LONG BEACH, Calif., Sept. 4, 2008 (GLOBE NEWSWIRE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today reported financial results for its fiscal 2009 second quarter ended July 31, 2008.
Fiscal Second Quarter 2009 vs. 2008 Results:
* Gross revenues increased 20 percent to $1,255.1 million from
$1,042.7 million.
* Net revenues increased 14 percent to $416.0 million from
$365.1 million.
* Income from continuing operations was $28.5 million, or $0.28 per
diluted share, compared to $27.6 million, or $0.28 per diluted
share.
* Discontinued operations included a gain of $5.3 million, or $0.05
per diluted share, in the fiscal 2009 second quarter on the sale
of the company's art packing business in Europe.
* Net income was $33.7 million, or $0.33 per diluted share, compared
to $27.7 million, or $0.28 per diluted share.
"Revenues continued to expand primarily due to solid organic growth in both of our business segments," said Roger I. MacFarlane, chief executive officer. "Volume growth in our freight forwarding operations weakened toward the end of the second quarter in conjunction with slowing growth in international trade. This was offset by a meaningful increase in yields, excluding the impact of fuel surcharges. We continued to add new logistics business, resulting in growth in this segment despite the loss of revenue from actions taken through our cost reduction plan. Operating expenses grew at a faster rate than net revenues in the second quarter compared to a year ago, but this trend reversed at the end of the quarter as we started to see a greater impact from our cost reduction plan and profit improvement efforts. We were particularly pleased to see that our efforts in contract logistics led to sequential margin improvement in the quarter. All actions under our cost reduction plan have now been completed and we continue to expect to see the anticipated improvements in the second half of fiscal 2009."
Gross and net revenue gains for the fiscal 2009 second quarter were primarily due to organic growth in nearly all geographic regions, particularly in Europe and Asia Pacific, as well as contributions from acquisitions made by the company since August 1, 2007. The company's adjusted gross and net revenues, excluding acquisitions, increased 17 percent and 10 percent, respectively, in the fiscal 2009 second quarter, compared to the same period last year, despite of the shedding of revenue through the company's cost reduction plan.
Operating expenses in the second quarter of fiscal 2009 totaled $372.4 million, an increase of 16 percent compared to the same period last year. The increase primarily reflects costs to support the company's overall growth, as well as costs attributable to acquisitions. Operating expenses in the fiscal 2009 second quarter included legal and related costs of $0.7 million incurred by the company as a result of the U.S. Department of Justice's publicly announced investigation into the pricing practices of the air cargo transportation industry and other related investigations and lawsuits.
The company sold its art packing business in the fiscal 2009 second quarter as part of its ongoing efforts to focus on its core businesses. This sale resulted in a gain of $5.3 million, or $0.05 per diluted share, in the fiscal 2009 second quarter. The operational results and gain on sale of the art packing business were reported as discontinued operations in the company's condensed consolidated income statements.
Investor Conference Call
UTi management will host an investor conference call today, September 4, 2008, at 8:00 a.m. PDT (11:00 a.m. EDT) to review the company's financials and operations for the fiscal 2009 second quarter. Investment professionals are invited to participate in the live call by dialing 888-505-2282 (domestic) or 706-634-5910 (international) using conference ID 60696993. 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. PDT, today, through September 11, 2008, by calling 800-642-1687 (domestic) or 706-645-9291 (international) and using replay passcode 60696993.
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 management's judgments about the likelihood that particular factors will repeat. Short-term patterns and long-term trends may be obscured by the impact of certain items. For this reason, the company has referred to 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. The company has also provided this information because such adjustments make performance information more comparable to prior disclosures for investors, and may enhance the ability of investors to analyze the company's performance. This information is not intended to be considered in isolation or as a substitute for the relevant measures calculated in accordance with U.S. GAAP.
