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Uti Worldwide Inc (UTIW) SEC Filing 10-K Annual report for the fiscal year ending Friday, January 31, 2014

Uti Worldwide Inc

CIK: 1124827 Ticker: UTIW

Exhibit 99.1

 

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Jeff Misakian

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jmisakian@go2uti.com

UTi WORLDWIDE REPORTS FISCAL 2014

FOURTH QUARTER RESULTS

— Annual Report on Form 10-K Filed with the Company’s Consolidated Financial

Statements for Fiscal Years 2014, 2013 and 2012 – No Going Concern Qualification —

Long Beach, Calif., March 31, 2014

– UTi Worldwide Inc. (NASDAQ: UTIW) today reported financial results for its fiscal 2014 fourth quarter ended January 31, 2014. In addition, UTi filed its Annual Report on Form 10-K this morning, which includes the company’s audited financial statements for the fiscal year ended January 31, 2014. The company’s audited financial statements were issued with no going concern qualification for all periods presented.

Fiscal Fourth Quarter 2014 vs. 2013 Results:

 

    Revenues were $1,076.4 million, a decrease of 2.1 percent from $1,099.3 million.

 

    Net revenues (revenues minus purchased transportation costs) were $370.0 million, a decrease of 0.3 percent from $371.1 million.

 

    On an organic basis, revenues increased 1.7 percent and net revenues increased 4.5 percent versus the comparable prior year period.

 

    Net loss attributable to UTi Worldwide Inc. was $50.7 million, or $0.48 per diluted share, compared to a net loss of $142.8 million, or $1.38 per diluted share.

 

    The GAAP net loss in the fiscal 2014 fourth quarter includes after-tax severance and other costs of $7.3 million, or $0.07 per diluted share. UTi also recorded an after-tax write-off of $4.5 million, or $0.04 per diluted share, in bad debt related to customer bankruptcies. In addition, despite incurring a net loss, the company recorded additional tax expense exceeding its normalized tax rate by $22.9 million, or $0.22 per diluted share.

 

