Printer Friendly Version View printer-friendly version
«Back
UTi Worldwide Reports Fiscal 2012 Third Quarter Results

LONG BEACH, Calif., Dec. 1, 2011 (GLOBE NEWSWIRE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today reported financial results for its fiscal 2012 third quarter ended October 31, 2011.

Fiscal Third Quarter 2012 vs. 2011 Results:


  Revenues were $1,264.5 million, an increase of 5.5 percent from $1,198.4 million.

  Net revenues (revenues minus purchased transportation costs) were $443.4 million, an increase of 9.2 percent from $406.1 million.

  Net income attributable to UTi Worldwide Inc. was $28.5 million, or $0.28 per diluted share, in the third quarter of fiscal 2012, compared to $26.4 million, or $0.26 per diluted share.

Eric W. Kirchner, chief executive officer, said, "We continued to deliver revenue and operating profit growth in each of our business segments, while we controlled expenses in a slowing environment. Airfreight volumes weakened further in the third quarter, particularly in the month of October. Ocean volumes remained on a course of steady improvement, outperforming the market despite the lack of a peak season. Net revenue per unit of cargo expanded in the third quarter, helping to guide an overall increase in net revenue in freight forwarding. Contract logistics and distribution revenue and profit increased by double-digits in the quarter on the strength of new business wins and operational improvement.

"While our third quarter performance was steady, we currently anticipate that our fourth quarter is likely to be adversely impacted by the strengthening of the U.S. dollar, particularly against the South African rand, slowing in the global economy and the timing of Chinese New Year. We do not see a peak in airfreight this year and many clients are planning for a slower environment. We remain attentive to those items we can directly control. The deployment of our new freight forwarding system is proceeding as planned, while we continue to roll out improved global operating processes."

Revenues increased 5.5 percent in the 2012 fiscal third quarter compared to the prior-year third quarter primarily due to greater contract logistics and distribution activity, increased ocean volumes and higher fuel surcharges. These factors were partially offset by lower volumes in airfreight. Net revenues increased 9.2 percent in the third quarter due to higher net revenue per unit of cargo in freight forwarding and the increased contract logistics and distribution activity.

Operating expenses less purchased transportation costs were $395.1 million in the third quarter of fiscal 2012, an increase of 9.1 percent compared to the same period last year. The company recorded severance costs of $1.7 million in the fiscal 2012 third quarter, primarily related to certain transformation initiatives. The company also recorded $1.7 million in severance costs in the same period last year, primarily related to rationalizing certain operations.

Operating income in the fiscal 2012 third quarter was $48.3 million, which represented 10.9 percent of net revenues. This compares to operating income in the year-ago third quarter of $43.9 million, or 10.8 percent of net revenues. The operating income and margin increases primarily reflect the higher net revenue per unit of cargo in freight forwarding and increased activity in contract logistics compared to the same period last year.

Net interest expense of $3.3 million in the fiscal 2012 third quarter was lower than the $4.5 million recorded in the same period last year, primarily due to lower borrowing rates. Other expense was $0.7 million in the fiscal 2012 third quarter compared to other income of $1.2 million in the third quarter last year. Other income or expense primarily reflects foreign currency gains and losses on certain intercompany loans as well as various withholding taxes on the remittance of funds from subsidiary companies.

Investor Conference Call:

UTi management will host an investor conference call today, December 1, 2011, at 8:00 a.m. PST (11:00 a.m. EST) to review the company's financial results for the fiscal 2012 third quarter. Investment professionals are invited to participate in the live call by dialing 877-941-9205 (domestic) or 480-629-9692 (international) using conference ID 4488406. 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 4, 2011, by calling 800-406-7325 (domestic) or 303-590-3030 (international) and using replay passcode 4488406.

