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Global Vice President, Investor Relations
UTi WORLDWIDE REPORTS FISCAL 2013
FOURTH QUARTER RESULTS
Long Beach, Calif., March 28, 2013 UTi Worldwide Inc. (NASDAQ: UTIW) today reported financial results for its fiscal 2013 fourth quarter ended January 31, 2013.
Fiscal Fourth Quarter 2013 vs. 2012 Results:
Revenues were $1,099.3 million, a decrease of 4.7 percent from $1,153.6 million.
Net revenues (revenues minus purchased transportation costs) were $371.1 million, a decrease of 8.7 percent from $406.5 million.
Net loss attributable to UTi Worldwide Inc. was $142.8 million, or $1.38 per diluted share, compared to net income of $12.4 million, or $0.12 per diluted share.
Excluding the items described below, non-GAAP net loss attributable to UTi Worldwide Inc. was $13.4 million, or $0.13 per diluted share, compared to non-GAAP net income of $14.7 million, or $0.15 per diluted share.
Adjustments to GAAP net loss in the fiscal 2013 fourth quarter included after-tax goodwill and intangible asset impairment charges and severance costs totaling $95.0 million, or $0.92 per diluted share. In addition, the company increased its valuation allowance on deferred tax assets by $34.5 million, or $0.33 per diluted share.
Adjustments to GAAP net income in the fiscal 2012 fourth quarter were comprised of after-tax intangible asset impairment charges, severance and other costs totaling $7.9 million, or $0.08 per diluted share. The company also reduced its valuation allowance on deferred tax assets by $5.6 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.
Eric W. Kirchner, chief executive officer, said, Results in our fiscal 2013 fourth quarter reflect ongoing weakness in the airfreight market and a challenging pricing environment in freight forwarding. In
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The following information was filed by Uti Worldwide Inc (UTIW) on Thursday, March 28, 2013 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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