Safe Harbor Statement
Certain statements in this news release may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company intends that all such statements be subject to the "safe-harbor" provisions contained in those sections. Such statements may include, but are not limited to, the company's discussion of its financial goals, as well as the expected impact of the company's cost reduction program. 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 economic conditions that are adversely affecting trade volumes; the company's clients' demand for its services; the impact of cost reduction measures recently undertaken by the company and the amount and timing of the expected benefits from such measures, including expected severance costs and dispositions of existing operations in connection therewith; integration risks associated with acquisitions; 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 EMENA; work stoppages or slowdowns or other material interruptions in transportation services; risks of international operations; risks associated with, and costs and expenses the company will incur as a result of, the ongoing publicly announced U.S. Department of Justice and other governmental investigations into the pricing practices of the air cargo transportation industry and other similar or related investigations and lawsuits; the success and effects of new strategies and of the realignment of the company's executive management structure; disruptions caused by epidemics, conflicts, wars and terrorism; and the other risks and uncertainties described in the company's filings with the Securities and Exchange Commission. Although UTi believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, the company cannot assure the reader that the results contemplated in forward-looking statements will be realized in the timeframe anticipated or at all. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by UTi or any other person that UTi's objectives or plans will be achieved. Accordingly, investors are cautioned not to place undue reliance on 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 Statements
(in thousands, except share and per share amounts)
Three months ended Six months ended
July 31, July 31,
------------------------ ------------------------
2008 2007 2008 2007
----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues:
Airfreight
forwarding $ 456,359 $ 360,794 $ 905,514 $ 679,135
Ocean freight
forwarding 333,956 265,124 627,459 497,414
Customs brokerage 30,512 23,952 58,657 45,747
Contract logistics 177,410 160,382 342,213 301,897
Distribution 156,327 151,790 305,706 296,046
Other 100,523 80,702 199,988 164,162
----------- ----------- ----------- -----------
Total revenues 1,255,087 1,042,744 2,439,537 1,984,401
----------- ----------- ----------- -----------
Operating expenses:
Freight
consolidation
costs:
Airfreight
forwarding 358,361 282,663 719,487 530,976
Ocean freight
forwarding 279,779 222,349 528,444 417,664
Customs
brokerage 2,026 767 3,555 1,491
Contract
logistics 24,962 22,645 45,835 42,418
Distribution 114,716 100,889 220,073 194,630
Other 59,262 48,326 116,659 98,072
Staff costs 222,731 195,019 439,423 378,798
Depreciation and
amortization 11,016 9,758 21,205 19,054
Amortization of
intangible assets 3,079 2,053 6,181 4,038
Restructuring and
impairments -- -- 6,036 --
Other operating
expenses 135,544 115,061 265,358 222,909
----------- ----------- ----------- -----------
Total operating
expenses 1,211,476 999,530 2,372,256 1,910,050
----------- ----------- ----------- -----------
Operating income 43,611 43,214 67,281 74,351
Interest expense,
net (4,043) (3,741) (8,598) (7,829)
Other income/
(expense) 193 (166) 633 (534)
----------- ----------- ----------- -----------
Pretax income 39,761 39,307 59,316 65,988
Provision for
income taxes 10,034 10,890 15,455 18,803
----------- ----------- ----------- -----------
Income before
minority
interests 29,727 28,417 43,861 47,185
Minority interests (1,220) (842) (2,033) (1,732)
----------- ----------- ----------- -----------
Income from
continuing
operations 28,507 27,575 41,828 45,453
Discontinued
operations:
Operating income/
(loss), net of
tax (77) 92 144 334
Gain on sale,
net of tax 5,316 -- 5,316 --
----------- ----------- ----------- -----------
Net income $ 33,746 $ 27,667 $ 47,288 $ 45,787
=========== =========== =========== ===========
Basic earnings
per share:
Continuing
operations $ 0.29 $ 0.28 $ 0.42 $ 0.46
Discontinued
operations 0.05 -- 0.06 --
----------- ----------- ----------- -----------
$ 0.34 $ 0.28 $ 0.48 $ 0.46
Diluted earnings
per share:
Continuing
operations $ 0.28 $ 0.28 $ 0.41 $ 0.46
Discontinued
operations 0.05 -- 0.06 --
----------- ----------- ----------- -----------
$ 0.33 $ 0.28 $ 0.47 $ 0.46
Number of weighted-
average shares
outstanding used
for per share
calculations:
Basic shares 99,350,699 99,065,970 99,262,635 98,885,454
Diluted shares 100,988,262 100,315,526 100,843,762 100,261,800
UTi Worldwide Inc.
