UTi Worldwide Reports Fiscal 2008 Third Quarter Results

Continued Revenue Growth Reported Under CLIENTasONE Strategy


LONG BEACH, Calif., Dec. 6, 2007 (PRIME NEWSWIRE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today reported financial results for its third fiscal quarter ended October 31, 2007, reflecting continued revenue growth over the prior-year comparative quarter.

Fiscal Third Quarter 2008 vs. 2007 Results:


 * Gross revenues increased 25 percent to $1.2 billion from
   $946.3 million.
 * Net revenues increased 24 percent to $391.0 million from
   $316.2 million.
 * Operating margin (operating income as a percentage of net revenue)
   was 12.5 percent, compared to 14.3 percent.
 * Net income increased 14 percent to $34.9 million, or $0.35 per
   diluted share, from $30.5 million, or $0.31 per diluted share.

"We're pleased to see excellent revenue growth across our regions, which validates our strategy of broadened service offerings," said Roger I. MacFarlane, chief executive officer of UTi Worldwide. "The solid net revenue growth was particularly gratifying even with lower freight yields and a slow domestic trucking market. We fully realized the benefits of our planned cost reduction measures during the quarter, further improving expense ratios, which contributed to a sequential increase in operating margins. We remain focused on operating margin improvement under our CLIENTasONE strategy, as we continue to grow our business."

The gross and net revenue gains for the fiscal 2008 third quarter were attributed to organic growth across all geographic regions, as well as contributions from acquisitions made by the company since August 1, 2006. The company's gross and net revenues, excluding acquisitions, increased 21 percent and 16 percent, respectively, in the fiscal 2008 third quarter over the prior-year period, reflecting robust overall volume growth and new business wins.

Operating expenses in the third quarter of fiscal 2008 increased 26 percent to $342.2 million, compared to $270.9 million in the same period last year. The increase primarily reflects additional costs to support the company's overall growth, as well as acquisitions, partially offset by benefits from the company's cost reduction initiatives. Operating expenses in the fiscal 2008 third quarter include staff costs of $3.4 million associated with a contract logistics operation in the Americas. The company has not recognized revenue in relation to these costs as it is currently engaged in negotiations with the client to resolve a contract dispute related to this operation. In addition, operating expenses include approximately $2 million for severance costs and expenses associated with the company's ongoing efforts to cooperate with the U.S. Department of Justice's publicly announced investigation into the pricing practices of air carriers and forwarders.

Operating income in the third quarter of fiscal 2008 totaled $48.8 million, an increase of eight percent over operating income in the fiscal 2007 third quarter of $45.3 million. Operating income as a percentage of net revenues for the third quarter of fiscal 2008 was 12.5 percent, compared to 14.3 percent in the same period last year. The operating margin in the fiscal 2008 third quarter improved sequentially over the 11.8 percent reported in the company's second quarter of fiscal 2008.

Other income in the fiscal 2008 third quarter includes a benefit of $2.5 million resulting from the merger that was part of the Israeli acquisition previously announced. This transaction was completed in October 2007, and the full operational benefits will be realized in the future.

Investor Conference Call

UTi management will host an investor conference call today, December 6, 2007, at 8:00 a.m. PST (11:00 a.m. EST) to review the company's financials and operations for the fiscal 2008 third quarter. 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 13, 2007, by calling 800-642-1687 (domestic) or 706-645-9291 (international) and using replay passcode 23807560.

