updated 3/24/2011 8:15:32 AM ET 2011-03-24T12:15:32

LONG BEACH, Calif., March 24, 2011 (GLOBE NEWSWIRE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today reported financial results for its fiscal 2011 fourth quarter ended January 31, 2011.

Fiscal Fourth Quarter 2011 vs. 2010 Results:

  • Revenues were $1,145.1 million, an increase of 15 percent from $991.5 million.
  • Net revenues (revenues minus purchased transportation costs) were $404.5 million, an increase of 15 percent from $350.6 million.
  • Operating income was $26.0 million, compared to $11.8 million.
  • Net income attributable to UTi Worldwide Inc. was $14.5 million, or $0.14 per diluted share, compared to $1.5 million, or $0.02 per diluted share.

Eric W. Kirchner, chief executive officer, said, "Airfreight volumes increased more than we anticipated, while ocean freight volumes contracted in the fourth quarter against more challenging comparatives in the same period last year. Yields and net revenue per unit in the fourth quarter generally improved over last year and the previous quarter as carrier spot rates moderated, particularly in ocean freight. Contract logistics and distribution revenues were up in the fourth quarter, due to both an increase in existing business activity and new business wins. Operating expenses grew at a slower rate than net revenue, despite the fact that we incurred $2.6 million in costs associated with our new financial system. Our operating margin improved in the fourth quarter of fiscal 2011 over the same period last year, but it still remains below our long-term target."

Revenues and net revenues increased 15 percent in the 2011 fiscal fourth quarter compared to the prior-year fourth quarter primarily due to the increased airfreight and logistics volumes. Revenues also increased because of higher fuel surcharges, which the company passes through to clients.

Operating expenses in the fourth quarter of fiscal 2011, excluding purchased transportation costs, were $378.6 million, an increase of 12 percent compared to the same period last year. The increase primarily reflects expenses associated with revenue and shipment growth.

The company began expensing costs associated with its new financial system following the successful implementation in certain operations. As a result, operating expenses in the fourth quarter of fiscal 2011 included $2.6 million in related costs.

In the fourth quarter of fiscal 2010, the company recorded goodwill impairment and other charges totaling $6.7 million, which included goodwill impairment charges of $1.6 million, severance charges of $2.9 million and $2.2 million in other costs primarily associated with the exit of certain operations in smaller European countries.

The company reported operating income in the fiscal 2011 fourth quarter of $26.0 million, which represented 6.4 percent of net revenues. This compares to operating income in the year-ago fourth quarter of $11.8 million, or 3.4 percent of net revenues. The operating income and margin increases reflect the higher volumes and yield improvement in freight forwarding, as well as increased volumes in contract logistics compared to the same period last year.

The substantial increase in volumes and carrier rates in fiscal 2011 required significant additional working capital to fund duties and carrier costs on behalf of clients. Net cash provided by operations totaled $72.9 million in fiscal 2011, compared to net cash provided by operations of $120.0 million in fiscal 2010.

Kirchner added, "We have begun a process to simplify our organizational structure in order to pave the way for implementation of new standardized, global processes and systems. These actions are expected to result in severance and related costs throughout fiscal 2012. In addition, costs related to our new financial system of $8 million to $10 million are expected to be incurred this year. These costs will generate little benefit in fiscal 2012, but are expected to deliver benefits over the medium-to-long term when integrated with the new freight forwarding operating system. We anticipate modest volume growth in fiscal 2012, consistent with overall market forecasts, though the increase in the first half of the year is expected to be muted when compared to last year's unusually strong growth rates. The first quarter of the year also may be dampened by higher fuel costs, harsh winter weather, geopolitical events, and the near-term disruption caused by the tragic events in Japan.

"These near-term challenges aside, we are still targeting growth ahead of a market which has returned to historical levels, and is more stable than we have seen in recent years. The dynamics of supply and demand are more supportive of yield stability. And we continue to focus on operating efficiency, while we move forward aggressively in our transformation initiatives. These efforts are part of our strategy of achieving long-term growth and sustainable margin improvement."

Investor Conference Call:

UTi management will host an investor conference call today, March 24, 2011, at 8:00 a.m. PDT (11:00 a.m. EDT) to review the company's financial results for the fiscal 2011 fourth 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 4412887. 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. PDT, today, through March 27, 2011, by calling 800-406-7325 (domestic) or 303-590-3030 (international) and using replay passcode 4412887.

