updated 12/2/2010 9:46:08 AM ET 2010-12-02T14:46:08

LONG BEACH, Calif., Dec. 2, 2010 (GLOBE NEWSWIRE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today reported financial results for its fiscal 2011 third quarter ended October 31, 2010.

Fiscal Third Quarter 2011 vs. 2010 Results:

  • Revenues were $1,198.4 million, an increase of 24 percent from $967.2 million.
  • Net revenues (revenues minus purchased transportation costs) were $406.1 million, an increase of 12 percent from $361.5 million.
  • Operating income was $43.9 million, an increase of 40 percent from $31.4 million.
  • Net income attributable to UTi Worldwide Inc. was $26.4 million, or $0.26 per diluted share, compared to $18.0 million, or $0.18 per diluted share.

Eric W. Kirchner, chief executive officer, said, "Our improved third quarter performance was the result of higher volumes and greater operating efficiency, partially offset by lower yields. Volume growth, while still ahead of last year, moderated in the third quarter. Airfreight volumes remained robust primarily because of tight inventory levels, but comparisons have become more challenging. Ocean freight peaked in August, and then weakened in each subsequent month. Airfreight tonnage in the fourth quarter is expected to be at levels similar to last year, while ocean freight TEUs may be lower due to unseasonably high levels last year. Yield pressure also showed signs of moderation in the third quarter. Carrier spot rates were slightly more favorable as a result of declining demand and available capacity, and we continued to adjust our pricing in response to market conditions. While this is encouraging, the rate of yield improvement may not be sufficient to offset anticipated volume weakness in the fourth quarter.

"Our contract logistics and distribution business reported solid revenue growth and operating margins. Existing business was strong in consumer and retail sectors, partially offset by slowing volumes in automotive and technology."

Revenues increased 24 percent in the 2011 fiscal third quarter compared to the prior-year third quarter primarily due to the higher airfreight and ocean freight volumes. Net revenues increased 12 percent, less than the revenue increase principally because of yield pressure. On an organic, constant currency basis, adjusted net revenues increased 11 percent compared to the third quarter last year.

Operating expenses in the third quarter of fiscal 2011, excluding purchased transportation costs, were $362.2 million, an increase of 10 percent compared to the same period last year. The increase primarily reflects expenses associated with revenue growth. On an organic, constant currency basis, adjusted operating expenses in the fiscal 2011 third quarter were nine percent higher than the same period last year, less than the net revenue increase.

The company reported operating income in the fiscal 2011 third quarter of $43.9 million, which represented 10.8 percent of net revenues. This compares to operating income in the year-ago third quarter of $31.4 million, or 8.7 percent of net revenues. The operating income and margin increases reflect the higher volumes in freight forwarding and contract logistics, which were somewhat offset by lower yields in freight forwarding and distribution operations, compared to the same period last year.

The substantial increase in volumes and carrier rates during the first nine months of fiscal 2011 necessitated significant additional working capital to fund duties and carrier costs on behalf of clients. Net cash provided by operations totaled $11.7 million in the nine months ended October 31, 2010, compared to cash provided by operations of $51.6 million in the same period last year.

Investor Conference Call:

UTi management will host an investor conference call today, December 2, 2010, at 8:00 a.m. PST (11:00 a.m. EST) to review the company's financials and operations for the fiscal 2011 third quarter. Investment professionals are invited to participate in the live call by dialing 877-941-2332 (domestic) or 480-629-9722 (international) using conference ID 4375434. The call will be open to all interested investors through a live, listen-only audio Internet broadcast at www.go2uti.comand 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 5, 2010, by calling 800-406-7325 (domestic) or 303-590-3030 (international) and using replay passcode 4375434.

About UTi Worldwide:

UTi Worldwide Inc. is an international, non-asset-based supply chain services and solutions company providing air and ocean freight forwarding, contract logistics, customs brokerage, distribution, inbound logistics, truckload brokerage and other supply chain management services. The company serves a large and diverse base of global and local companies, including clients operating in industries with unique supply chain requirements such as the pharmaceutical, retail, apparel, chemical, automotive and technology industries. The company seeks to use its global network, proprietary information technology systems, relationships with transportation providers, and expertise in outsourced logistics services to deliver competitive advantage to each of its clients' supply chains.

