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Global Vice President, Investor Relations
UTi WORLDWIDE REPORTS FISCAL 2012
FOURTH QUARTER RESULTS
Long Beach, Calif., March 22, 2012 UTi Worldwide Inc. (NASDAQ: UTIW) today reported financial results for its fiscal 2012 fourth quarter ended January 31, 2012.
Fiscal Fourth Quarter 2012 vs. 2011 Results:
Revenues were $1,153.6 million, an increase of 0.7 percent from $1,145.1 million.
Net revenues (revenues minus purchased transportation costs) were $406.5 million, an increase of 0.5 percent from $404.5 million.
Net income attributable to UTi Worldwide Inc. was $12.4 million, or $0.12 per diluted share, in the fourth quarter of fiscal 2012, compared to $14.5 million, or $0.14 per diluted share.
Adjusting for intangible asset impairment, severance and other charges, adjusted net income attributable to UTi Worldwide Inc. was $20.3 million, or $0.20 per diluted share in the fiscal 2012 fourth quarter.
All references to adjusted 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.
Eric W. Kirchner, chief executive officer, said, It is encouraging that we were able to deliver a solid operating result in the fourth quarter in a difficult environment. On an adjusted basis, operating profit grew 24 percent and net income rose 39 percent compared to last years fourth quarter. As expected, the strengthening of the U.S. dollar, particularly against the South African rand, had a negative impact on revenue growth in the period. On an organic basis (excluding currency effects), net revenues increased 5.8 percent in the quarter primarily due to increased activity in contract logistics and distribution and higher net revenue per unit of cargo in freight forwarding. Volumes in freight forwarding were weak in our fourth quarter, particularly in the month of January, due to a soft market and the timing of Chinese New Year. Despite a challenging environment last year, operating results improved, cash flow increased, and we made good progress in our transformation activities.
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The following information was filed by Uti Worldwide Inc (UTIW) on Thursday, March 22, 2012 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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