LONG BEACH, Calif., Sept. 6, 2013 (GLOBE NEWSWIRE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today reported financial results for its fiscal 2014 second quarter ended July 31, 2013. Fiscal Second Quarter 2014 vs. 2013 Results:
- Revenues were $1,129.4 million, a decrease of 4.5 percent from $1,182.9 million.
- Net revenues (revenues minus purchased transportation costs) were $385.6 million, a decrease of 5.0 percent from $406.1 million.
- Net loss attributable to UTi Worldwide Inc. was $4.4 million, or $0.04 per diluted share, compared to net income of $18.9 million, or $0.18 per diluted share.
- Adjustments to GAAP net loss in the fiscal 2014 second quarter included after-tax severance costs of $2.4 million, or $0.02 per diluted share. In addition, the company increased its valuation allowance on deferred tax assets by $7.5 million, or $0.07 per diluted share.
- Excluding adjustments described above, non-GAAP net income attributable to UTi Worldwide Inc. was $5.5 million, or $0.05 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.