Use of Non-GAAP Financial Information:

This press release includes "non-GAAP financial measures" within the meaning of the Securities and Exchange Commission rules. UTi believes that meaningful analysis of its financial performance requires an understanding of the factors underlying that performance and the company's judgments about the likelihood that particular factors will repeat. Short-term patterns and long-term trends may be obscured by the impact of certain items. For this reason, the company has referred to organic, constant-currency revenue and net revenue growth, which are adjusted to exclude the impact of acquisitions made since the beginning of the comparative period and the impact of currency fluctuations between comparable periods; and to organic, constant-currency operating expenses, which are adjusted to exclude purchased transportation costs, the impact of acquisitions made since the beginning of the comparative period and the impact of currency fluctuations between comparable periods. This information is among the information the company uses as a basis for evaluating company performance on a comparable basis over time, allocating resources and planning and forecasting of future periods. The company has also provided this information because such adjustments make performance information more comparable to prior disclosures for investors, and may enhance the ability of investors to analyze the company's performance. This information is not intended to be considered in isolation or as a substitute for, 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, the company's discussion of the estimated airfreight and ocean freight volume trends in the company's fiscal fourth quarter, projected changes in yields and the potential impact thereof, projected growth rates, the outlook for the future 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 economic volatility that has materially impacted trade volumes, transportation capacity, pricing dynamics and overall margins; the financial condition of many of the company's customers; the impact of sharply rising freight transportation rates on the company's net revenue; planned or unplanned consequences of the company's sales initiatives, procurement initiatives and business transformation efforts; the demand for the company's services; the impact of cost reduction measures 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 the company's filings with the Securities and Exchange Commission. Although UTi believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, the company cannot assure the reader that the results contemplated in forward-looking statements will be realized in the timeframe anticipated or at all. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by UTi or any other person that UTi's objectives or plans will be achieved. Accordingly, investors are cautioned not to place undue reliance on the company's forward-looking statements. UTi undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

(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,
   2010   2009   2010   2009 
         
Revenues: (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Airfreight forwarding  $ 427,878  $ 328,746  $ 1,215,009  $ 838,044
Ocean freight forwarding 318,898 238,333 895,356 635,947
Customs brokerage 28,993 25,231 81,039 68,543
Contract logistics 187,778 175,157 544,087 475,819
Distribution 127,101 109,549 365,694 312,563
Other   107,756   90,182   303,465   245,140
Total revenues   1,198,404   967,198   3,404,650   2,576,056
         
Operating expenses:        
Purchased transportation costs:        
Airfreight forwarding  336,958  254,576  966,619  627,838
Ocean freight forwarding 269,823 191,431 754,791 506,706
Customs brokerage 1,216 2,283 5,034 4,965
Contract logistics 39,132 31,971 116,418 84,149
Distribution 86,275 75,094 249,313 210,992
Other  58,860  50,308  161,517  130,998
         
Staff costs 214,857 196,675 626,377 559,141
Depreciation 12,289 11,393 34,964 31,738
Amortization of intangible assets 3,338 2,696 9,845 8,145
Restructuring charges 1,231
Other operating expenses   131,745   119,355   383,008   338,477
Total operating expenses  1,154,493   935,782  3,307,886   2,504,380
Operating income 43,911 31,416 96,764 71,676
Interest expense, net (4,476) (4,154) (12,521) (9,905)
Other income/(expense), net   1,168   742   2,183   (256)
Pretax income 40,603 28,004 86,426 61,515
Provision for income taxes   12,851   7,537   27,106   17,761
Net income  27,752  20,467  59,320  43,754
Net income attributable to noncontrolling interests   1,329   2,500   3,954   4,187
Net income attributable to UTi Worldwide Inc.  $ 26,423  $ 17,967  $ 55,366  $ 39,567
         
Basic earnings per common share attributable to UTi Worldwide Inc. common shareholders  

