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Chief Financial Officer
UTi WORLDWIDE REPORTS FOURTH QUARTER and FISCAL 2015 RESULTS
Long Beach, Calif., March 31, 2015 UTi Worldwide Inc. (NASDAQ: UTIW) today reported financial results for the fourth quarter and fiscal year ended January 31, 2015.
Fiscal Full Year 2015 vs. 2014 Results
|||Revenues decreased 5.8% to $4,179.8 million from $4,435.6 million|
|||Net revenues (revenues minus purchased transportation costs) decreased 4.0% to $1,457.6 million from $1,517.8 million|
|||On a constant currency basis, revenues decreased 3.2% percent and net revenues decreased 0.5%, respectively|
|||Net loss attributable to UTi Worldwide Inc. increased to $203.2 million from $83.3 million|
|||Diluted loss per share increased to $2.04 from $0.80 per diluted common share|
|||Severance and other costs increased to $51.2 million from $29.6 million|
|||Earnings before interest, taxes, depreciation and amortization, excluding severance and other costs (adjusted EBITDA), decreased to $20.2 million from $90.7 million.|
Edward G. Feitzinger, chief executive officer, said, Fiscal 2015 was a challenging year for the Company. Our results for the fourth quarter were particularly disappointing and included a number of one-time charges that stemmed from our January restructuring and reorganization efforts. Importantly, the fourth quarter represents the final chapter under the prior playbook. Starting in late January, we began implementing our new strategic direction for our freight forwarding business. We took decisive actions to right-size our cost structure, which is expected to result in $33 million in annual cost savings in addition to the $45 million in annual cost savings we already delivered exiting fiscal year 2015. We streamlined our geographic and leadership structure to maximize the growth potential of the freight forwarding business. We also made progress improving our working capital efficiency, which we expect will continue going forward. I am pleased with the actions taken so far in my relatively short tenure as CEO, and look forward to capturing their full benefits in fiscal 2016. We have identified the needed changes, made many of the
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The following information was filed by Uti Worldwide Inc (UTIW) on Tuesday, March 31, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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