.02 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.

Eric W. Kirchner, chief executive officer, said, "Revenues and net revenues in the first quarter of fiscal 2014 were lower than the same period last year, impacted by many of the same issues that we saw in the final quarter of fiscal 2013. However, we saw steady improvement each month during the quarter, and in April net revenue increased on a year-on-year basis for the first time in 13 months. Airfreight volumes were slightly lower during the quarter, but ocean freight volumes were higher than the comparable prior year period. Net revenue per unit in freight forwarding was lower than the first quarter of last year in both airfreight and ocean freight. Contract logistics and distribution continued to be impacted by lower volumes from existing business and the previously reported loss of certain high-margin accounts. Although we are not satisfied with the full quarter results, recent volume improvements in April lead us to be slightly more optimistic about the remainder of fiscal 2014."

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