UTi Worldwide Slips To Loss In Q2 - Quick Facts

(RTTNews) - UTi Worldwide Inc. (UTIW) reported second-quarter net loss attributable to the company of $4.4 million, or $0.04 per share, versus a $18.9 million, or $0.18 per share profit a year before.

Adjustments to GAAP net loss in the fiscal 2014 second quarter included after-tax severance costs of $2.4 million, or $0.02 per share. Further, the firm increased its valuation allowance on deferred tax assets by $7.5 million, or $0.07 per share. Excluding these items, non-GAAP net income attributable to UTi Worldwide stood at $5.5 million, or $0.05 per share for the period. On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.14 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the recent quarter were $1.13 billion, down 4.5 percent from the prior-year figure of $1.18 billion. Ten analysts estimated revenues of $1.15 billion for the quarter.

There are currently 22 countries on the system to-date. The 22 countries on the new system represent nearly 35 percent of total freight forwarding shipments. Additionally, the company said it still believes that over 70 percent of shipments would be on the new system by the end of fiscal 2014.