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:

The tables to this press release include "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, in the tables to this press release 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 adjusted 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 estimated growth in fiscal 2012 and the relative softness in anticipated growth in the first half of the year, the impact of macro-related conditions on the first quarter of fiscal 2012, the company's target of growing ahead of the market, the dynamics of supply and demand and their impact on yield stability, the company's strategy for achieving long-term growth and sustainable margin improvement, the timing and anticipated impact of various actions aimed at simplifying the company's organizational structure, including the expected severance and related costs arising therefrom, the amount and timing of charges relating to the company's new financial system, 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; planned or unplanned consequences of the company's sales initiatives, procurement initiatives and business transformation efforts; the demand for the company's services; the impact and related costs associated with reorganization efforts and/or cost reduction measures undertaken by the company; increased competition; the impact of volatile fuel costs and changes in foreign exchange rates; changes in the company's effective tax rates; industry consolidation making it more difficult to compete against larger companies; general economic, political and market conditions, including those in Africa, Asia and EMENA; work stoppages or slowdowns or other material interruptions in transportation services; risks of international operations; risks associated with, and costs and expenses the company will incur as a result of, the ongoing publicly announced U.S. Department of Justice and other governmental investigations into the pricing practices of the air cargo transportation industry and other similar or related investigations and lawsuits; disruptions caused by epidemics, natural disasters, conflicts, wars and terrorism; and the other risks and uncertainties described in "Risk Factors" and "Forward-looking Statements" in the company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and described in the company's other filings with the Securities and Exchange Commission. Although UTi believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, the company cannot assure the reader that the results contemplated in forward-looking statements will be realized in the timeframe anticipated or at all. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by UTi or any other person that UTi's objectives or plans will be achieved. Accordingly, investors are cautioned not to place undue reliance on the company's forward-looking statements. UTi undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

(Tables Follow)

 
UTi Worldwide Inc.
Condensed Consolidated Statements of Income
(in thousands, except share and per share amounts)
 
  Three months ended January 31,  Year ended January 31, 
   2011   2010   2011   2010 
         
Revenues: (Unaudited) (Unaudited) (Unaudited)  
Airfreight forwarding  $ 393,303  $ 349,836  $ 1,608,312  $ 1,187,880
Ocean freight forwarding 295,173 255,329 1,190,529 891,276
Customs brokerage 27,765 23,913 108,804 92,456
Contract logistics 192,289 174,920 736,376 650,739
Distribution 122,567 102,357 488,261 414,920
Other   114,026   85,111   417,491   330,251
Total revenues   1,145,123   991,466   4,549,773   3,567,522
         
Operating expenses:        
Purchased transportation costs:        
Airfreight forwarding  306,789  276,341  1,273,408  904,179
Ocean freight forwarding 243,443 210,387 998,234 717,093
Customs brokerage 1,068 747 6,102 5,712
Contract logistics 42,018 41,096 158,436 125,245
Distribution 82,341 66,857 331,654 277,849
Other  64,951  45,445  226,468  176,443
         
Staff costs 223,618 194,008 849,995 753,149
Depreciation 11,044 12,256 46,008 43,994
Amortization of intangible assets 4,873 2,981 14,718 11,126
Restructuring charges 1,231
Goodwill impairment 1,562 1,562
Other operating expenses   139,026   127,958   522,034   466,435
Total operating expenses  1,119,171   979,638  4,427,057   3,484,018
Operating income 25,952 11,828 122,716 83,504
Interest expense, net (3,588) (2,816) (16,109) (12,721)
Other (expense)/income, net   (938)   (599)   1,245   (855)
Pretax income 21,426 8,413 107,852 69,928
Provision for income taxes   6,123   6,667   33,229   24,428
Net income  15,303  1,746  74,623  45,500
Net income attributable to noncontrolling interests   766   199   4,720   4,386
Net income attributable to UTi Worldwide Inc.  $ 14,537  $ 1,547  $ 69,903  $ 41,114
         
Basic earnings per common share attributable to UTi Worldwide Inc. common shareholders  

$ 0.14
 

$ 0.02
 

$ 0.70
 

$  0.41
         
Diluted earnings per common share attributable to UTi Worldwide Inc. common shareholders  

$ 0.14
 

$ 0.02
 

$ 0.68
 

$ 0.41
         
Number of weighted-average common shares outstanding used for per share calculations        
Basic shares 100,843,950 100,273,465 100,577,194 99,878,211
Diluted shares 102,511,077 101,731,307 102,222,037 101,458,179

 

