UTi Worldwide (UTIW) Reports Fiscal 2010 Third Quarter Results
LONG BEACH, Calif., Dec. 3, 2009 (GLOBE NEWSWIRE) — UTi Worldwide Inc. (Nasdaq:UTIW) today reported financial results for its fiscal 2010 third quarter ended October 31, 2009.
Fiscal Third Quarter 2010 vs. 2009 Results: * Revenues were $967.2 million, a decrease of 20 percent from $1,210.1 million. * Net revenues (revenues minus purchased transportation costs) were $361.5 million, a decrease of 11 percent from $408.2 million. * Volumes improved sequentially with airfreight and ocean freight outpacing the market. * Operating income was $31.4 million, a decrease of 42 percent from $53.8 million. * Income from continuing operations attributable to UTi Worldwide Inc. was $18.0 million, or $0.18 per diluted share, compared to $35.8 million, or $0.36 per diluted share.
Eric W. Kirchner, chief executive officer, said, “Declines in revenue moderated considerably on a year-over-year basis in the third quarter. Volumes improved throughout the third quarter, particularly in airfreight which experienced an increase in the month of October, the first increase since early 2008. Our sales focus has helped us outpace the market, which we have not accomplished in more than a year. But this improvement was largely offset by industry-wide yield pressure as carriers raised rates substantially, particularly out of Asia. These higher rates could not always be recovered in the near term. While yield contraction was widely expected in the second half of the year, the squeeze was greater than anticipated in the third quarter because of aggressive carrier actions. We are planning for yields to trend towards historic levels as carrier rates adjust to better reflect supply and demand.
“Our overall operating margin continued to show improvement on a sequential basis. Our contract logistics business performed quite well with margins in this segment continuing to move higher in the quarter. And our year-to-date free cash flow continues to approximate net income.”
The decrease in revenues in the 2010 fiscal third quarter compared to the prior-year third quarter of 20 percent was primarily due to substantially reduced fuel surcharges, and to a lesser extent, pricing declines and lower ocean freight and distribution volumes. Net revenue decreased 11 percent principally due to yield pressure in the quarter. On an organic, constant currency basis, adjusted net revenue declined 13 percent compared to the third quarter a year ago.
Operating expenses in the third quarter of fiscal 2010, excluding purchased transportation costs, were $330.1 million, representing a decrease of seven percent compared to the same period last year. The decrease reflects the downsizing of the business and the ongoing discipline to maintain the benefits achieved through our earlier cost reduction efforts. These savings have been somewhat offset by additional operating costs associated with new business successes in both freight forwarding and contract logistics. Operating expenses in the fiscal 2010 third quarter also included severance charges of $2.5 million.
At the beginning of fiscal 2010, the company announced a targeted annual cost savings plan of $50 million against its fiscal 2009 fourth quarter run-rate. Year-to-date the company remains on track to achieve this target though savings realized through the plan have been obscured by the weakening U.S. dollar and partially offset by operating costs associated with new business. On a comparative, constant currency basis consistent with the fourth quarter run-rate, operating expenses were $10.4 million lower in the fiscal 2010 third quarter and $38.9 million lower year-to-date, on track with the $50 million target. A reconciliation of fiscal 2010 operating expenses to the fourth quarter run-rate is provided in the tables attached to this press release.
The company reported operating income in the fiscal 2010 third quarter of $31.4 million, which represented 8.7 percent of net revenues. This compares to operating income in the year-ago third quarter of $53.8 million, or 13.2 percent of net revenues.
Investor Conference Call:
UTi management will host an investor conference call today, December 3, 2009, at 8:00 a.m. PST (11:00 a.m. EST) to review the company’s financials and operations for the fiscal 2010 third quarter. Investment professionals are invited to participate in the live call by dialing 877-570-6091 (domestic) or 702-696-4824 (international) using conference ID 42511216. The call will be open to all interested investors through a live, listen-only audio Internet broadcast at www.go2uti.com and www.earnings.com. For those who are not available to listen to the live broadcast, the call will be archived for one year at both Web sites. A telephonic playback of the conference call also will be available from approximately 11:00 a.m. PST, today, through December 11, 2009, by calling 800-642-1687 (domestic) or 706-645-9291 (international) and using replay passcode 42511216.
