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Global Vice President, Investor Relations
UTi WORLDWIDE REPORTS FISCAL 2014
FOURTH QUARTER RESULTS
Annual Report on Form 10-K Filed with the Companys 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 companys audited financial statements for the fiscal year ended January 31, 2014. The companys 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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