These risks and uncertainties are described in further detail in the company's filings with the Securities and Exchange Commission. Please refer to these filings for more information regarding the risks and uncertainties that the company faces. UTi undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Now I would like to turn the call over to Eric Kirchner. Eric?

Eric Kirchner

Thank you, Jeff and good morning everyone. In fiscal year 2012, we delivered improved results in a challenging environment. While there were some adjustments in the fourth quarter, operating results were solid with expansion in net revenue per unit in freight forwarding and increased activity in contract logistics and distribution. This more than compensated for a very weak South African Rand and slowing air and ocean volume.

On an adjusted basis, operating profit grew 24% and operating margin expanded by 150 basis points in the fiscal 2012 fourth quarter compared to the same period last year. And adjusted net income increased 39% from last year's fourth quarter. Lawrence will review the financial details in a few minutes.

Both business units delivered operating profit and margin improvement. Freight forwarding in particular had strong growth in the quarter principally due to expansion in that revenue per unit. Contract logistics and distribution was more significantly impacted by the weaker Rand, however the segment saw modest growth in the quarter on an organic basis.

In our freight forward segment, air freight volumes contracted as expected due to a soft market and a Chinese New Year holiday that occurred in January this year as opposed to February last year. As we told you on our last earning's call, we saw no peak season in air freight in the fourth quarter and this was confirmed in the final result of most in the industry. In fact our tonnage decline in the fourth quarter was similar to many of our competitors and the reductions reported by most key airports and airlines.

If you liked this article you might like

4 Big Stocks on Traders' Radars -- and What You Should Do With Them Now

UTi Worldwide (UTIW) Stock Spikes on Sale to DSV

Trade-Ideas: UTi Worldwide (UTIW) Is Today's Pre-Market Mover With Heavy Volume Stock

Oct. 9 Premarket Briefing: 10 Things You Should Know

European Stocks Rise as Fed Seems in No Rush to Lift Rates