About UTi Worldwide:
UTi Worldwide Inc. is an international, non-asset-based supply chain services and solutions company providing air and ocean freight forwarding, contract logistics, customs brokerage, distribution, inbound logistics, truckload brokerage and other supply chain management services. The company serves a large and diverse base of global and local companies, including clients operating in industries with unique supply chain requirements such as the pharmaceutical, retail, apparel, chemical, automotive and technology industries. The company seeks to use its global network, proprietary information technology systems, relationships with transportation providers, and expertise in outsourced logistics services to deliver competitive advantage to each of its clients’ supply chains.
Use of Non-GAAP Financial Information
This press release includes “non-GAAP financial measures” within the meaning of the Securities and Exchange Commission rules. UTi believes that meaningful analysis of its financial performance requires an understanding of the factors underlying that performance and the company’s judgments about the likelihood that particular factors will repeat. Short-term patterns and long-term trends may be obscured by the impact of certain items. For this reason, the company has referred to revenue and net revenue growth adjusted to exclude the impact of dispositions and acquisitions made since the beginning of the comparative period and the impact of currency fluctuations between comparable periods, and to operating expenses adjusted to exclude purchased transportation costs, certain severance and related charges and the impact of acquisitions made since the beginning of the comparative period and the impact of currency fluctuations between comparable periods. This information is among the information the company uses as a basis for evaluating company performance on a comparable basis over time, allocating resources and planning and forecasting of future periods. The company has also provided this information because such adjustments make performance information more comparable to prior disclosures for investors, and may enhance the ability of investors to analyze the company’s performance. This information is not intended to be considered in isolation or as a substitute for the relevant measures calculated in accordance with U.S. GAAP.
Safe Harbor Statement:
Certain statements in this news release may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company intends that all such statements be subject to the “safe-harbor” provisions contained in those sections. Such statements may include, but are not limited to, the company’s discussion of the macroeconomic environment, its sales efforts and the anticipated impact thereof, yield expectations and the outlook for the future. Many important factors may cause the company’s actual results to differ materially from those discussed in any such forward-looking statements, including but not limited to the global economic slowdown that is adversely affecting trade volumes and the financial condition of many of the company’s customers; planned or unplanned consequences of the company’s sales initiatives, procurement initiatives and business transformation efforts; the demand for the company’s services; the impact of cost reduction measures recently undertaken by the company; the costs and impact of the company’s information technology restructuring plan; integration risks associated with acquisitions; increased competition; the impact of volatile fuel costs; the effects of changes in foreign exchange rates; changes in the company’s effective tax rates; industry consolidation making it more difficult to compete against larger companies; general economic, political and market conditions, including those in Africa, Asia and EMENA; work stoppages or slowdowns or other material interruptions in transportation services; risks of international operations; risks associated with, and costs and expenses the company will incur as a result of, the ongoing publicly announced U.S. Department of Justice and other governmental investigations into the pricing practices of the air cargo transportation industry and other similar or related investigations and lawsuits; the success and effects of new strategies and of the realignment of the company’s executive management structure; disruptions caused by epidemics, conflicts, wars and terrorism; and the other risks and uncertainties described in the company’s filings with the Securities and Exchange Commission. Although UTi believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, the company cannot assure the reader that the results contemplated in forward-looking statements will be realized in the timeframe anticipated or at all. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by UTi or any other person that UTi’s objectives or plans will be achieved. Accordingly, investors are cautioned not to place undue reliance on the company’s forward-looking statements. UTi undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
UTi Worldwide Inc.