Condensed Consolidated Balance Sheets
(in thousands)
July 31, January 31,
2008 2008
---------- ----------
(Unaudited)
ASSETS
Cash and cash equivalents $ 266,341 $ 289,141
Trade receivables, net 967,760 865,019
Deferred income tax assets 19,904 18,768
Other current assets 118,315 79,207
---------- ----------
Total current assets 1,372,320 1,252,135
Property, plant and equipment, net 184,602 154,123
Goodwill and other intangible assets, net 620,744 617,861
Investments 3,619 2,765
Deferred income tax assets 18,729 17,311
Other non-current assets 16,598 30,481
---------- ----------
Total assets $2,216,612 $2,074,676
========== ==========
LIABILITIES & SHAREHOLDERS' EQUITY
Bank lines of credit $ 147,088 $ 113,199
Short-term borrowings 6,203 5,913
Current portion of long-term borrowings 66,667 33,333
Current portion of capital lease obligations 20,678 21,701
Trade payables and other accrued liabilities 863,692 817,058
Income taxes payable 10,779 12,622
Deferred income tax liabilities 3,906 5,030
---------- ----------
Total current liabilities 1,119,013 1,008,856
Long-term borrowings 150,638 178,047
Capital lease obligations 27,234 30,612
Deferred income tax liabilities 37,350 38,063
Retirement fund obligations 4,508 4,287
Other non-current liabilities 20,477 19,322
Minority interests 22,933 21,289
Commitments and contingencies
Shareholders' equity:
Common stock 443,736 435,355
Retained earnings 390,384 349,237
Accumulated other comprehensive income/
(loss) 339 (10,392)
---------- ----------
Total shareholders' equity 834,459 774,200
---------- ----------
Total liabilities and shareholders'
equity $2,216,612 $2,074,676
========== ==========
UTi Worldwide Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
Six months ended
July 31,
------------------------
2008 2007
---------- ----------
(Unaudited) (Unaudited)
OPERATING ACTIVITIES:
Net income $ 47,288 $ 45,787
Adjustments to reconcile net income to net
cash used in operations:
Share-based compensation costs, net 5,444 1,304
Depreciation and amortization 21,429 19,237
Amortization of intangible assets 6,181 4,038
Restructuring and impairments 6,036 --
Deferred income taxes (5,754) (1,857)
Uncertain tax positions (1,918) --
Gain on sale of subsidiary (5,316) --
Tax benefit relating to exercise of
stock options 413 296
Excess tax benefits from share-based
compensation (235) (243)
(Gain)/loss on disposal of property,
plant and equipment (227) 6
Minority interest and other 2,066 (20)
Changes in operating assets and
liabilities:
Increase in trade receivables (94,375) (80,243)
Increase in other current assets (8,857) (5,435)
Increase in trade payables 34,921 24,933
Increase in accrued liabilities and
other liabilities 6,634 15,918
---------- ----------
Net cash provided by operating activities 13,730 23,721
INVESTING ACTIVITIES:
Purchases of property, plant and equipment (30,985) (14,164)
Proceeds from disposal of property, plant
and equipment 1,828 971
Decrease in other non-current assets 3,892 85
Acquisitions and contingent earn-out payments (30,360) (4,256)
Other (3,630) (501)
---------- ----------
Net cash used in investing activities (59,255) (17,865)
FINANCING ACTIVITIES:
Increase/(decrease) in bank lines of credit 34,989 (3,166)
Increase/(decrease) in short-term borrowings 114 (1,623)
Repayment of long-term borrowings (311) (419)
Repayments of capital lease obligations (13,895) (9,427)
Dividends to minority interests (526) --
Net proceeds from the issuance of ordinary
shares 2,936 7,093
Excess tax benefits from share-based
compensation 235 243
Dividends paid (6,141) (5,925)
---------- ----------
Net cash provided by/(used in)
financing activities 17,401 (13,224)
Effect of foreign exchange rate changes on
cash and cash equivalents 5,324 2,204
---------- ----------
Net decrease in cash and cash equivalents (22,800) (5,164)
Cash and cash equivalents at beginning of
period 289,141 278,408
---------- ----------
Cash and cash equivalents at end of period $ 266,341 $ 273,244
========== ==========
The condensed consolidated statements of cash flows include the
activities of discontinued operations.
