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| UTi Worldwide Reports Fiscal 2012 Third Quarter Results |
Fiscal Third Quarter 2012 vs. 2011 Results: Revenues were
"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 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
Operating income in the fiscal 2012 third quarter was
Net interest expense of Investor Conference Call:
UTi management will host an investor conference call today,
About
Use of Non-GAAP Financial Information:
This press release includes "non-GAAP financial measures" within the meaning of the 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 ### (Tables Follow)
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
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