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The following information was filed by Uti Worldwide Inc (UTIW) on Monday, March 31, 2014 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (loss)/income
Consolidated Statements Of Equity
Consolidated Statements Of Operations
Acquisitions
Acquisitions - Additional Information (detail)
Borrowings
Borrowings (tables)
Borrowings - Additional Information (detail)
Borrowings - Amounts Due Under Long-term Borrowings (detail)
Borrowings - Borrowings Outstanding With Availability For Borrowings (detail)
Borrowings - Borrowings Outstanding With Availability For Borrowings (parenthetical) (detail)
Borrowings - Indebtedness Pursuant Outstanding Senior Unsecured Guaranteed Notes And Other Long-term Borrowings (detail)
Borrowings - Schedule Of Borrowings (detail)
Borrowings - Schedule Of Borrowings And Weighted Interest Rates (detail)
Commitments
Commitments (tables)
Commitments - Additional Information (detail)
Commitments - Future Minimum Lease Payments Under Capital Leases And Non-cancelable Operating Leases (detail)
Contingencies
Contingencies - Additional Information (detail)
Derivative Financial Instruments
Derivative Financial Instruments (tables)
Derivative Financial Instruments - Additional Information (detail)
Derivative Financial Instruments - Foreign Currency Asset/liability Derivatives (detail)
Derivative Financial Instruments - Forward Exchange Contracts With Maturities Within 60 Days (detail)
Derivative Financial Instruments - Net Gains And Net Losses On Foreign Currency Derivatives (detail)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Additional Information (detail)
Earnings Per Share - Schedule Of Earnings Per Share (detail)
Equity
Equity (tables)
Equity - Additional Information (detail)
Equity - Changes In Accumulated Other Comprehensive Loss (detail)
Equity - Effects On Net (loss)/income Of Significant Amounts Reclassified Out Of Each Component Of Aoci (detail)
Fair Value Disclosures
Fair Value Disclosures (tables)
Fair Value Disclosures - Assets And Liabilities Measured At Fair Value On Recurring Basis (detail)
Fair Value Disclosures - Changes In Level 3 Instruments Measured On Recurring Basis (detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Additional Information (detail)
Goodwill And Other Intangible Assets - Carrying Values Of Amortizable Intangible Assets (detail)
Goodwill And Other Intangible Assets - Changes In Carrying Amount Of Goodwill (detail)
Goodwill And Other Intangible Assets - Expected Amortization Expense Of Intangible Assets (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Components Of Pre-tax Loss/income (detail)
Income Taxes - Deferred Income Tax Assets And Deferred Income Tax Liabilities (detail)
Income Taxes - Provision For Taxes On Losses/income From Continuing Operations (detail)
Income Taxes - Reconciliation Of Company's Statutory Tax Rate To Effective Tax Rate (detail)
Income Taxes - Summary Of Current And Non-current Portions Of Deferred Income Tax Assets And Liabilities (detail)
Property, Plant And Equipment
Property, Plant And Equipment (tables)
Property, Plant And Equipment - Components Of Property, Plant And Equipment At Cost And Accumulated Depreciation Recorded Under Capital Leases (detail)
Property, Plant And Equipment - Property, Plant And Equipment And Accumulated Depreciation (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Retirement Benefit Plans
Retirement Benefit Plans (tables)
Retirement Benefit Plans - Additional Information (detail)
Retirement Benefit Plans - Amounts Recognized In Consolidated Accumulated Other Comprehensive Loss (detail)
Retirement Benefit Plans - Benefit Plans With Accumulated Benefit Obligation In Excess Of Plan Assets (detail)
Retirement Benefit Plans - Changes In Benefit Obligations And Fair Value Of Plan Assets (detail)
Retirement Benefit Plans - Changes In Consolidated Accumulated Other Comprehensive Loss For Defined Benefit Plans (detail)
Retirement Benefit Plans - Changes In Level 3 Category Assets On Recurring Basis (detail)
Retirement Benefit Plans - Company's Plan Assets Measured At Fair Value On Recurring Basis (detail)
Retirement Benefit Plans - Components Of Net Periodic Benefit Cost (detail)
Retirement Benefit Plans - Estimated Future Benefit Payments (detail)
Retirement Benefit Plans - Weighted-average Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost (detail)
Schedule Ii - Valuation And Qualifying Accounts (detail)
Segment Reporting
Segment Reporting (tables)
Segment Reporting - Company's Operations By Segment (detail)
Segment Reporting - Long-lived Assets Attributable To Specific Countries (detail)
Segment Reporting - Long-lived Assets, Attributable To Company's Geographic Regions (detail)
Segment Reporting - Revenues And Purchased Transportation Costs Attributable To Company's Principal Services (detail)
Segment Reporting - Revenues Attributable To Company's Geographic Regions (detail)
Segment Reporting - Schedule Of Revenues From External Clients Attributable To Foreign Countries (detail)
Selected Quarterly Financial Data
Selected Quarterly Financial Data (tables)
Selected Quarterly Financial Data - Selected Quarterly Financial Data (detail)
Selected Quarterly Financial Data - Selected Quarterly Financial Data (parenthetical) (detail)
Severance And Other
Severance And Other (tables)
Severance And Other - Additional Information (detail)
Severance And Other - Employee Severance And Other Costs By Segment (detail)
Severance And Other - Summary Of Severance And Other Charges (detail)
Share-based Compensation
Share-based Compensation (tables)
Share-based Compensation - Additional Information (detail)
Share-based Compensation - Directors Share-based Compensation Activity (detail)
Share-based Compensation - Share-based Compensation Activity (detail)
Share-based Compensation - Stock Options Outstanding And Exercisable Pursuant To Share-based Compensation Plans (detail)
Share-based Compensation - Weighted Average Assumptions For Option (detail)
Summary Of Significant Accounting Policies And Other
Summary Of Significant Accounting Policies And Other (policies)
Summary Of Significant Accounting Policies And Other (tables)
Summary Of Significant Accounting Policies And Other - Additional Information (detail)
Summary Of Significant Accounting Policies And Other - Estimated Useful Lives Of Assets (detail)
Supplemental Financial Information
Supplemental Financial Information (tables)
Supplemental Financial Information - Additional Information (detail)
Supplemental Financial Information - Summary Of Other Operating Expenses (detail)
Supplemental Financial Information - Supplemental Cash Flow And Non-cash Investing And Financing Activities (detail)
Supplemental Financial Information - Supplemental Cash Flow And Non-cash Investing And Financing Activities (parenthetical) (detail)
Trade Payables And Other Accrued Liabilities
Trade Payables And Other Accrued Liabilities (tables)
Trade Payables And Other Accrued Liabilities - Summary Of Trade Payables And Other Accrued Liabilities (detail)
Uncertain Tax Positions
Uncertain Tax Positions (tables)
Uncertain Tax Positions - Additional Information (detail)
Uncertain Tax Positions - Unrecognized Tax Positions Included In Other Non-current Liabilities (detail)
Valuation And Qualifying Accounts
Ticker: UTIW
CIK: 1124827
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-122520
Submitted to the SEC: Mon Mar 31 2014 6:11:07 AM EST
Accepted by the SEC: Mon Mar 31 2014
Period: Friday, January 31, 2014
Industry: Arrangement Of Transportation Of Freight And Cargo

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