Condensed Consolidated Statements of Income
(in thousands, except share and per share amounts)
Three months ended Nine months ended
October 31, October 31,
-------------------------- --------------------------
2009 2008 2009 2008
------------ ------------ ------------ ------------
Revenues: (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Airfreight
forwarding $ 328,746 $ 428,521 $ 838,044 $ 1,334,035
Ocean freight
forwarding 238,333 326,994 635,947 954,453
Customs
brokerage 25,231 28,275 68,543 86,932
Contract
logistics 175,157 172,913 475,819 515,126
Distribution 109,549 151,418 312,563 457,124
Other 90,182 101,986 245,140 301,974
------------ ------------ ------------ ------------
Total
revenues 967,198 1,210,107 2,576,056 3,649,644
------------ ------------ ------------ ------------
Operating
expenses:
Purchased
transport-
ation costs:
Airfreight
forwarding 254,576 342,076 627,838 1,061,563
Ocean
freight
forwarding 191,431 270,989 506,706 799,433
Customs
brokerage 2,283 1,302 4,965 4,857
Contract
logistics 31,971 24,309 84,149 70,144
Distribution 75,094 107,688 210,992 327,761
Other 50,308 55,581 130,998 172,240
Staff costs 196,675 211,881 559,141 651,304
Depreciation
and
amortization 11,393 10,727 31,738 31,932
Amortization
of intangible
assets 2,696 3,458 8,145 9,639
Restructuring
charges -- -- 1,231 6,036
Other
operating
expenses 119,355 128,252 338,477 393,610
------------ ------------ ------------ ------------
Total
operating
expenses 935,782 1,156,263 2,504,380 3,528,519
------------ ------------ ------------ ------------
Operating
income 31,416 53,844 71,676 121,125
Interest
expense, net (4,154) (4,091) (9,905) (12,689)
Other income/
(expense), net 742 1,047 (256) 1,680
------------ ------------ ------------ ------------
Pretax income 28,004 50,800 61,515 110,116
Provision for
income taxes 7,537 14,237 17,761 29,692
------------ ------------ ------------ ------------
Income from
continuing
operations,
net of tax 20,467 36,563 43,754 80,424
Discontinued
operations:
Operating
income, net
of tax -- -- -- 100
Gain on sale,
net of tax -- 2,088 -- 7,404
------------ ------------ ------------ ------------
Net income 20,467 38,651 43,754 87,928
Net income
attributable
to non-
controlling
interests 2,500 770 4,187 2,759
------------ ------------ ------------ ------------
Net income
attributable
to UTi
Worldwide
Inc. $ 17,967 $ 37,881 $ 39,567 $ 85,169
============ ============ ============ ============
Basic earnings
per common
share
attributable
to UTi
Worldwide Inc.
common
shareholders:
Continuing
operations $ 0.18 $ 0.36 $ 0.40 $ 0.78
Discontinued
operations -- 0.02 -- 0.08
------------ ------------ ------------ ------------
$ 0.18 $ 0.38 $ 0.40 $ 0.86
============ ============ ============ ============
Diluted
earnings per
common share
attributable
to UTi
Worldwide Inc.
common
shareholders:
Continuing
operations $ 0.18 $ 0.36 $ 0.39 $ 0.77
Discontinued
operations -- 0.02 -- 0.07
------------ ------------ ------------ ------------
$ 0.18 $ 0.38 $ 0.39 $ 0.84
============ ============ ============ ============
Number of
weighted-
average common
shares
outstanding
used for per
share
calculations:
Basic
shares 100,066,261 99,511,519 99,888,487 99,342,654
Diluted
shares 101,282,940 100,892,907 101,205,008 100,935,780
Amounts
attributable
to UTi
Worldwide Inc.
common
shareholders:
Income from
continuing
operations,
net of tax $ 17,967 $ 35,793 $ 39,567 $ 77,665
Discontinued
operations:
Operating
income,
net of tax -- -- -- 100
Gain on
sale, net
of tax -- 2,088 -- 7,404
------------ ------------ ------------ ------------
Net
income $ 17,967 $ 37,881 $ 39,567 $ 85,169
============ ============ ============ ============
UTi Worldwide Inc.