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
Three months ended July 31, 2008
-------------------------------------------------
Contract
Logistics
Freight and
Forwarding Distribution Corporate Total
--------- --------- --------- ----------
Revenues $ 876,136 $ 378,951 $ -- $1,255,087
--------- --------- --------- ----------
Freight
consolidation
costs 681,855 157,251 -- 839,106
Staff costs 102,889 117,563 2,279 222,731
Depreciation and
amortization 3,903 7,029 84 11,016
Amortization of
intangible assets 845 2,234 -- 3,079
Other operating
expenses 47,702 83,079 4,763 135,544
--------- --------- --------- ----------
Total operating
expenses 837,194 367,156 7,126 1,211,476
--------- --------- --------- ----------
Operating
income/(loss) $ 38,942 $ 11,795 $ (7,126) 43,611
========= ========= =========
Interest expense,
net (4,043)
Other income 193
----------
Pretax income 39,761
Provision for
income taxes 10,034
----------
Income before
minority
interests 29,727
Minority interests (1,220)
----------
Income from
continuing
operations 28,507
Discontinued
operations:
Operating loss,
net of tax (77)
Gain on sale,
net of tax 5,316
----------
Net income $ 33,746
==========
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
Three months ended July 31, 2007
-------------------------------------------------
Contract
Logistics
Freight and
Forwarding Distribution Corporate Total
--------- --------- --------- ----------
Revenues $ 694,224 $ 348,520 $ -- $1,042,744
--------- --------- --------- ----------
Freight
consolidation
costs 538,075 139,564 -- 677,639
Staff costs 81,322 110,799 2,898 195,019
Depreciation and
amortization 3,241 6,449 68 9,758
Amortization of
intangible assets -- 2,053 -- 2,053
Other operating
expenses 37,172 75,115 2,774 115,061
--------- --------- --------- ----------
Total operating
expenses 659,810 333,980 5,740 999,530
--------- --------- --------- ----------
Operating
income/(loss) $ 34,414 $ 14,540 $ (5,740) 43,214
========= ========= =========
Interest expense,
net (3,741)
Other expense (166)
----------
Pretax income 39,307
Provision for
income taxes 10,890
----------
Income before
minority
interests 28,417
Minority interests (842)
----------
Income from
continuing
operations 27,575
Discontinued
operations:
Operating
income, net
of tax 92
Gain on sale,
net of tax --
----------
Net income $ 27,667
==========
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
Six months ended July 31, 2008
-------------------------------------------------
Contract
Logistics
Freight and
Forwarding Distribution Corporate Total
---------- -------- --------- ----------
Revenues $1,702,329 $737,208 $ -- $2,439,537
---------- -------- --------- ----------
Freight
consolidation
costs 1,332,379 301,674 -- 1,634,053
Staff costs 202,060 232,673 4,690 439,423
Depreciation and
amortization 7,715 13,323 167 21,205
Amortization of
intangible assets 1,690 4,491 -- 6,181
Restructuring and
impairments 2,382 3,654 -- 6,036
Other operating
expenses 89,280 166,357 9,721 265,358
---------- -------- --------- ----------
Total operating
expenses 1,635,506 722,172 14,578 2,372,256