UTi Worldwide Inc.
Condensed Consolidated Balance Sheets
(in thousands)
 
   January 31,

 2011 
 January 31,

 2010 
  (Unaudited)  
Assets    
     
Cash and cash equivalents $ 326,795 $ 350,784
Trade receivables, net 879,842 727,413
Deferred income taxes 20,400 16,917
Other current assets  131,295  111,575
Total current assets 1,358,332 1,206,689
     
Property, plant and equipment, net 175,700 180,422
Goodwill and other intangible assets, net 515,578 487,473
Investments 1,102 1,717
Deferred income taxes 29,526 31,815
Other non-current assets   32,467   29,430
     
Total assets $ 2,112,705 $ 1,937,546
     
Liabilities & Equity    
     
Bank lines of credit $ 170,732 $ 100,653
Short-term borrowings 7,238 8,032
Current portion of long-term borrowings 34,232 69,934
Current portion of capital lease obligations 16,232 16,832
Trade payables and other accrued liabilities 822,887 732,018
Income taxes payable 8,521 1,929
Deferred income taxes  3,881  3,503
Total current liabilities 1,063,723 932,901
     
Long-term borrowings, excluding current portion 61,230 99,097
Capital lease obligations, excluding current portion 19,158 23,892
Deferred income taxes 30,487 32,874
Other non-current liabilities  37,943  34,500
     
Commitments and contingencies    
     
UTi Worldwide Inc. shareholders' equity:    
Common stock 484,884 464,731
Retained earnings 437,307 373,548
Accumulated other comprehensive loss  (35,116)  (46,904)
Total UTi Worldwide Inc. shareholders' equity  887,075  791,375
Noncontrolling interests  13,089  22,907
Total equity  900,164  814,282
     
Total liabilities and equity $ 2,112,705 $ 1,937,546

 

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

 January 31, 
  2011  2010 
  (Unaudited)  
Operating Activities:    
Net income  $ 74,623  $ 45,500
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation costs, net 8,746 8,274
Depreciation 46,008 43,994
Amortization of intangible assets 14,718 11,126
Amortization of debt issuance costs 3,088 1,537
Goodwill and intangible asset impairment 1,562
Deferred income taxes (1,804) 6,128
Uncertain tax positions (3,699) 629
Excess tax benefit from share-based compensation (291) (1,734)
Loss/(gain) on disposal of property, plant and equipment 338 (5,915)
Provision for doubtful accounts 4,361 3,507
Other (988) 1,964
Net changes in operating assets and liabilities  (72,215)  3,402
Net cash provided by operating activities 72,885 119,974
     
Investing Activities:    
Purchases of property, plant and equipment (39,228) (23,551)
Proceeds from disposal of property, plant and equipment 2,480 13,649
Purchases of software and other intangible assets (19,645) (5,438)
Net (increase)/decrease in other non-current assets (1,811) 1,383
Acquisitions and related payments (3,449) (9,248)
Other  (570)   (1,417)
Net cash used in investing activities (62,223) (24,622)
     
Financing Activities:    
Net borrowings under bank lines of credit 65,115 4,575
Net (decrease)/increase in short-term borrowings (9,901) 831
Proceeds from issuance of long-term borrowings 84 56,498
Repayment of long-term borrowings (68,169) (70,465)
Debt issuance costs (6,528)
Repayment of capital lease obligations (19,202) (22,754)
Contingent consideration paid (3,734)
Acquisition of noncontrolling interest (8,323)
Dividends paid to noncontrolling interests (1,719) (2,020)
Net proceeds from issuance of ordinary shares 5,456 4,170
Excess tax benefit from share-based compensation 291 1,734
Dividends paid   (6,144)   (6,027)
Net cash used in financing activities  (46,246)  (39,986)
     
Effect of foreign exchange rate changes on cash and cash equivalents  

  11,595
 

  38,549
Net (decrease)/increase in cash and cash equivalents (23,989) 93,915
Cash and cash equivalents at beginning of period   350,784   256,869
     
Cash and cash equivalents at end of period  $ 326,795  $ 350,784
 
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
 
  Three months ended January 31, 2011
 

Freight

Forwarding
Contract

Logistics and

Distribution




Corporate




Total
         
Revenues  

$ 789,735
 

$ 355,388
 

$ —
 

$ 1,145,123
         
Purchased transportation costs  604,426  136,184  —  740,610
Staff costs  104,189  111,977  7,452  223,618
Depreciation and amortization of intangible assets  5,834  9,878  205  15,917
Other operating expense  51,971   81,151  5,904     139,026
Total operating expenses  766,420   339,190  13,561     1,119,171
         