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. We believe that meaningful analysis of our financial performance requires an understanding of the factors underlying that performance and our 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, we have referred to gross and net revenue growth adjusted to exclude the impact of acquisitions made since the beginning of the comparative period. 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. This information is not intended to be considered in isolation or as a substitute for gross and net revenue growth 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, CLIENTasONE, the company's long-term strategy, the company's discussion of its financial goals, including but not limited to margin improvement. Many important factors may cause the company's actual results to differ materially from those discussed in any such forward-looking statements, including integration risks associated with acquisitions; the previously announced Department of Justice investigation into the pricing practices of air carriers and forwarders; a challenging operating environment; increased competition; the impact of higher 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 Europe; risks of international operations; the success and effects of new strategies; 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, we cannot assure you 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 our 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 Income Statement
 (in thousands, except share and per share amounts)

                    Three months ended           Nine months ended
                        October 31,                 October 31,
                --------------------------  --------------------------
                    2007          2006          2007          2006
                ------------  ------------  ------------  ------------
                                     (Unaudited)

 Gross revenues:
   Airfreight
    forwarding  $    469,307  $    374,406  $  1,201,560  $  1,023,508
   Ocean
    freight
    forwarding       299,580       244,044       796,994       684,793
   Customs
    brokerage         25,209        22,147        71,099        63,971
   Contract
    logistics        164,335       119,946       466,232       343,791
   Distribution      128,982       127,346       372,468       329,696
   Other              95,632        58,432       265,031       164,335
                ------------  ------------  ------------  ------------
     Total
      gross
      revenues  $  1,183,045  $    946,321  $  3,173,384  $  2,610,094
                ============  ============  ============  ============

 Net revenues:
   Airfreight
    forwarding  $    101,923  $     87,045  $    281,182  $    243,419
   Ocean
    freight
    forwarding        45,944        39,815       125,694       107,625
   Customs
    brokerage         24,305        21,509        68,702        62,304
   Contract
    logistics        141,346       102,136       400,826       296,728
   Distribution       37,999        41,439       108,601       111,409
   Other              39,516        24,286       108,917        71,784
                ------------  ------------  ------------  ------------
     Total net
      revenues       391,033       316,230     1,093,922       893,269

 Staff costs         206,727       162,875       587,360       461,104
 Depreciation
  and
  amortization        10,067         8,339        29,304        23,560
 Amortization
  of intangible
  assets               2,051         2,049         6,089         6,092
 Other operating
  expenses           123,343        97,636       347,593       276,702
                ------------  ------------  ------------  ------------
   Operating
    income            48,845        45,331       123,576       125,811
 Interest
  expense, net        (3,922)       (4,042)      (11,751)      (10,595)
 Other income          3,224           276         2,690           208
                ------------  ------------  ------------  ------------
   Pretax income      48,147        41,565       114,515       115,424
 Provision for
  income taxes       (12,360)      (10,153)      (31,248)      (27,849)
                ------------  ------------  ------------  ------------
   Income before
    minority
    interests         35,787        31,412        83,267        87,575
 Minority
  interests             (902)         (924)       (2,595)       (3,259)
                ------------  ------------  ------------  ------------
   Net
    income (1)  $     34,885  $     30,488  $     80,672  $     84,316
                ============  ============  ============  ============

 Basic earnings
  per share     $       0.35  $       0.31  $       0.81  $       0.87
 Diluted earnings
  per share     $       0.35  $       0.31  $       0.80  $       0.85

 Number of
  weighted-
  average
  shares
  outstanding
  used for per
  share
  calculations:
     Basic
      shares      99,274,975    97,300,123    99,017,693    96,368,125
     Diluted
      shares     100,347,982    99,807,535   100,223,937    98,715,465

 (1) In connection with our December 2006 restatement, net income for
     the three and nine months ended October 31, 2006 was increased
     by $9,708 and $12,440, respectively, of non-cash items.


 UTi Worldwide Inc.
 Condensed Consolidated Balance Sheets
 (in thousands)

                                             October 31,   January 31,
                                                2007          2007
                                            ------------  ------------
                                            (Unaudited)
 ASSETS

 Cash and cash equivalents                   $   238,389   $   278,408
 Trade receivables, net                          909,404       662,804
 Deferred income tax assets                       18,981        10,889
 Other current assets                             75,386        57,563
                                            ------------  ------------
     Total current assets                      1,242,160     1,009,664

 Property, plant and equipment, net              155,082       127,990
 Goodwill and other intangible assets, net       615,554       490,884
 Investments                                       4,257         3,096
 Deferred income tax assets                       14,478        12,725
 Other non-current assets                         21,129        15,511
                                            ------------  ------------

