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UTi Worldwide Reports Fiscal 2014 Second Quarter Results

Kirchner continued, "Revenues in the second quarter of fiscal 2014 were lower than the same period last year, with declines seen in both segments. Freight forwarding was impacted by lower pricing, which was partially offset by a modest increase in volumes. Airfreight tonnage was slightly higher in the second quarter for the first time in more than two years. Ocean freight continued to show steady volume growth in the second quarter. Net revenue per kilo and TEU declined in the fiscal 2014 second quarter compared to the same period last year, but improved modestly on a sequential basis as carrier rates declined. Contract logistics was affected by currency translation, as well as the previously reported exit of underperforming business in Europe and conclusion of certain high-margin accounts."

Revenues and net revenues decreased 4.5 percent and 5.0 percent, respectively, in the fiscal 2014 second quarter compared to the same period last year. On an organic basis, revenues decreased 2.2 percent, while net revenues declined 1.6 percent in the fiscal 2014 second quarter, compared to the same period last year.

Operating expenses less purchased transportation costs were $375.6 million in the second quarter of fiscal 2014. Severance costs in the fiscal 2014 second quarter were $3.2 million on a pre-tax basis, compared to $2.1 million in the same period last year. Excluding the impact of severance, adjusted operating expenses less purchased transportation costs were $372.4 million, compared to $370.9 million in the same period last year. The increase reflects costs associated with transformation related activities and investments in sales and facilities that were previously reported. On an organic basis, adjusted operating expenses less purchased transportation costs increased 3.6 percent, compared to the same period last year.

The company recorded a tax provision of $9.4 million in the fiscal 2014 second quarter on pretax income of $5.9 million. This is primarily due to a $7.5 million addition to valuation allowances on deferred tax assets as a result of the unprofitability of certain operations.

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