Operating income/(loss) $ 23,315 $ 16,198 $ (13,561)  25,952
Interest expense, net        (3,588)
Other expense, net        (938)
Pretax income        21,426
Provision for income taxes         6,123
Net income        15,303
Net income attributable to noncontrolling interests         766
Net income attributable to UTi Worldwide Inc.       $  14,537
 
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
 
  Three months ended January 31, 2010
 

Freight

Forwarding
 Contract

Logistics and

Distribution




Corporate




Total
         
Revenues  

$ 675,755
 

$ 315,711
 

$ —
 

$ 991,466
         
Purchased transportation costs  520,129  120,744  —  640,873
Staff costs  90,769  99,178  4,061  194,008
Depreciation and amortization of intangible assets  5,316  9,597  324  15,237
Goodwill impairment  —  1,562  —  1,562
Other operating expenses  45,908  76,929  5,121  127,958
Total operating expenses  662,122  308,010  9,506  979,638
         
Operating income/(loss) $ 13,633 $ 7,701 $ (9,506)  11,828
Interest expense, net        (2,816)
Other expense, net        (599)
Pretax income        8,413
Provision for income taxes        6,667
Net income        1,746
Net income attributable to noncontrolling interests         199
Net income attributable to UTi Worldwide Inc.       $ 1,547
 
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
 
  Year ended January 31, 2011
 

Freight

Forwarding
Contract

Logistics and

Distribution




Corporate




Total
         
Revenues  

$ 3,162,238
 

$ 1,387,535
 

$ —
 

$ 4,549,773
         
Purchased transportation costs  2,456,000  538,302  —  2,994,302
Staff costs  391,060  433,641  25,294  849,995
Depreciation and amortization of intangible assets  21,106  38,873  747  60,726
Other operating expense  195,014   305,619  21,401     522,034
Total operating expenses  3,063,180  1,316,435  47,442     4,427,057
         
Operating income/(loss) $ 99,058 $ 71,100 $ (47,442)  122,716
Interest expense, net        (16,109)
Other income, net        1,245
Pretax income        107,852
Provision for income taxes          33,229
Net income        74,623
Net income attributable to noncontrolling interests         4,720
Net income attributable to UTi Worldwide Inc.       $  69,903
 
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
 
  Year ended January 31, 2010
 

Freight

Forwarding
 Contract

Logistics and

Distribution




Corporate




Total
         
Revenues  

$ 2,351,093
 

$ 1,216,429
 

$ —
 

$ 3,567,522
         
Purchased transportation costs  1,755,435  451,086  —  2,206,521
Staff costs  346,087  392,307  14,755  753,149
Depreciation and amortization of intangible assets  19,260  35,111  749  55,120
Restructuring charges  1,231  1,231
Goodwill impairment 1,562  —  1,562
Other operating expenses  163,438  284,923  18,074  466,435
Total operating expenses  2,284,220  1,164,989  34,809  3,484,018
         
Operating income/(loss) $ 66,873 $ 51,440 $ (34,809)  83,504
Interest expense, net        (12,721)
Other expense, net        (855)
Pretax income        69,928
Provision for income taxes        24,428
Net income        45,500
Net income attributable to noncontrolling interests         4,386
Net income attributable to UTi Worldwide Inc.       $ 41,114
   
Geographic Reporting  
(in thousands)  
(Unaudited)  
     
  Three months ended January 31, 2011  
 





Freight

Forwarding

Revenue


Contract

Logistics

and

Distribution

Revenue




Freight

Forwarding

Net

Revenue
Contract

Logistics

and

Distribution

Net

Revenue








Operating

Income/(Loss)
 
             
EMENA $ 240,847 $ 66,323 $ 63,946 $ 38,918 $ 1,688  
Americas  159,565  180,615  43,496  95,302  4,873  
Asia Pacific  271,408  11,952  51,732  7,798  15,411  
Africa  117,915  96,498  26,135  77,186  17,541  
Corporate  —  —  —  —  (13,561)  
Total $ 789,735 $ 355,388 $ 185,309 $ 219,204 $ 25,952  
   
  Three months ended January 31, 2010
 





Freight

Forwarding

Revenue


Contract

Logistics

and

Distribution

Revenue




Freight

Forwarding

Net

Revenue
Contract

Logistics

and

Distribution

Net

Revenue








Operating

Income/(Loss)








