-- Annual Report on Form 10-K Filed with the Company's Consolidated Financial Statements for Fiscal Years 2014, 2013 and 2012 – No Going Concern Qualification --
LONG BEACH, Calif., March 31, 2014 (GLOBE NEWSWIRE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today reported financial results for its fiscal 2014 fourth quarter ended January 31, 2014. In addition, UTi filed its Annual Report on Form 10-K this morning, which includes the company's audited financial statements for the fiscal year ended January 31, 2014. The company's audited financial statements were issued with no going concern qualification for all periods presented.
Fiscal Fourth Quarter 2014 vs. 2013 Results:
- Revenues were $1,076.4 million, a decrease of 2.1 percent from $1,099.3 million.
- Net revenues (revenues minus purchased transportation costs) were $370.0 million, a decrease of 0.3 percent from $371.1 million.
- On an organic basis, revenues increased 1.7 percent and net revenues increased 4.5 percent versus the comparable prior year period.
- Net loss attributable to UTi Worldwide Inc. was $50.7 million, or $0.48 per diluted share, compared to a net loss of $142.8 million, or $1.38 per diluted share.
- The GAAP net loss in the fiscal 2014 fourth quarter includes after-tax severance and other costs of $7.3 million, or $0.07 per diluted share. UTi also recorded an after-tax write-off of $4.5 million, or $0.04 per diluted share, in bad debt related to customer bankruptcies. In addition, despite incurring a net loss, the company recorded additional tax expense exceeding its normalized tax rate by $22.9 million, or $0.22 per diluted share.
- Excluding the after-tax severance and other costs, bad debt write-off and the additional tax expense described above, non-GAAP net loss attributable to UTi Worldwide Inc. was $16.1 million, or $0.15 per diluted share.
- Earnings before interest expense, income taxes, depreciation and amortization (EBITDA), as adjusted for the items above and stock compensation expense, totaled $14.1 million compared to $17.1 million.
- 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.
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