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 included information in the tables to this press release relating to organic revenue and net revenue growth, which are adjusted to exclude the impact of currency fluctuations and, where applicable, acquisitions between comparable periods. The company also has referred to operating expenses less purchased transportation costs, and included information relating to organic operating expenses less purchased transportation costs, which are adjusted to exclude the impact of currency fluctuations and, where applicable, acquisitions 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, or superior to, the relevant measures prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the tables at the end of this press release.

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 forward-looking statements may include, but are not limited to, statements about the strengthening of the U.S. dollar, the slowing global economy and the timing of Chinese New Year and their potential impact on the fourth quarter, and other statements not of an historical nature. 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 recent economic and political volatility, particularly in Europe and the Middle East, that has materially impacted trade volumes, transportation capacity and pricing dynamics; the financial condition of various European countries; 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 and related costs associated with reorganization efforts and/or cost reduction measures undertaken by the company; increased competition; the impact of volatile fuel costs and 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; disruptions caused by epidemics, natural disasters, conflicts, wars and terrorism; and the other risks and uncertainties described in "Risk Factors" and "Forward-looking Statements" in the company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and described in the company's other 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.

###

(Tables Follow)

UTi Worldwide Inc.
                                                                                                                                Condensed Consolidated Statements of Income
                                                                                                                         (in thousands, except share and per share amounts)
                                                                                                                                                                          
                                                                                                    Three months ended October 31,           Nine months ended October 31,
                                                                                                        2011             2010               2011             2010 
                                                                                                                                                                      
                                                                                    Revenues:        (Unaudited)        (Unaudited)          (Unaudited)        (Unaudited)
                                                                       Airfreight forwarding        $ 431,247        $ 427,878        $ 1,335,948      $ 1,215,009
                                                                    Ocean freight forwarding            325,499            318,898              927,773            895,356
                                                                           Customs brokerage             31,579             28,993               94,914             81,039
                                                                          Contract logistics            217,227            187,778              629,051            544,087
                                                                                Distribution            146,772            127,101              415,866            365,694
                                                                                       Other          112,212          107,756            357,047          303,465
                                                                              Total revenues        1,264,536        1,198,404          3,760,599        3,404,650
                                                                                                                                                                      
                                                                          Operating expenses:                                                                          
                                                             Purchased transportation costs:                                                                          
                                                                       Airfreight forwarding           335,369           336,958           1,051,426           966,619
                                                                    Ocean freight forwarding            271,832            269,823              772,685            754,791
                                                                           Customs brokerage              1,062              1,216                3,822              5,034
                                                                          Contract logistics             53,668             39,132              151,876            116,418
                                                                                Distribution            100,413             86,275              283,663            249,313
                                                                                       Other            58,817            58,860             199,779           161,517
                                                                                                                                                                      
                                                                                 Staff costs            238,868            214,857              715,348            626,377
                                                                                Depreciation             12,204             12,289               36,437             34,964
                                                           Amortization of intangible assets              3,870              3,338               12,098              9,845
                                                                    Severance and exit costs              1,655                —                9,987                —
                                                                    Other operating expenses          138,497          131,745            416,663          383,008
                                                                    Total operating expenses         1,216,255         1,154,493           3,653,784         3,307,886
                                                                             Operating income             48,281             43,911              106,815             96,764
                                                                        Interest expense, net            (3,323)            (4,476)             (11,414)           (12,521)
                                                                  Other (expense)/income, net            (677)            1,168              (278)            2,183
                                                                               Pretax income             44,281             40,603               95,123             86,426
                                                                   Provision for income taxes           13,971           12,851             29,465           27,106
                                                                                  Net income            30,310            27,752              65,658            59,320
                                          Net income attributable to noncontrolling interests            1,774            1,329              5,506            3,954
                                               Net income attributable to UTi Worldwide Inc.         $ 28,536         $ 26,423           $ 60,152         $ 55,366
                                                                                                                                                                      
       Basic earnings per common share attributable to UTi Worldwide Inc. common shareholders      
    $ 0.28      
    $ 0.26      
    $  0.59      
    $ 0.55
                                                                                                                                                                      