---------- -------- --------- ----------
Operating
income/(loss) $ 66,823 $ 15,036 $ (14,578) 67,281
========== ======== =========
Interest expense,
net (8,598)
Other income 633
----------
Pretax income 59,316
Provision for
income taxes 15,455
----------
Income before
minority
interests 43,861
Minority interests (2,033)
----------
Income from
continuing
operations 41,828
Discontinued
operations:
Operating
income, net
of tax 144
Gain on sale,
net of tax 5,316
----------
Net income $ 47,288
==========
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
Six months ended July 31, 2007
-------------------------------------------------
Contract
Logistics
Freight and
Forwarding Distribution Corporate Total
---------- -------- --------- ----------
Revenues $1,306,312 $678,089 $ -- $1,984,401
---------- -------- --------- ----------
Freight
consolidation
costs 1,012,591 272,660 -- 1,285,251
Staff costs 158,867 213,879 6,052 378,798
Depreciation and
amortization 6,444 12,503 107 19,054
Amortization of
intangible assets -- 4,038 -- 4,038
Other operating
expenses 69,749 148,183 4,977 222,909
---------- -------- --------- ----------
Total operating
expenses 1,247,651 651,263 11,136 1,910,050
---------- -------- --------- ----------
Operating
income/(loss) $ 58,661 $ 26,826 $ (11,136) 74,351
========== ======== =========
Interest expense,
net (7,829)
Other expense (534)
----------
Pretax income 65,988
Provision for
income taxes 18,803
----------
Income before
minority
interests 47,185
Minority interests (1,732)
----------
Income from
continuing
operations 45,453
Discontinued
operations:
Operating
income, net
of tax 334
Gain on sale,
net of tax --
----------
Net income $ 45,787
==========
UTi Worldwide Inc.
Geographic Reporting
(in thousands)
(Unaudited)
Three months ended July 31, 2008
--------------------------------------------------------
Contract
Contract Logistics
Logistics and
and Freight Distri-
Freight Distri- Forwarding bution
Forwarding bution Net Net Operating
Revenue Revenue Revenue Revenue Income
-------- -------- -------- -------- --------
EMENA $311,056 $ 70,524 $ 80,658 $ 44,607 $ 14,482
Americas 171,755 220,133 43,706 114,836 14,843
Asia Pacific 292,042 9,141 45,622 5,814 13,518
Africa 101,283 79,153 24,295 56,443 7,894
Corporate -- -- -- -- (7,126)
-------- -------- -------- -------- --------
Total $876,136 $378,951 $194,281 $221,700 $ 43,611
======== ======== ======== ======== ========
Three months ended July 31, 2007
--------------------------------------------------------
Contract
Contract Logistics
Logistics and
and Freight Distri-
Freight Distri- Forwarding bution
Forwarding bution Net Net Operating
Revenue Revenue Revenue Revenue Income
-------- -------- -------- -------- --------
EMENA $200,800 $ 56,843 $ 52,710 $ 29,152 $ 9,818
Americas 146,908 212,150 40,909 122,684 16,246
Asia Pacific 257,191 7,629 39,635 5,192 11,946
Africa 89,325 71,898 22,895 51,928 10,944
Corporate -- -- -- -- (5,740)
-------- -------- -------- -------- --------
Total $694,224 $348,520 $156,149 $208,956 $ 43,214
======== ======== ======== ======== ========
UTi Worldwide Inc.