$ 0.26
 

$ 0.18
 

$ 0.55
 

$ 0.40
Diluted earnings per common share attributable to UTi Worldwide Inc. common shareholders  

$ 0.26
 

$ 0.18
 

$ 0.54
 

$ 0.39
         
Number of weighted-average common shares outstanding used for per share calculations        
Basic shares 100,736,378 100,066,261 100,487,558 99,888,487
Diluted shares 102,016,552 101,282,940 101,866,470 101,205,008
 
 
UTi Worldwide Inc.
Condensed Consolidated Balance Sheets
(in thousands)
   
   October 31,

 2010 
 January 31, 

 2010 
  (Unaudited)  
ASSETS    
     
Cash and cash equivalents $ 342,148 $ 350,784
Trade receivables, net 982,181 727,413
Deferred income taxes 16,534 16,917
Other current assets  126,619  111,575
Total current assets 1,467,482 1,206,689
     
Property, plant and equipment, net 197,919 180,422
Goodwill and other intangible assets, net 490,442 487,473
Investments 888 1,717
Deferred income taxes 28,813 31,815
Other non-current assets   35,120   29,430
     
Total assets $ 2,220,664 $ 1,937,546
     
LIABILITIES & EQUITY    
     
Bank lines of credit $ 188,797 $ 100,653
Short-term borrowings 5,696 8,032
Current portion of long-term borrowings 70,768 69,934
Current portion of capital lease obligations 15,970 16,832
Trade payables and other accrued liabilities 884,341 732,018
Income taxes payable 10,084 1,929
Deferred income taxes  3,416  3,503
Total current liabilities 1,179,072 932,901
     
Long-term borrowings, excluding current portion 62,107 99,097
Capital lease obligations, excluding current portion 22,238 23,892
Deferred income taxes 29,684 32,874
Other non-current liabilities  34,322  34,500
     
Commitments and contingencies    
     
UTi Worldwide Inc. shareholders' equity:    
Common stock 480,901 464,731
Retained earnings 422,808 373,548
Accumulated other comprehensive loss  (23,018)  (46,904)
Total UTi Worldwide Inc. shareholders' equity  880,691  791,375
Noncontrolling interests  12,550  22,907
Total equity  893,241  814,282
     
Total liabilities and equity $ 2,220,664 $ 1,937,546
 
 
UTi Worldwide Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
 
   Nine months ended 

 October 31, 
  2010 2009
  (Unaudited)
     
OPERATING ACTIVITIES:    
Net income  $ 59,320  $ 43,754
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation costs, net 6,396 6,354
Depreciation 34,964 31,738
Amortization of intangible assets 9,845 8,145
Amortization of debt issuance costs 2,256 1,089
Deferred income taxes 286 (744)
Uncertain tax positions (1,491) 256
Tax benefit relating to share-based compensation 1,879 1,212
Excess tax benefit from share-based compensation (102) (130)
Loss/(gain) on disposal of property, plant and equipment 102 (6,195)
Provision for doubtful accounts 3,901 1,828
Other 2,288 (3,088)
Net changes in operating assets and liabilities  (107,914)  (32,576)
Net cash provided by operating activities 11,730 51,643
     
INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (37,706) (21,062)
Proceeds from disposal of property, plant and equipment 1,280 11,877
Net increase in other non-current assets (4,623) (448)
Acquisitions and related payments (3,449) (3,133)
Other  (283)   387
Net cash used in investing activities (44,781) (12,379)
     
FINANCING ACTIVITIES:    
Net borrowings/(repayments) under bank lines of credit 75,910 (20,030)
Net increase in short-term borrowings 782 907
Proceeds from issuance of long-term borrowings 81 56,498
Repayment of long-term borrowings (37,997) (36,938)
Debt issuance costs (4,576)
Repayment of capital lease obligations (14,797) (17,615)
Contingent consideration paid (3,734)
Acquisition of noncontrolling interest (8,323)
Dividends paid to noncontrolling interests (1,719) (998)
Net proceeds from issuance of ordinary shares 4,011 1,647
Excess tax benefit from share-based compensation 102 130
Dividends paid   (6,106)   (6,027)
Net cash provided by/(used in) financing activities  8,210  (27,002)
     