     Diluted earnings per common share attributable to UTi Worldwide Inc. common shareholders      
    $ 0.28      
    $ 0.26        
    $ 0.58      
    $ 0.54
                                                                                                                                                                      
         Number of weighted-average common shares outstanding used for per share calculations                                                                          
                                                                                Basic shares        102,755,296        100,736,378          102,514,547        100,487,558
                                                                              Diluted shares        103,410,669        102,016,552          103,460,757        101,866,470

 

 
                                                                                                     UTi Worldwide Inc.
                                                                                  Condensed Consolidated Balance Sheets
                                                                                                         (in thousands)
                                                                                                                      
                                                              October 31,
     2011       January 31,
     2011 
                                                                            (Unaudited)                              
                                                   Assets                                                            
                                                                                                                    
                                Cash and cash equivalents                    $  339,030                    $  326,795
                                   Trade receivables, net                      1,028,244                        879,842
                                    Deferred income taxes                         10,845                         20,400
                                     Other current assets                      140,737                      131,295
                                    Total current assets                      1,518,856                      1,358,332
                                                                                                                    
                       Property, plant and equipment, net                        205,594                        175,700
                Goodwill and other intangible assets, net                        538,752                        515,578
                                              Investments                          1,137                          1,102
                                    Deferred income taxes                         20,769                         29,526
                                 Other non-current assets                       39,299                       32,467
                                                                                                                    
                                            Total assets                  $  2,324,407                  $  2,112,705
                                                                                                                    
                                     Liabilities & Equity                                                            
                                                                                                                    
                                     Bank lines of credit                    $  154,834                    $  170,732
                                    Short-term borrowings                            879                          7,238
                  Current portion of long-term borrowings                         21,780                         34,232
             Current portion of capital lease obligations                         14,254                         16,232
             Trade payables and other accrued liabilities                        879,582                        822,887
                                     Income taxes payable                         10,937                          8,521
                                    Deferred income taxes                        1,117                        3,881
                               Total current liabilities                      1,083,383                      1,063,723
                                                                                                                    
          Long-term borrowings, excluding current portion                        221,253                         61,230
     Capital lease obligations, excluding current portion                         17,686                         19,158
                                    Deferred income taxes                         15,174                         30,487
                            Other non-current liabilities                        38,757                        37,943
                                                                                                                    
                            Commitments and contingencies                                                            
                                                                                                                    
                 UTi Worldwide Inc. shareholders' equity:                                                            
                                            Common stock                        486,877                       484,884
                                       Retained earnings                        491,294                        437,307
                    Accumulated other comprehensive loss                     (44,332)                     (35,116)
           Total UTi Worldwide Inc. shareholders' equity                       933,839                       887,075
                                 Noncontrolling interests                       14,315                       13,089
                                            Total equity                      948,154                      900,164
                                                                                                                    
                            Total liabilities and equity                  $  2,324,407                  $  2,112,705

 

 
                                                                                                         UTi Worldwide Inc.
                                                                            Condensed Consolidated Statements of Cash Flows
                                                                                                             (in thousands)
                                                                                                                          
                                                                                     
                                                                                     Nine months ended 
     October 31,       
                                                                                                  2011            2010 
                                                                                                               (Unaudited)
                                                                                                                        
                                                                 Operating Activities:                                   
                                                                            Net income        $  65,658       $  59,320
     Adjustments to reconcile net income to net cash provided by operating activities:                                   
                                                  Share-based compensation costs, net             11,302             6,396
                                                                         Depreciation             36,437            34,964
                                                    Amortization of intangible assets             12,098             9,845
                                                  Amortization of debt issuance costs              1,925             2,256
                                                                Deferred income taxes                275               286
                                                              Uncertain tax positions                391           (1,491)
                                     Excess tax benefit from share-based compensation              (430)             (102)
                             (Gain)/loss on disposal of property, plant and equipment              (632)               102
                                                      Provision for doubtful accounts              4,474             3,901
                                                                                Other              1,512             2,288
                                      Net changes in operating assets and liabilities         (111,339)        (106,035)
                                            Net cash provided by operating activities             21,671            11,730
                                                                                                                        