Condensed Consolidated Balance Sheets
(in thousands)
October 31, January 31,
2009 2009
------------ ------------
(Unaudited)
ASSETS
Cash and cash equivalents $ 307,554 $ 256,869
Trade receivables, net 732,599 645,275
Deferred income taxes 23,117 19,192
Other current assets 112,919 79,869
------------ ------------
Total current assets 1,176,189 1,001,205
Property, plant and equipment, net 180,183 163,441
Goodwill and other intangible assets, net 485,448 442,691
Investments 2,348 2,940
Deferred income taxes 20,765 23,831
Other non-current assets 20,607 14,578
------------ ------------
Total assets $ 1,885,540 $ 1,648,686
============ ============
LIABILITIES & EQUITY
Bank lines of credit $ 73,548 $ 69,978
Short-term borrowings 9,682 6,899
Current portion of long-term borrowings 69,904 66,666
Current portion of capital lease
obligations 15,936 15,878
Trade payables and other accrued
liabilities 676,639 593,271
Income taxes payable 11,893 10,425
Deferred income taxes 1,500 2,493
------------ ------------
Total current liabilities 859,102 765,610
Long-term borrowings, excluding current
portion 132,688 115,747
Capital lease obligations, excluding
current portion 22,602 20,754
Deferred income taxes 27,377 27,542
Retirement fund obligations 8,266 6,947
Other non-current liabilities 18,847 19,116
Commitments and contingencies
UTi Worldwide Inc. shareholders' equity:
Common stock 458,684 450,553
Retained earnings 372,001 338,461
Accumulated other comprehensive loss (37,479) (112,268)
------------ ------------
Total UTi Worldwide Inc. shareholders'
equity 793,206 676,746
Noncontrolling interests 23,452 16,224
------------ ------------
Total equity 816,658 692,970
------------ ------------
Total liabilities and equity $ 1,885,540 $ 1,648,686
============ ============
UTi Worldwide Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
Nine months ended
October 31,
-----------------
2009 2008
------------ ------------
(Unaudited) (Unaudited)
OPERATING ACTIVITIES:
Net income $ 43,754 $ 87,928
Adjustments to reconcile net income to
net cash provided by operating
activities:
Share-based compensation costs, net 6,354 8,107
Depreciation and amortization 31,738 32,157
Amortization of intangible assets 8,145 9,639
Deferred income taxes (744) 96
Uncertain tax positions 256 (1,918)
Gain on sale of subsidiaries -- (7,404)
Tax benefit relating to share-based
compensation 1,212 868
Excess tax benefit from share-based
compensation (130) (464)
Gain on disposal of property, plant and
equipment (6,195) (1,050)
Other (171) 801
Net changes in operating assets and
liabilities (32,576) (55,952)
------------ ------------
Net cash provided by operating
activities 51,643 72,808
INVESTING ACTIVITIES:
Purchases of property, plant and equipment (21,062) (39,365)
Proceeds from disposal of property, plant
and equipment 11,877 2,453
Proceeds from sale of subsidiary -- 11,995
(Increase)/decrease in other non-current
assets (448) 4,721
Acquisitions and contingent earn-out
payments (3,133) (30,736)
Other 387 (3,735)
------------ ------------
Net cash used in investing activities (12,379) (54,667)
FINANCING ACTIVITIES:
(Decrease)/increase in bank lines of
credit (20,030) 5,378
Increase in short-term borrowings 907 198
Proceeds from issuance of long-term
borrowings 56,498 --
Repayment of long-term borrowings (36,938) (307)
Debt issuance costs (4,576) --
Repayment of capital lease obligations (17,615) (18,953)
Dividends paid to noncontrolling interests (998) (567)
Net proceeds from issuance of ordinary
shares 1,647 4,422
Excess tax benefit from share-based
compensation 130 464
Dividends paid (6,027) (6,141)
------------ ------------
Net cash used in financing activities (27,002) (15,506)
Effect of foreign exchange rate changes
on cash and cash equivalents 38,423 (44,170)
------------ ------------
Net increase/(decrease) in cash and cash
equivalents 50,685 (41,535)
Cash and cash equivalents at beginning
of period 256,869 289,141
------------ ------------
Cash and cash equivalents at end of period $ 307,554 $ 247,606
============ ============
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
Three months ended October 31, 2009
----------------------------------------------
Contract
Logistics
Freight and
Forwarding Distribution Corporate Total
---------- ---------- --------- -----
Revenues $ 642,384 $ 324,814 $ -- $ 967,198
---------- ---------- ---------- ----------
Purchased
transportation
costs 485,683 119,980 -- 605,663
