LONG BEACH, Calif., Dec. 5, 2013 (GLOBE NEWSWIRE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today reported financial results for its fiscal 2014 third quarter ended October 31, 2013. Fiscal Third Quarter 2014 vs. 2013 Results:
- Revenues were $1,154.4 million, a decrease of 0.2 percent from $1,156.7 million.
- Net revenues (revenues minus purchased transportation costs) were $393.5 million, a decrease of 2.5 percent from $403.6 million.
- On an organic basis, revenues increased 3.1 percent and net revenues increased 1.6 percent versus the comparable prior year period.
- Net loss attributable to UTi Worldwide Inc. was $9.1 million, or $0.09 per diluted share, compared to net income of $10.5 million, or $0.10 per diluted share.
- The GAAP net loss in the fiscal 2014 third quarter includes after-tax severance costs of $12.0 million, or $0.12 per diluted share. In addition, the company recorded additional tax expense exceeding its normalized tax rate by $5.2 million, or $0.05 per diluted share.
- Excluding the after-tax severance costs and the additional tax expense described above, non-GAAP net income attributable to UTi Worldwide Inc. was $8.1 million, or $0.08 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.