                                                                 Investing Activities:                                   
                                            Purchases of property, plant and equipment           (36,969)          (27,337)
                               Proceeds from disposal of property, plant and equipment              4,706             1,280
                                     Purchases of software and other intangible assets           (26,217)          (10,369)
                                              Net increase in other non-current assets            (4,186)           (4,623)
                                                     Acquisitions and related payments                —           (3,449)
                                                                                 Other             (29)           (283)
                                                Net cash used in investing activities           (62,695)          (44,781)
                                                                                                                        
                                                                 Financing Activities:                                   
                                Net (repayments)/borrowings under bank lines of credit           (19,450)            75,910
                                      Net (decrease)/increase in short-term borrowings            (6,588)               782
                                        Proceeds from issuance of long-term borrowings            153,988                81
                                                     Repayment of long-term borrowings           (35,286)          (37,997)
                                                                    Debt issuance cost            (2,153)               —
                                                Repayment of capital lease obligations           (12,039)          (14,797)
                                                         Contingent consideration paid               (26)           (3,734)
                                                Acquisition of noncontrolling interest           (13,196)           (8,323)
                                            Dividends paid to noncontrolling interests              (157)           (1,719)
                          Ordinary shares settled under share-based compensation plans           (1,800)               —
                                             Proceeds from issuance of ordinary shares              1,803             4,011
                                      Excess tax benefit from share-based compensation                430               102
                                                                        Dividends paid           (6,165)          (6,106)
                                            Net cash provided by financing activities            59,361            8,210
                                                                                                                        
                  Effect of foreign exchange rate changes on cash and cash equivalents      
    (6,102)      
    16,205
                                  Net increase/(decrease) in cash and cash equivalents             12,235           (8,636)
                                      Cash and cash equivalents at beginning of period           326,795          350,784
                                                                                                                        
                                            Cash and cash equivalents at end of period         $ 339,030        $ 342,148
 
                                                                                                                                                                                          UTi Worldwide Inc.
                                                                                                                                                                                           Segment Reporting
                                                                                                                                                                                              (in thousands)
                                                                                                                                                                                                 (Unaudited)
                                                                                                                                                                                                           
                                                                                                                                                                        Three months ended October 31, 2011
                                                                      Freight
    Forwarding      
    Contract
    Logistics and
    Distribution                    Corporate                    Total
                                                                                                                                                                                                       
                                                Revenues                       
    $ 859,855                                        
    $ 404,681                
    $  —        
    $ 1,264,536
                                                                                                                                                                                                       
                          Purchased transportation costs                              658,436                                                162,725                         —                 821,161
                                             Staff costs                              110,609                                                120,614                       7,645                 238,868
                                            Depreciation                                4,287                                                  7,465                         452                  12,204
                       Amortization of intangible assets                                1,051                                                  2,279                         540                   3,870
                                Severance and exit costs                                  909                                                    675                          71                   1,655
                                 Other operating expense                              47,350                                                86,498                      4,649               138,497
                               Total operating expenses                             822,642                                               380,256                     13,357             1,216,255
                                                                                                                                                                                                       
                                 Operating income/(loss)                              $ 37,213                                                $ 24,425                   $ (13,357)                  48,281
                                   Interest expense, net                                                                                                                                         (3,323)
                                      Other expense, net                                                                                                                                          (677)
                                          Pretax income                                                                                                                                          44,281
                              Provision for income taxes                                                                                                                                         13,971
                                             Net income                                                                                                                                          30,310
     Net income attributable to noncontrolling interests                                                                                                                                          1,774
          Net income attributable to UTi Worldwide Inc.                                                                                                                                         $ 28,536
 