Staff costs 89,016 104,114 3,545 196,675
Depreciation and
amortization 3,819 7,353 221 11,393
Amortization of
intangible assets 963 1,733 -- 2,696
Other operating
expenses 41,352 71,100 6,903 119,355
---------- ---------- ---------- ----------
Total operating
expenses 620,833 304,280 10,669 935,782
---------- ---------- ---------- ----------
Operating income/
(loss) $ 21,551 $ 20,534 $ (10,669) 31,416
========== ========== ==========
Interest expense, net (4,154)
Other income, net 742
----------
Pretax income 28,004
Provision for income
taxes 7,537
----------
Net income 20,467
Net income
attributable to
noncontrolling
interests 2,500
----------
Net income
attributable to
UTi Worldwide Inc. $ 17,967
==========
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
Three months ended October 31, 2008
----------------------------------------------
Contract
Logistics
Freight and
Forwarding Distribution Corporate Total
---------- ---------- --------- -----
Revenues $ 844,813 $ 365,294 $ -- $1,210,107
---------- ---------- ---------- ----------
Purchased
transportation costs 653,918 148,027 -- 801,945
Staff costs 99,101 110,149 2,631 211,881
Depreciation and
amortization 4,213 6,470 44 10,727
Amortization of
intangible assets 1,316 2,142 -- 3,458
Other operating
expenses 42,424 82,235 3,593 128,252
---------- ---------- ---------- ----------
Total operating
expenses 800,972 349,023 6,268 1,156,263
---------- ---------- ---------- ----------
Operating income/
(loss) $ 43,841 $ 16,271 $ (6,268) 53,844
========== ========== ==========
Interest expense, net (4,091)
Other income, net 1,047
----------
Pretax income 50,800
Provision for income
taxes 14,237
----------
Income from
continuing
operations,
net of tax 36,563
Gain on sale of
discontinued
operations,
net of tax 2,088
----------
Net income 38,651
Net income
attributable to
noncontrolling
interests 770
----------
Net income
attributable to
UTi Worldwide Inc. $ 37,881
==========
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
Nine months ended October 31, 2009
----------------------------------------------
Contract
Logistics
Freight and
Forwarding Distribution Corporate Total
---------- ---------- --------- -----
Revenues $1,675,338 $ 900,718 $ -- $2,576,056
---------- ---------- ---------- ----------
Purchased
transportation costs 1,235,306 330,342 -- 1,565,648
Staff costs 255,318 293,129 10,694 559,141
Depreciation and
amortization 11,168 20,145 425 31,738
Amortization of
intangible assets 2,776 5,369 -- 8,145
Restructuring charges -- -- 1,231 1,231
Other operating
expenses 117,530 207,994 12,953 338,477
---------- ---------- ---------- ----------
Total operating
expenses 1,622,098 856,979 25,303 2,504,380
---------- ---------- ---------- ----------
Operating income/
(loss) $ 53,240 $ 43,739 $ (25,303) 71,676
========== ========== ==========
Interest expense, net (9,905)
Other expense, net (256)
----------
Pretax income 61,515
Provision for income
taxes 17,761
----------
Net income 43,754
Net income
attributable to
noncontrolling
interests 4,187
----------
Net income
attributable to
UTi Worldwide Inc. $ 39,567
==========
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
Nine months ended October 31, 2008
----------------------------------------------
Contract
Logistics
Freight and
Forwarding Distribution Corporate Total
---------- ---------- --------- -----
Revenues $2,547,142 $1,102,502 $ -- $3,649,644
---------- ---------- ---------- ----------
Purchased
transportation costs 1,986,297 449,701 -- 2,435,998
Staff costs 301,161 342,822 7,321 651,304
Depreciation and
amortization 11,928 19,793 211 31,932
Amortization of
intangible assets 3,006 6,633 -- 9,639
Restructuring charges 2,382 3,654 -- 6,036
Other operating
expenses 131,704 248,592 13,314 393,610
---------- ---------- ---------- ----------
Total operating
expenses 2,436,478 1,071,195 20,846 3,528,519
---------- ---------- ---------- ----------
Operating income/
(loss) $ 110,664 $ 31,307 $ (20,846) 121,125
========== ========== ==========
Interest expense, net (12,689)
Other income, net 1,680
----------
Pretax income 110,116
Provision for income
taxes 29,692
----------
Income from
continuing
operations,
net of tax 80,424
Discontinued
operations:
Operating income,
net of tax 100
Gain on sale,
net of tax 7,404
----------
Net income 87,928
Net income
attributable to
noncontrolling
interests 2,759
----------
Net income
attributable to
UTi Worldwide Inc. $ 85,169
==========
UTi Worldwide Inc.