Geographic Reporting
(in thousands)
(Unaudited)
Six months ended July 31, 2008
----------------------------------------------------------
Contract
Contract Logistics
Logistics and Restruc-
and Freight Distri- turing
Freight Distri- Forwarding bution and
Forwarding bution Net Net Operating Impair-
Revenue Revenue Revenue Revenue Income ments
---------- -------- -------- -------- -------- ------
EMENA $ 593,288 $138,405 $150,283 $ 84,996 $ 20,006 $1,584
Americas 331,545 429,381 85,229 230,258 20,729 3,722
Asia
Pacific 580,790 16,792 87,283 10,948 23,801 240
Africa 196,706 152,630 47,155 109,332 17,323 490
Corporate -- -- -- -- (14,578) --
---------- -------- -------- -------- -------- ------
Total $1,702,329 $737,208 $369,950 $435,534 $ 67,281 $6,036
========== ======== ======== ======== ======== ======
Six months ended July 31, 2007
----------------------------------------------------------
Contract
Contract Logistics
Logistics and Restruc-
and Freight Distri- turing
Freight Distri- Forwarding bution and
Forwarding bution Net Net Operating Impair-
Revenue Revenue Revenue Revenue Income ments
---------- -------- -------- -------- -------- ------
EMENA $ 381,433 $112,635 $ 98,401 $ 57,317 $ 16,758 $ --
Americas 277,941 411,657 78,623 237,300 29,121 --
Asia
Pacific 475,354 14,773 74,935 10,161 20,469 --
Africa 171,584 139,024 41,762 100,651 19,139 --
Corporate -- -- -- -- (11,136) --
---------- -------- -------- -------- -------- ------
Total $1,306,312 $678,089 $293,721 $405,429 $ 74,351 $ --
========== ======== ======== ======== ======== ======
UTi Worldwide Inc.
Revenue Growth Reconciliation
(in thousands)
(Unaudited)
Set forth below is a reconciliation of our growth, excluding
acquisitions, in our revenues and net revenues over the corresponding
prior-year period.
Growth
Excluding
Acquisitions
------------
REVENUES:
Three months ended July 31, 2008
(as reported) $1,255,087
Less: Acquisitions impact (1) (32,521)
----------
Three months ended July 31, 2008
(as adjusted) $1,222,566
==========
Three months ended July 31, 2007 $1,042,744 17%
========== ============
(1) Represents revenues attributable to acquisitions that were
completed on or after August 1, 2007.
Growth
Excluding
Acquisitions
------------
NET REVENUES:
Three months ended July 31, 2008
(as reported) $ 415,981
Less: Acquisitions impact (2) (13,571)
----------
Three months ended July 31, 2008
(as adjusted) $ 402,410
==========
Three months ended July 31, 2007 $ 365,105 10%
========== ============
(2) Represents net revenues attributable to acquisitions that were
completed on or after August 1, 2007.
UTi Worldwide Inc.
Revenue Growth Reconciliation
(in thousands)
(Unaudited)
Set forth below is a reconciliation of our growth, excluding
acquisitions, in our revenues and net revenues over the corresponding
prior-year period.
Growth
Excluding
Acquisitions
------------
REVENUES:
Six months ended July 31, 2008
(as reported) $2,439,537
Less: Acquisitions impact (3) (59,442)
----------
Six months ended July 31, 2008
(as adjusted) $2,380,095
==========
Six months ended July 31, 2007 $1,984,401 20%
========== ============
(3) Represents revenues attributable to acquisitions that were
completed on or after August 1, 2007.
Growth
Excluding
Acquisitions
------------
NET REVENUES:
Six months ended July 31, 2008
(as reported) $ 805,484
Less: Acquisitions impact (4) (25,935)
----------
Six months ended July 31, 2008
(as adjusted) $ 779,549
==========
Six months ended July 31, 2007 $ 699,150 11%
========== ============
(4) Represents net revenues attributable to acquisitions that were
completed on or after August 1, 2007.
CONTACT: UTi Worldwide Inc.
Jeff Misakian, Vice President, Investor Relations
(562) 552-9417
jmisakian@go2uti.com
|
| Symbol: |
UTIW |
| Last Trade: |
14.14
(16:00 ET)
|
| Change: |
+0.070
(+0.497515%)
|
| Day's Range: |
13.97 -
14.18 |
| Open: |
14.050 |
| Previous Close: |
14.070 |
| TSO: |
100,264,000 |
| Market Cap: |
1.42B |
| Day's Volume: |
322,329 |
|
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