                                                                                                                                                                                          UTi Worldwide Inc.
                                                                                                                                                                                           Segment Reporting
                                                                                                                                                                                              (in thousands)
                                                                                                                                                                                                 (Unaudited)
                                                                                                                                                                                                           
                                                                                                                                                                        Three months ended October 31, 2010
                                                                      Freight
    Forwarding      
    Contract
    Logistics and
    Distribution                    Corporate                    Total
                                                                                                                                                                                                       
                                                Revenues                       
    $ 841,739                                         
    $ 356,665                
    $  —        
    $ 1,198,404
                                                                                                                                                                                                       
                          Purchased transportation costs                              654,092                                                138,172                         —                 792,264
                                             Staff costs                               98,118                                                110,023                       6,716                 214,857
                                            Depreciation                                4,296                                                  7,824                         169                  12,289
                       Amortization of intangible assets                                1,149                                                  2,189                         —                   3,338
                                Other operating expenses                              50,160                                                77,397                      4,188                131,745
                               Total operating expenses                             807,815                                               335,605                     11,073              1,154,493
                                                                                                                                                                                                       
                                Operating income/(loss)                              $ 33,924                                                $ 21,060                   $ (11,073)                  43,911
                                   Interest expense, net                                                                                                                                         (4,476)
                                       Other income, net                                                                                                                                          1,168
                                          Pretax income                                                                                                                                          40,603
                              Provision for income taxes                                                                                                                                         12,851
                                             Net income                                                                                                                                          27,752
     Net income attributable to noncontrolling interests                                                                                                                                          1,329
          Net income attributable to UTi Worldwide Inc.                                                                                                                                         $ 26,423
 
                                                                                                                                                                                          UTi Worldwide Inc.
                                                                                                                                                                                           Segment Reporting
                                                                                                                                                                                              (in thousands)
                                                                                                                                                                                                 (Unaudited)
                                                                                                                                                                                                           
                                                                                                                                                                         Nine months ended October 31, 2011
                                                                      Freight
    Forwarding      
    Contract
    Logistics and
    Distribution                    Corporate                    Total
                                                                                                                                                                                                       
                                                Revenues                     
    $ 2,591,360                                       
    $ 1,169,239                
    $  —        
    $ 3,760,599
                                                                                                                                                                                                       
                          Purchased transportation costs                            1,998,348                                                464,903                         —               2,463,251
                                             Staff costs                              334,876                                                359,564                      20,908                 715,348
                                            Depreciation                               13,115                                                 21,511                       1,811                  36,437
                       Amortization of intangible assets                                3,262                                                  6,956                       1,880                  12,098
                                Severance and exit costs                                5,006                                                  4,163                         818                   9,987
                                 Other operating expense                             147,000                                               255,320                     14,343               416,663
                               Total operating expenses                           2,501,607                                             1,112,417                     39,760             3,653,784
                                                                                                                                                                                                       
                                 Operating income/(loss)                              $ 89,753                                                $ 56,822                   $ (39,760)                 106,815
                                   Interest expense, net                                                                                                                                        (11,414)
                                      Other expense, net                                                                                                                                           (278)
                                          Pretax income                                                                                                                                          95,123
                              Provision for income taxes                                                                                                                                         29,465
                                             Net income                                                                                                                                          65,658
     Net income attributable to noncontrolling interests                                                                                                                                          5,506
          Net income attributable to UTi Worldwide Inc.                                                                                                                                         $ 60,152
 
                                                                                                                                                                                          UTi Worldwide Inc.
                                                                                                                                                                                           Segment Reporting
                                                                                                                                                                                              (in thousands)
                                                                                                                                                                                                 (Unaudited)
                                                                                                                                                                                                           
                                                                                                                                                                         Nine months ended October 31, 2010
                                                                      Freight
    Forwarding      
    Contract
    Logistics and
    Distribution                    Corporate                    Total
                                                                                                                                                                                                       
                                                Revenues                     
    $ 2,372,503                                       
    $ 1,032,147                
    $  —        
    $ 3,404,650
                                                                                                                                                                                                       
