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.