     Total assets                           $  2,052,660  $  1,659,870
                                            ============  ============

 LIABILITIES & SHAREHOLDERS' EQUITY

 Bank lines of credit                       $    103,352   $    79,057
 Short-term borrowings                             6,918         2,808
 Current portion of capital lease
  obligations                                     21,118        13,550
 Trade payables and other accrued
  liabilities                                    785,303       603,575
 Income taxes payable                             26,083        15,333
 Deferred income tax liabilities                   3,974         3,954
                                            ------------  ------------
     Total current liabilities                   946,748       718,277

 Long-term borrowings                            211,163       211,458
 Capital lease obligations                        29,217        24,099
 Deferred income tax liabilities                  34,342        30,291
 Retirement fund obligations                       7,590         7,549
 Other long-term liabilities                      12,334        12,078

 Minority interests                               32,069        18,844

 Commitments and contingencies

 Shareholders' equity:
   Common stock                                  431,941       419,111
   Retained earnings                             338,645       266,136
   Accumulated other comprehensive loss            8,611       (47,973)
                                            ------------  ------------
     Total shareholders' equity                  779,197       637,274
                                            ------------  ------------

     Total liabilities and shareholders'
      equity                                $  2,052,660  $  1,659,870
                                            ============  ============


 UTi Worldwide Inc.
 Consolidated Statements of Cash Flows
 (in thousands)

                                                 Nine months ended
                                                    October 31,
                                            --------------------------
                                                2007          2006
                                            ------------  ------------
                                                   (Unaudited)
 OPERATING ACTIVITIES:
 Net income                                 $     80,672  $     84,316
 Adjustments to reconcile net income to
  net cash used in operating activities:
   Share-based compensation costs, net             6,872        (5,557)
   Depreciation and amortization                  29,304        23,560
   Amortization of intangible assets               6,089         6,092
   Deferred income taxes                            (329)       (2,425)
   Tax benefit relating to exercise of
    stock options                                  1,211           944
   Excess tax benefits from share-based
    compensation                                    (402)         (743)
   Gain on disposal of property, plant
    and equipment                                    (20)         (258)
   Minority interest and other                       195         3,259
   Changes in operating assets and
    liabilities:
     Increase in trade receivables              (172,763)     (170,611)
     (Increase) in other current assets           (1,309)        2,760
     Increase in trade payables                   50,063        56,703
     Increase in accrued liabilities and
      other current liabilities                   37,873        26,018
                                            ------------  ------------
   Net cash provided by operating
    activities                                    37,456        24,058

 INVESTING ACTIVITIES:
 Purchases of property, plant and
  equipment                                      (23,720)      (16,015)
 Proceeds from disposal of property,
  plant and equipment                              2,049         2,383
 Increase in other non-current assets             (3,655)       (6,504)
 Acquisitions and contingent earn-out
  payments                                       (66,410)     (200,749)
 Other                                              (922)       (2,103)
                                            ------------  ------------
   Net cash used in investing activities         (92,658)     (222,988)

 FINANCING ACTIVITIES:
 Increase/(decrease) in borrowings under
  bank lines of credit                            15,285       (22,519)
 Increase in short-term borrowings                (1,700)       (1,605)
 Proceeds from issuing of long-term
  borrowings                                          --           812
 Repayment of long-term borrowings                  (484)       (2,777)
 Net proceeds from issuance of senior
  notes                                               --       198,823
 Repayments of capital lease obligations         (15,517)       (6,722)
 Net proceeds from issuance of ordinary
  shares                                           4,746         9,961
 Excess tax benefits from share-based
  compensation                                       402           743
 Dividends paid                                   (5,926)       (5,775)
                                            ------------  ------------
   Net cash (used in)/provided by
    financing activities                          (3,194)      170,941