                          Purchased transportation costs                            1,851,574                                                402,118                         —               2,253,692
                                             Staff costs                              286,871                                                321,664                      17,842                 626,377
                                            Depreciation                               12,093                                                 22,329                         542                  34,964
                       Amortization of intangible assets                                3,179                                                  6,666                         —                   9,845
                                Other operating expenses                            143,043                                               224,468                     15,497                383,008
                               Total operating expenses                           2,296,760                                               977,245                     33,881              3,307,886
                                                                                                                                                                                                       
                                Operating income/(loss)                              $ 75,743                                               $ 54,902                 $  (33,881)                  96,764
                                   Interest expense, net                                                                                                                                        (12,521)
                                       Other income, net                                                                                                                                          2,183
                                          Pretax income                                                                                                                                          86,426
                              Provision for income taxes                                                                                                                                         27,106
                                             Net income                                                                                                                                          59,320
     Net income attributable to noncontrolling interests                                                                                                                                          3,954
          Net income attributable to UTi Worldwide Inc.                                                                                                                                         $ 55,366
                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                      UTi Worldwide Inc.
                                                                                                                                                                                                                                                                                                                    Geographic Reporting
                                                                                                                                                                                                                                                                                                                          (in thousands)
                                                                                                                                                                                                                                                                                                                             (Unaudited)
                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                  Three months ended October 31, 2011 
                                                                                                                                                                                                                                                                                                                                  
                                      Freight
    Forwarding
    Revenue          Contract
    Logistics
    and
    Distribution
    Revenue               Freight
    Forwarding
    Net
    Revenue     Contract
    Logistics
    and
    Distribution
    Net
    Revenue                         Operating
    Income/(Loss)
                                                                                                                                                                                                                                                                                                                                  
            EMENA                                              $ 256,160                                                                 $ 54,690                                                 $ 66,424                                                                 $ 38,217                                             $ 2,441
         Americas                                                195,407                                                                  227,441                                                   48,525                                                                  105,429                                              14,501
     Asia Pacific                                                277,047                                                                   16,416                                                   56,907                                                                   10,418                                              20,061
           Africa                                                131,241                                                                  106,134                                                   29,563                                                                   87,892                                              24,635
        Corporate                                                   —                                                                     —                                                     —                                                                     —                                            (13,357)
           Total                                              $ 859,855                                                                $ 404,681                                                $ 201,419                                                                $ 241,956                                            $ 48,281
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                  Three months ended October 31, 2010 
                                                                                                                                                                                                                                                                                                                                  
                                      Freight
    Forwarding
    Revenue          Contract
    Logistics
    and
    Distribution
    Revenue               Freight
    Forwarding
    Net
    Revenue     Contract
    Logistics
    and
    Distribution
    Net
    Revenue                         Operating
    Income/(Loss)
                                                                                                                                                                                                                                                                                                                                  
            EMENA                                              $ 240,001                                                                 $ 63,543                                                 $ 61,386                                                                 $ 36,764                                             $ 2,848
         Americas                                                173,248                                                                  189,405                                                   48,526                                                                   99,327                                              15,281
     Asia Pacific                                                314,662                                                                   12,156                                                   50,130                                                                    7,975                                              17,068
           Africa                                                113,828                                                                   91,561                                                   27,605                                                                   74,427                                              19,787
        Corporate                                                   —                                                                     —                                                     —                                                                     —                                            (11,073)
           Total                                              $ 841,739                                                                $ 356,665                                                $ 187,647                                                                $ 218,493                                            $ 43,911
                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                              UTi Worldwide Inc.
                                                                                                                                                                                                                                                                                                                            Geographic Reporting
                                                                                                                                                                                                                                                                                                                                  (in thousands)
                                                                                                                                                                                                                                                                                                                                     (Unaudited)
                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                           Nine months ended October 31, 2011 
                                                                                                                                                                                                                                                                                                                                          