Geographic Reporting
(in thousands)
(Unaudited)
Three months ended October 31, 2009
-----------------------------------
Contract
Contract Logistics
Logistics and
and Freight Distri-
Freight Distri- Forwarding bution Operating
Forwarding bution Net Net Income/
Revenue Revenue Revenue Revenue (Loss)
-------- --------- --------- --------- ---------
EMENA $215,812 $ 64,733 $ 59,226 $ 41,154 $ 1,807
Americas 129,963 173,378 38,038 97,809 10,838
Asia Pacific 210,992 9,071 35,851 6,315 9,083
Africa 85,617 77,632 23,586 59,556 20,357
Corporate -- -- -- -- (10,669)
-------- --------- --------- --------- ---------
Total $642,384 $ 324,814 $ 156,701 $ 204,834 $ 31,416
======== ========= ========= ========= =========
Three months ended October 31, 2008
-----------------------------------
Contract
Contract Logistics
Logistics and
and Freight Distri-
Freight Distri- Forwarding bution Operating
Forwarding bution Net Net Income/
Revenue Revenue Revenue Revenue (Loss)
-------- --------- --------- --------- ---------
EMENA $284,813 $ 62,985 $ 73,542 $ 42,080 $ 10,646
Americas 171,385 214,768 44,609 112,639 19,557
Asia Pacific 289,690 9,723 46,515 6,070 14,882
Africa 98,925 77,818 26,229 56,478 15,027
Corporate -- -- -- -- (6,268)
-------- --------- --------- --------- ---------
Total $844,813 $ 365,294 $ 190,895 $ 217,267 $ 53,844
======== ========= ========= ========= =========
UTi Worldwide Inc.
Geographic Reporting
(in thousands)
(Unaudited)
Nine months ended October 31, 2009
---------------------------------------
Contract Contract
Logistics Logistics
and Freight and
Freight Distribu- Forward- Distribu- Operating Restruct-
Forwarding tion ing Net tion Net Income/ uring
Revenue Revenue Revenue Revenue (Loss) Charges
---------- --------- --------- --------- --------- ---------
EMENA $ 602,560 $ 178,283 $ 169,152 $ 116,464 $ 3,031 $ --
Americas 349,674 482,762 107,398 270,729 18,396 --
Asia
Pacific 517,472 25,859 105,349 18,114 28,203 --
Africa 205,632 213,814 58,133 165,069 47,349 --
Corporate -- -- -- -- (25,303) 1,231
---------- --------- --------- --------- --------- ---------
Total $1,675,338 $ 900,718 $ 440,032 $ 570,376 $ 71,676 $ 1,231
========== ========= ========= ========= ========= =========
Nine months ended October 31, 2008
---------------------------------------
Contract Contract
Logistics Logistics
and Freight and
Freight Distribu- Forward- Distribu- Operating Restruct-
Forwarding tion ing Net tion Net Income/ uring
Revenue Revenue Revenue Revenue (Loss) Charges
---------- ---------- -------- --------- --------- ---------
EMENA $ 878,102 $ 201,390 $223,826 $ 127,076 $ 30,652 $ 1,558
Americas 502,930 644,148 129,837 342,897 40,286 3,769
Asia
Pacific 870,480 26,516 133,798 17,018 38,683 240
Africa 295,630 230,448 73,384 165,810 32,350 469
Corporate -- -- -- -- (20,846) --
---------- ---------- -------- --------- --------- ---------
Total $2,547,142 $1,102,502 $560,845 $ 652,801 $ 121,125 $ 6,036
========== ========= ========= ========= ========= =========
UTi Worldwide Inc.