 Effect of foreign exchange rate changes
  on cash and cash equivalents                    18,377       (15,303)
                                            ------------  ------------
 Net decrease in cash and cash equivalents       (40,019)      (43,292)
 Cash and cash equivalents at beginning
  of period                                      278,408       246,510
                                            ------------  ------------
 Cash and cash equivalents at end of
  period                                    $    238,389  $    203,218
                                            ============  ============


 UTi Worldwide Inc.
 Segment Reporting
 (in thousands)

                           Three months ended October 31, 2007
                   ------------------------------------------------
                                             Americas
                                             Contract
                                Americas     Logistics
                                 Freight        and         Asia
                     EMENA     Forwarding   Distribution   Pacific
                   ---------   ----------   ------------  ---------

 Gross revenue     $ 299,404    $ 166,332    $ 214,761    $ 133,581
                   =========    =========    =========    =========

 Net revenue       $  90,665    $  46,224    $ 125,346    $  25,987
 Staff costs          49,647       23,740       72,893       11,306
 Depreciation and
  amortization         2,169          629        2,997          564
 Amortization of
  intangible assets       --           --        1,777           --
 Other operating
  expenses            26,143       12,904       38,344        5,618
                   ---------    ---------    ---------    ---------
   Operating
    income/(loss)  $  12,706    $   8,951    $   9,335    $   8,499
                   =========    =========    =========    =========
 Interest expense,
  net
 Other income
   Pretax income
 Provision for
  income taxes
   Income before
    minority
    interests

                  ----------------------------------------------------
                                        Global
                   Greater            Specialized
                    China     Africa   Solutions  Corporate   Total
                  ---------  ---------  --------  --------- ----------

 Gross revenue    $ 194,873  $ 152,896  $ 21,198  $     --  $1,183,045
                  =========  =========  ========  ========  ==========

 Net revenue      $  22,638  $  61,379  $ 18,794  $     --  $  391,033
 Staff costs          7,570     27,793     8,422     5,356     206,727
 Depreciation and
  amortization          627      2,059       486       536      10,067
 Amortization of
  intangible assets     112         --       162        --       2,051
 Other operating
  expenses            6,185     21,512     8,201     4,436     123,343
                  ---------  ---------  --------  --------  ----------
   Operating
    income/(loss) $   8,144  $  10,015  $  1,523  $(10,328)     48,845
                  =========  =========  ========  ========
 Interest expense,
  net                                                           (3,922)
 Other income                                                    3,224
                                                            ----------
   Pretax income                                                48,147
 Provision for
  income taxes                                                 (12,360)
                                                            ----------
   Income before
    minority
    interests                                               $   35,787
                                                            ==========


 UTi Worldwide Inc.
 Segment Reporting
 (in thousands)

                           Three months ended October 31, 2006
                   ------------------------------------------------
                                             Americas
                                             Contract
                                Americas     Logistics
                                 Freight        and         Asia
                     EMENA     Forwarding   Distribution   Pacific
                   ---------   ----------   ------------  ---------

 Gross revenue     $ 221,488    $ 141,157    $ 179,616    $ 106,947
                   =========    =========    =========    =========

 Net revenue       $  66,440    $  40,361    $  97,008    $  21,620
 Staff costs          37,723       22,691       53,597        9,593
 Depreciation and
  amortization         1,624          608        2,223          468
 Amortization of
  intangible assets       --           --        1,788           --
 Other operating
  expenses            17,349       12,901       29,034        4,811
                   ---------    ---------    ---------    ---------
   Operating
    income/(loss)  $   9,744    $   4,161    $  10,366    $   6,748
                   =========    =========    =========    =========
 Interest expense,
  net
 Other income
   Pretax income
 Provision for
  income taxes
   Income before
    minority
    interests

                  ----------------------------------------------------
                                        Global
                   Greater            Specialized
                    China     Africa   Solutions  Corporate   Total
                  ---------  ---------  --------  --------- ----------

 Gross revenue    $ 154,698  $ 126,774  $ 15,641  $     --  $  946,321
                  =========  =========  ========  ========  ==========