                                      Freight
    Forwarding
    Revenue          Contract
    Logistics
    and
    Distribution
    Revenue               Freight
    Forwarding
    Net
    Revenue     Contract
    Logistics
    and
    Distribution
    Net
    Revenue                         Operating
    Income/(Loss)
                                                                                                                                                                                                                                                                                                                                          
            EMENA                                               $ 808,050                                                                $ 169,756                                                  $ 201,492                                                                    $ 115,052                                              $ 1,596
         Americas                                                 574,877                                                                  647,313                                                    144,912                                                                      306,781                                               30,177
     Asia Pacific                                                 825,159                                                                   46,006                                                    162,595                                                                       29,330                                               52,765
           Africa                                                 383,274                                                                  306,164                                                     84,013                                                                      253,173                                               62,037
        Corporate                                                    —                                                                     —                                                       —                                                                         —                                             (39,760)
           Total                                             $ 2,591,360                                                              $ 1,169,239                                                  $ 593,012                                                                    $ 704,336                                            $ 106,815
                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                           Nine months ended October 31, 2010 
                                                                                                                                                                                                                                                                                                                                          
                                       Freight
    Forwarding
    Revenue          Contract
    Logistics
    and
    Distribution
    Revenue                 Freight
    Forwarding
    Net
    Revenue        Contract
    Logistics
    and
    Distribution
    Net
    Revenue                          Operating
    Income/(Loss)
                                                                                                                                                                                                                                                                                                                                          
            EMENA                                               $ 700,329                                                                $ 191,626                                                  $ 178,771                                                                    $ 111,702                                              $ 8,051
         Americas                                                 488,886                                                                  545,561                                                    133,617                                                                      284,312                                               30,522
     Asia Pacific                                                 886,693                                                                   32,475                                                    136,735                                                                       21,903                                               42,189
           Africa                                                 296,595                                                                  262,485                                                     71,806                                                                      212,112                                               49,883
        Corporate                                                    —                                                                     —                                                       —                                                                         —                                             (33,881)
           Total                                             $ 2,372,503                                                              $ 1,032,147                                                  $ 520,929                                                                    $ 630,029                                             $ 96,764
                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                      UTi Worldwide Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                           Organic Growth Reconciliation
                                                                                                                                                                                                                                                                                                                                                                                                                                            (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Set forth below is a reconciliation of the Company's organic growth rates and the growth rates based on the Company's GAAP reported results in the Company's revenues, net revenues and operating expenses less purchased transportation costs for the three and nine months ended October 31, 2011 and 2010, respectively. Organic growth is a non-GAAP measure that excludes the impact of foreign currency translation and acquisitions, where applicable.
                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                 Three months ended October 31, 2011:                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                     Organic
    Growth                                                                            +/(-)
    Currency
    Impact                                                                                 Total Net
    Change
                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                           Revenues                                                                                                  5%                                                                                                        1%                                                                                                    6%
                                                                                                                       Net revenues                                                                                                  9%                                                                                                      —%                                                                                                    9%
                                                                            Operating expenses less purchased transportation costs                                                                                                  9%                                                                                                      —%                                                                                                    9%
                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                  Nine months ended October 31, 2011:                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                     Organic
    Growth                                                                            +/(-)
    Currency
    Impact                                                                                 Total Net
    Change
                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                           Revenues                                                                                                  6%                                                                                                        4%                                                                                                   10%
                                                                                                                       Net revenues                                                                                                  8%                                                                                                        5%                                                                                                   13%
                                                                            Operating expenses less purchased transportation costs                                                                                                  9%                                                                                                        4%                                                                                                   13%
CONTACT: Jeff Misakian
         Global Vice President, Investor Relations
         (562) 552-9417
         jmisakian@go2uti.com
UTi Worldwide

Print Page Print Page | E-mail Page E-mail Page | RSS Feeds RSS Feeds | E-mail Alerts E-mail Alerts |
Financial Tear Sheet
 
Financial Tear Sheet