Revenue Growth Reconciliation
(in thousands)
(Unaudited)
Set forth below is a reconciliation of our organic growth in our
revenues and net revenues over the corresponding prior-year period.
REVENUES NET REVENUES
------------ ------------
Three months ended
October 31, 2008 $ 1,210,107 $ 408,162
Add: Acquisitions impact (1) 9,909 5,279
Add: Currency impact (2) 5,528 3,138
Organic growth (258,346) (21)% (55,044) (13)%
------------ ===== ------------ =====
Three months ended
October 31, 2009 $ 967,198 $ 361,535
============ ============
(1) Relates to revenues in the current period for businesses acquired
from August 2008.
(2) Represents the fluctuations in foreign currency exchange rates
when balances are translated into U.S. dollars.
UTi Worldwide Inc.
Revenue Growth Reconciliation
(in thousands)
(Unaudited)
Set forth below is a reconciliation of our organic growth in our
revenues and net revenues over the corresponding prior-year period.
REVENUES NET REVENUES
------------ ------------
Nine months ended
October 31, 2008 $ 3,649,644 $ 1,213,646
Add: Acquisitions impact (1) 26,674 14,448
Less: Dispositions impact (2) (22,545) (22,082)
Less: Currency impact (3) (160,299) (67,156)
Organic growth (917,418) (25)% (128,448) (11)%
------------ ===== ------------ =====
Nine months ended
October 31, 2009 $ 2,576,056 $ 1,010,408
============ ============
(1) Relates to revenues in the current period for businesses acquired
from February 2008.
(2) Relates to revenues in the corresponding prior period for
businesses exited through the Company's previously announced
cost reduction plans.
(3) Represents the fluctuations in foreign currency exchange rates
when balances are translated into U.S. dollars.
UTi Worldwide Inc.
Operating Expenses Reconciliation
(in thousands)
(Unaudited)
Set forth below is a reconciliation of our fiscal 2010 operating
expenses in comparison to our adjusted fourth quarter fiscal year 2009
operating expenses:
Three months ended Nine months ended
October 31, 2009 October 31, 2009
---------------- ----------------
Total operating expenses $ 935,782 $ 2,504,380
Less: Purchased transportation
costs (605,663) (1,565,648)
---------------- ----------------
Subtotal 330,119 938,732
Less: Acquisition impact (4,999) (13,560)
Less: Severance, restructure
and other charges (2,530) (11,599)
Add: Gain on sale of property -- 6,271
Less: Currency impact (26,987) (40,739)
---------------- ----------------
Adjusted operating expenses $ 295,603 $ 879,105
================ ================
Three months ended
January 31, 2009
----------------
Total operating expenses $ 991,904
Less: Purchased transportation
costs (561,379)
----------------
Subtotal 430,525
Less: Severance, restructure
and other charges (14,576)
Less: Goodwill impairment (109,941)
----------------
Adjusted operating expenses $ 306,008 $ 918,024*
================ ================
Savings over fourth quarter
fiscal year 2009 operating
expenses $ 10,405 $ 38,919
================ ================
* This amount represents the adjusted operating expenses for the
three months ended January 31, 2009 applied over a nine month
period.
CONTACT: UTi Worldwide Inc.
Jeff Misakian, Vice President, Investor Relations
(562) 552-9417
jmisakian@go2uti.com
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