 Net revenue      $  22,435  $  54,751  $ 13,615  $     --  $  316,230
 Staff costs          6,046     24,000     5,669     3,556     162,875
 Depreciation and
  amortization          520      2,077       291       528       8,339
 Amortization of
  intangible assets     111         --       150        --       2,049
 Other operating
  expenses            5,179     21,036     3,901     3,425      97,636
                  ---------  ---------  --------  --------  ----------
   Operating
    income/(loss) $  10,579  $   7,638  $  3,604  $ (7,509)     45,331
                  =========  =========  ========  ========
 Interest expense,
  net                                                           (4,042)
 Other income                                                      276
                                                            ----------
   Pretax income                                                41,565
 Provision for
  income taxes                                                 (10,153)
                                                            ----------
   Income before
    minority
    interests                                               $   31,412
                                                            ==========


 UTi Worldwide Inc.
 Segment Reporting
 (in thousands)

                           Nine months ended October 31, 2007
                   ------------------------------------------------
                                             Americas
                                             Contract
                                Americas     Logistics
                                 Freight        and         Asia
                     EMENA     Forwarding   Distribution   Pacific
                   ---------   ----------   ------------  ---------

 Gross revenue     $ 799,410    $ 451,974    $ 618,717    $ 359,988
                   =========    =========    =========    =========

 Net revenue       $ 250,122    $ 129,177 $    358,316    $  72,230
 Staff costs         137,769       71,083      203,343       33,404
 Depreciation and
  amortization         6,053        1,830        9,471        1,625
 Amortization of
  intangible assets       --           --        5,279           --
 Other operating
  expenses            73,450       36,149      110,046       16,300
                   ---------    ---------    ---------    ---------
   Operating
    income/(loss)  $  32,850    $  20,115    $  30,177    $  20,901
                   =========    =========    =========    =========
 Interest expense,
  net
 Other income
   Pretax income
 Provision for
  income taxes
   Income before
    minority
    interests

                  ----------------------------------------------------
                                        Global
                   Greater            Specialized
                    China     Africa   Solutions  Corporate   Total
                  ---------  ---------  --------  --------- ----------

 Gross revenue    $ 458,593  $ 428,014  $ 56,688  $     --  $3,173,384
                  =========  =========  ========  ========  ==========

 Net revenue      $  61,491  $ 172,302  $ 50,284  $     --  $1,093,922
 Staff costs         22,623     79,383    23,220    16,535     587,360
 Depreciation and
  amortization        1,829      5,770     1,284     1,442      29,304
 Amortization of
  intangible assets     336         --       474        --       6,089
 Other operating
  expenses           17,875     60,932    19,484    13,357     347,593
                  ---------  ---------  --------  --------  ----------
   Operating
    income/(loss) $  18,828  $  26,217  $  5,822  $(31,334)    123,576
                  =========  =========  ========  ========
 Interest expense,
  net                                                          (11,751)
 Other income                                                    2,690
                                                            ----------
   Pretax income                                               114,515
 Provision for
  income taxes                                                 (31,248)
                                                            ----------
   Income before
    minority
    interests                                               $   83,267
                                                            ==========


 UTi Worldwide Inc.
 Segment Reporting
 (in thousands)

                           Nine months ended October 31, 2006
                   ------------------------------------------------
                                             Americas
                                             Contract
                                Americas     Logistics
                                 Freight        and         Asia
                     EMENA     Forwarding   Distribution   Pacific
                   ---------   ----------   ------------  ---------

 Gross revenue     $ 621,444    $ 379,429    $ 482,138    $ 315,066
                   =========    =========    =========    =========

 Net revenue       $ 184,711    $ 113,630    $ 272,847    $  60,306
 Staff costs          91,016       67,657      156,007       28,263
 Depreciation and
  amortization         4,643        1,683        6,475        1,303
 Amortization of
  intangible assets       --           --        5,256           --
 Other operating
  expenses            51,285       32,671       80,167       13,933
                   ---------    ---------    ---------    ---------
   Operating
    income/(loss)  $  37,767    $  11,619    $  24,942    $  16,807
                   =========    =========    =========    =========
 Interest expense,
  net
 Other income
   Pretax income
 Provision for
  income taxes
   Income before
    minority
    interests