Effect of foreign exchange rate changes on cash and cash equivalents  

  16,205
 

  38,423
Net (decrease)/increase in cash and cash equivalents (8,636) 50,685
Cash and cash equivalents at beginning of period   350,784   256,869
     
Cash and cash equivalents at end of period  $ 342,148  $ 307,554
 
 
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 expense  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)
 
  Three months ended October 31, 2009
  Freight

Forwarding
 Contract

Logistics and

Distribution
Corporate Total
Revenues  

$ 642,384
 

$ 324,814
 

$ —
 

$ 967,198
         
Purchased transportation costs  485,683  119,980  —  605,663
Staff costs  89,016  104,114  3,545  196,675
Depreciation  3,819  7,353  221  11,393
Amortization of intangible assets  963  1,733  —  2,696
Other operating expenses  41,352  71,100  6,903  119,355
Total operating expenses  620,833  304,280  10,669  935,782
         
Operating income/(loss) $ 21,551 $ 20,534 $ (10,669)  31,416
Interest expense, net        (4,154)
Other income, net        742
Pretax income        28,004
Provision for income taxes        7,537
Net income        20,467
Net income attributable to noncontrolling interests         2,500
Net income attributable to UTi Worldwide Inc.       $ 17,967
 
 
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
 
  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 expense  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.
Segment Reporting
(in thousands)
(Unaudited)
 
  Nine months ended October 31, 2009
  Freight

Forwarding
Contract

Logistics and

Distribution
Corporate Total
         
Revenues $ 1,675,338 $ 900,718 $ — $ 2,576,056
         
Purchased transportation costs  1,235,306  330,342  —  1,565,648
Staff costs  255,318  293,129  10,694  559,141
Depreciation  11,168  20,145  425  31,738
Amortization of intangible assets  2,776  5,369  —  8,145
Restructuring charges  1,231  1,231
Other operating expenses  117,530  207,994  12,953  338,477
Total operating expenses  1,622,098  856,979  25,303  2,504,380
         
Operating income/(loss) $ 53,240 $ 43,739 $ (25,303)  71,676
Interest expense, net        (9,905)
Other expense, net        (256)
Pretax income        61,515
Provision for income taxes        17,761
Net income        43,754
Net income attributable to noncontrolling interests         4,187
Net income attributable to UTi Worldwide Inc.       $ 39,567
 
 
Geographic Reporting
(in thousands)
(Unaudited)
 
   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
   
   
   Three months ended October 31, 2009  
  Freight

Forwarding

Revenue
Contract

Logistics

and

Distribution

Revenue
Freight

Forwarding

Net

Revenue
Contract

Logistics

and

Distribution

Net

Revenue
Operating

Income/(Loss)
           
EMENA $ 215,812 $ 64,733 $ 59,226 $ 41,154 $ 1,807
Americas  129,963  173,378  38,038  97,809  10,838
Asia Pacific  210,992  9,071  35,851  6,315  9,083
Africa  85,617  77,632  23,586  59,556  20,357
Corporate  —  —  —  —  (10,669)
Total $ 642,384 $ 324,814 $ 156,701 $ 204,834 $ 31,416
 
 
Geographic Reporting
(in thousands)
(Unaudited)
 
   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
   
   
  Nine months ended October 31, 2009
  Freight

Forwarding

Revenue
Contract

Logistics

and

Distribution

Revenue
Freight

Forwarding

Net

Revenue
Contract

Logistics

and

Distribution

Net

Revenue
Operating

Income/(Loss)
Restructuring

Charges
             
EMENA $ 602,560 $ 178,283 $ 169,152 $ 116,464 $ 3,031 $  —
Americas  349,674  482,762  107,398  270,729  18,396
Asia Pacific  517,472  25,859  105,349  18,114  28,203
Africa  205,632  213,814  58,133  165,069  47,349
Corporate  —  —  —  —  (25,303)  1,231
Total $ 1,675,338 $ 900,718 $ 440,032 $ 570,376 $ 71,676 $ 1,231
 
 
UTi Worldwide Inc.
Revenue Growth Reconciliation
(in thousands)
(Unaudited)
 
Set forth below is a reconciliation of our organic growth in our revenues and net revenues over the corresponding prior-year period.
 