Goodwill

Impairment
             
EMENA $ 225,263 $ 70,318 $ 60,409 $ 43,124 $ 1,814 $ —
Americas  131,216  160,078  35,299  86,877  (1,392)  1,562
Asia Pacific  240,936  9,126  40,446  6,104  11,113  —
Africa  78,340  76,189  19,472  58,862  9,799  —
Corporate  —  —  —  —  (9,506)  —
Total $ 675,755 $ 315,711 $ 155,626 $ 194,967 $ 11,828 $ 1,562
   
Geographic Reporting  
(in thousands)  
(Unaudited)  
   
  Year ended January 31, 2011  
 





Freight

Forwarding

Revenue


Contract

Logistics

and

Distribution

Revenue




Freight

Forwarding

Net

Revenue
 Contract

Logistics

and

Distribution

Net

Revenue








Operating

Income/(Loss)
 
             
EMENA $ 941,176 $ 257,949 $ 242,717 $ 150,620 $ 9,739  
Americas  648,451  726,176  177,113  379,614  35,395  
Asia Pacific  1,158,101  44,427  188,467  29,701  57,600  
Africa  414,510  358,983  97,941  289,298  67,424  
Corporate  —  —  —  —  (47,442)  
Total $ 3,162,238 $ 1,387,535 $ 706,238 $ 849,233 $ 122,716  
   
  Year ended January 31, 2010
 





Freight

Forwarding

Revenue


Contract

Logistics

and

Distribution

Revenue




Freight

Forwarding

Net

Revenue
Contract

Logistics

and

Distribution

Net

Revenue








Operating

Income/(Loss)








Restructuring

Charges








Goodwill

Impairment
               
EMENA $ 827,823 $ 248,601 $ 229,561 $ 159,588 $ 4,845 $  — $  —
Americas  480,890  642,840  142,697  357,606  17,004 1,562
Asia Pacific  758,408  34,985  145,795  24,218  39,316
Africa  283,972  290,003  77,605  223,931   57,148
Corporate  —  —  —  —  (34,809)  1,231  —
Total $ 2,351,093 $ 1,216,429 $ 595,658 $ 765,343 $ 83,504 $ 1,231 $ 1,562
 
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 January 31, 2010 $ 991,466   $  350,593  
Add: Acquisitions impact (1)  2,356 —%  207  —%
Add: Currency impact (2)  8,872  1%   5,436  2%
Organic growth  142,429  14%    48,277  14%
         
Three months ended January 31, 2011  $ 1,145,123    $ 404,513  
         
(1) Relates to revenues and net revenues in the current period for businesses acquired from November 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   
         
         
Year ended January 31, 2010 $ 3,567,522   $ 1,361,001  
Add: Acquisitions impact (3)  6,563  —%  448  —%
Add: Currency impact (4)  90,360  3%   43,790  3%
Organic growth  885,328  25%    150,232  11%
         
Year ended January 31, 2011  $ 4,549,773    $ 1,555,471  
         
(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  
   January 31, 2011  January 31, 2010   
       
       
Total operating expenses $ 1,119,171 $ 979,638  
Less: Purchased transportation costs  740,610    640,873  
 Adjusted operating expenses  $ 378,561   338,765  
       
Reconciliation of adjusted operating expenses      
Add: Acquisition impact (5)   447  —%
Add: Currency impact (6)   4,278   1%
Add: Organic impact     35,071  10%
 Adjusted operating expenses for the three months ended January 31, 2011     

$ 378,561
 
 
(5) Relates to operating expenses in the current period for businesses acquired from November 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.
 
   Year ended  
   January 31, 2011  January 31, 2010   
       
       
Total operating expenses $ 4,427,057 $  3,484,018  
Less: Purchased transportation costs  2,994,302    2,206,521  
 Adjusted operating expenses  $ 1,432,755   1,277,497  
       
Reconciliation of adjusted operating expenses      
Add: Acquisition impact (7)   881  —%
Add: Currency impact (8)   38,209  3%
Add: Organic impact     116,168  9%
 Adjusted operating expenses for the year ended January 31, 2011    

$ 1,432,755
 
 
(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:  Jeff Misakian
          Vice President, Investor Relations
          (562) 552-9417
          jmisakian@go2uti.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.97%
$30K home equity loan FICO 5.23%
$75K home equity loan FICO 4.67%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.28%
13.21%
Cash Back Cards 17.74%
17.70%
Rewards Cards 17.01%
16.96%
Source: Bankrate.com