                  ----------------------------------------------------
                                        Global
                   Greater            Specialized
                    China     Africa   Solutions  Corporate   Total
                  ---------  ---------  --------  --------- ----------

 Gross revenue    $ 384,208  $ 378,806  $ 49,003  $     --  $2,610,094
                  =========  =========  ========  ========  ==========

 Net revenue      $  58,089  $ 160,250  $ 43,436  $     --  $  893,269
 Staff costs         18,769     71,513    17,748    10,131     461,104
 Depreciation and
  amortization        1,378      5,609       926     1,543      23,560
 Amortization of
  intangible assets     340         --       496        --       6,092
 Other operating
  expenses           14,808     59,720    13,643    10,475     276,702
                  ---------  ---------  --------  --------  ----------
   Operating
    income/(loss) $  22,794  $  23,408  $ 10,623  $(22,149)    125,811
                  =========  =========  ========  ========
 Interest expense,
  net                                                          (10,595)
 Other income                                                      208
                                                            ----------
   Pretax income                                               115,424
 Provision for
  income taxes                                                 (27,849)
                                                            ----------
   Income before
    minority
    interests                                               $   87,575
                                                            ==========


 UTi Worldwide Inc.
 Revenue Growth Reconciliation
 (in thousands)
 (Unaudited)

 Set forth below is a reconciliation of our growth, excluding
 acquisitions, in our gross and net revenues over the corresponding
 prior-year period.

                                                             Growth
                                                           excluding
                                                          acquisitions
                                                          ------------
 GROSS REVENUES:
   Three months ended October 31, 2007
    (as reported)                       $ 1,183,045
   Less: Acquisitions impact (2)            (38,476)
                                        -----------
   Three months ended October 31, 2007
    (as adjusted)                       $ 1,144,569
                                        ===========

   Three months ended October 31, 2006  $   946,321             21%
                                        ===========            ====


 NET REVENUES:
   Three months ended October 31, 2007
    (as reported)                       $   391,033
   Less: Acquisitions impact (3)            (23,128)
                                        -----------
   Three months ended October 31, 2007
    (as adjusted)                       $   367,906
                                        ===========

   Three months ended October 31, 2006  $   316,230             16%
                                        ===========            ====


 (2) Represents gross revenues attributable to acquisitions that were
     completed on or after August 1, 2006.

 (3) Represents net revenues attributable to acquisitions that were
     completed on or after August 1, 2006.


 UTi Worldwide Inc.
 Revenue Growth Reconciliation
 (in thousands)
 (Unaudited)

 Set forth below is a reconciliation of our growth, excluding
 acquisitions, in our gross and net revenues over the corresponding
 prior-year period.

                                                             Growth
                                                           excluding
                                                          acquisitions
                                                          ------------
 GROSS REVENUES:
   Nine months ended October 31, 2007
    (as reported)                       $ 3,173,384
   Less: Acquisitions impact (4)           (136,594)
                                        -----------
   Nine months ended October 31, 2007
    (as adjusted)                       $ 3,036,790
                                        ===========
   Nine months ended October 31, 2006   $ 2,610,094             16%
                                        ===========            ====


 NET REVENUES:
   Nine months ended October 31, 2007
    (as reported)                       $ 1,093,922
   Less: Acquisitions impact (5)            (68,513)
                                        -----------
   Nine months ended October 31, 2007
    (as adjusted)                       $ 1,025,409
                                        ===========

   Nine months ended October 31, 2006   $   893,269             15%
                                        ===========            ====

 (4) Represents gross revenues attributable to acquisitions that were
     completed on or after February 1, 2006.

 (5) Represents net revenues attributable to acquisitions that were
     completed on or after February 1, 2006.


            

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