   Revenues      Net Revenues   
 
Three months ended October 31, 2009 $ 967,198   $ 361,535  
Add: Acquisitions impact (1)  6,672   1%  659   —%
Add: Currency impact (2)  3,822  —%   3,026  1%
Organic growth  220,712  23%    40,920  11%
         
Three months ended October 31, 2010  $ 1,198,404    $ 406,140  
         
(1) Relates to revenues and net revenues in the current period for businesses acquired from August 2009.
 
(2) Represents the fluctuations in foreign currency exchange rates when balances are translated on constant currency basis into U.S. dollars. The company makes constant currency computations using actual results computed at the foreign currency exchange rates for the comparative prior period.
 
 
UTi Worldwide Inc.
Revenue Growth Reconciliation
(in thousands)
(Unaudited)
 
Set forth below is a reconciliation of our organic growth in our revenues and net revenues over the corresponding prior-year period.
 
   Revenues      Net Revenues   
 
Nine months ended October 31, 2009 $ 2,576,056   $ 1,010,408  
Add: Acquisitions impact (3)  14,345   1%  1,693   —%
Add: Currency impact (4)  81,488  3%   38,353  4%
Organic growth  732,761  28%    100,504  10%
         
Nine months ended October 31, 2010  $ 3,404,650    $ 1,150,958  
         
(3) Relates to revenues and net revenues in the current period for businesses acquired from February 2009.
 
(4) Represents the fluctuations in foreign currency exchange rates when balances are translated on constant currency basis into U.S. dollars. The company makes constant currency computations using actual results computed at the foreign currency exchange rates for the comparative prior period.
 
 
UTi Worldwide Inc.
Total Operating Expense Reconciliation
(in thousands)
(Unaudited)
 
Set forth below is a reconciliation of our organic growth in our operating expenses over the corresponding prior-year period.
 
   Three months ended  
   October 31, 2010  October 31, 2009   
       
Total operating expenses $ 1,154,493 $ 935,782  
Less: Purchased transportation costs  792,264    605,663  
Adjusted operating expenses  $ 362,229   330,119  
       
Reconciliation of adjusted operating expenses      
Add: Acquisition impact (5)   633  —%
Add: Currency impact (6)   1,835  1%
Add: Organic impact     29,642  9%
Adjusted operating expenses for the three months ended October 31, 2010    $ 362,229  
 
(5) Relates to operating expenses in the current period for businesses acquired from August 2009.
 
(6) Represents the fluctuations in foreign currency exchange rates when balances are translated on constant currency basis into U.S. dollars. The company makes constant currency computations using actual results computed at the foreign currency exchange rates for the comparative prior period.
 
 
UTi Worldwide Inc.
Total Operating Expense Reconciliation
(in thousands)
(Unaudited)
 
Set forth below is a reconciliation of our organic growth in our operating expenses over the corresponding prior-year period.
 
   Nine months ended  
   October 31, 2010  October 31, 2009   
       
 
Total operating expenses $ 3,307,886 $ 2,504,380  
Less: Purchased transportation costs  2,253,692    1,565,648  
Adjusted operating expenses  $ 1,054,194   938,732  
       
Reconciliation of adjusted operating expenses      
Add: Acquisition impact (7)   1,407  —%
Add: Currency impact (8)   33,930  4%
Add: Organic impact     80,125  9%
Adjusted operating expenses for the nine months ended October 31, 2010     $ 1,054,194  
 
(7) Relates to operating expenses in the current period for businesses acquired from February 2009.
 
(8) Represents the fluctuations in foreign currency exchange rates when balances are translated on constant currency basis into U.S. dollars. The company makes constant currency computations using actual results computed at the foreign currency exchange rates for the comparative prior period.
CONTACT:  UTi Worldwide Inc.
          Jeff Misakian, Vice President, Investor Relations
          (562) 552-9417
          jmisakian@go2uti.com

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