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Chief Financial Officer
UTi WORLDWIDE REPORTS FISCAL 2015
THIRD QUARTER RESULTS
Reaffirms Adjusted EBITDA Target of $190-210 Million for Fiscal 2016
Long Beach, Calif., December 9, 2014 UTi Worldwide Inc. (NASDAQ: UTIW) today reported financial results for its fiscal 2015 third quarter ended October 31, 2014.
Fiscal Third Quarter 2015 vs. 2014 Results:
|||Revenues were $1,078.3 million, a decrease of 6.6 percent from $1,154.4 million.|
|||Net revenues (revenues minus purchased transportation costs) were $381.0 million, a decrease of 3.1 percent from $393.5 million.|
|||On a constant currency basis, revenues decreased 4.3 percent and net revenues increased 0.1 percent versus the comparable prior year period.|
|||Net loss attributable to UTi Worldwide Inc. was $34.0 million in the fiscal 2015 third quarter. Net loss attributable to common shareholders after dividends on preferred stock was $0.35 per diluted common share.|
|||Net loss attributable to UTi Worldwide Inc. in the fiscal 2014 third quarter was $9.1 million, or $0.09 per diluted common share.|
|||The company recorded severance and other costs of $23.7 million compared to $13.2 million. The $23.7 million includes a $19.6 million receivable impairment resulting from a customer bankruptcy. In addition, UTi recorded additional tax expense exceeding its normalized tax rate of $7.0 million, or $0.06 per diluted common share.|
|||Non-GAAP net loss attributable to UTi Worldwide Inc. was $4.8 million. Non-GAAP net loss attributable to common shareholders after preferred stock dividends was $0.08 per diluted common share.|
|||Earnings before interest, taxes, depreciation and amortization, as adjusted for severance and other costs (adjusted EBITDA), totaled $23.1 million (which includes $11.3 million in temporary costs) compared to $39.8 million.|
All references to adjusted items, free cash flow (defined as cash flow from operations less net capital expenditures), constant currency items, EBITDA and adjusted EBITDA in this release refer
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The following information was filed by Uti Worldwide Inc (UTIW) on Tuesday, December 9, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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