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UTi Worldwide Reports Fiscal 2009 Third Quarter Results
- Press Release
- Source: UTi Worldwide
- On Thursday December 4, 2008, 8:00 am EST
LONG BEACH, Calif., Dec. 4, 2008 (GLOBE NEWSWIRE) -- UTi Worldwide Inc. (NasdaqGS:UTIW - News) today reported financial results for its fiscal 2009 third quarter ended October 31, 2008.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| UTIW | 10.99 | -0.06 |
Fiscal Third Quarter 2009 vs. 2008 Results:
* Revenues increased three percent to $1,210.1 million from $1,179.7 million. * Net revenues increased five percent to $408.2 million from $388.9 million. * Operating income increased 11 percent to $53.8 million from $48.5 million. * Operating margin (operating income as a percentage of net revenue) improved to 13.2 percent compared to 12.5 percent. * Income from continuing operations was $35.8 million, or $0.36 per diluted share, compared to $34.7 million, or $0.35 per diluted share.
``We are pleased to report growth in both revenues and operating income, as well as operating margin expansion of 70 basis points, reflecting the benefits of our cost reduction plan and our ongoing efforts to improve our operating performance,'' said Roger I. MacFarlane, chief executive officer. ``Freight forwarding volumes deteriorated throughout the quarter, particularly in airfreight, where growth turned negative for the first time in many years. While part of the airfreight weakness was market related, the majority resulted from steps we took to eliminate low yielding business, consistent with our more disciplined approach to net revenue growth. Yields expanded, offsetting the volume decline and demonstrating the flexibility of our forwarding model. We are also very pleased with the performance in our contract logistics and distribution segment, which produced improved operating margins in the quarter. We continued to win new logistics business and our surface distribution operations performed exceptionally well, though revenue gains in the quarter were offset by businesses that were shed through our previously announced cost reduction plan. We believe the solid performance delivered by our contract logistics and distribution segment reinforces the value of our CLIENTasONE strategy.''
The increase in revenues was primarily due to organic growth in Europe. Acquisitions contributed to growth in revenues, but this was more than offset by the exiting of businesses through the company's cost reduction plan and by the impact of the strengthening U.S. dollar.
Operating expenses in the third quarter of fiscal 2009, excluding freight consolidation costs, totaled $354.3 million, an increase of four 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, offset by benefits realized through the cost reduction plan.
Other income in the fiscal 2009 third quarter totaled $1.0 million, compared to $3.2 million in the same period last year. Other income in last year's third quarter included a benefit of $2.5 million resulting from the merger that was part of the Israeli acquisition in fiscal 2008.
The company sold the remainder of its art packing business during the third quarter of fiscal 2009. The sale resulted in a gain of $2.1 million, or $0.02 per diluted share, in the fiscal 2009 third quarter, which was reported as discontinued operations in the company's condensed consolidated statements of income. The majority of the art packing business was sold in the fiscal 2009 second quarter as part of the company's ongoing focus on its core businesses.
Net income was $37.9 million, or $0.38 per diluted share, in the fiscal 2009 third quarter, compared to $34.9 million, or $0.35 per diluted share, in the same period last year.
Segment Results:
Freight Forwarding revenues (including customs brokerage) in the fiscal 2009 third quarter grew four percent, while net revenues grew 15 percent compared to the same period last year. Revenue growth was impacted by the deceleration in freight volumes, which was more than offset by improving yields. Airfreight volumes declined 14 percent in the fiscal 2009 third quarter compared to the same period last year, primarily due to the elimination of low yielding business, and to a lesser extent to overall market conditions. Ocean freight volumes increased three percent in the fiscal 2009 third quarter compared to the same period last year. Despite the lack of a peak season, operating income in Freight Forwarding in the fiscal 2009 third quarter improved 11 percent, compared to the same period last year. The operating margin in Freight Forwarding was 23.0 percent in the fiscal 2009 third quarter, compared to 23.8 percent in the third quarter last year.
Contract Logistics and Distribution net revenues declined two percent in the fiscal 2009 third quarter, compared to the same period last year. This was primarily due to the shedding of businesses in the cost reduction plan as well as the loss earlier this year of the Baytown, Texas facility with Wal Mart. The operating margin in Contract Logistics and Distribution improved in the fiscal 2009 third quarter to 7.5 percent, compared to 6.5 percent in the same period last year, reflecting the impact of the cost reduction plan and the company's efforts to improve its operating performance.
MacFarlane concluded, ``Looking forward, it is difficult to predict the extent to which weakening global economies will impact international trade. We believe our cost reduction plan and reorganization have put us on the right footing; we will continue to manage and build client relationships, keep a tight lid on costs and manage those areas we can control. We have been through difficult environments before and I am confident we will successfully manage through this downturn as well.''
Investor Conference Call:
UTi management will host an investor conference call today, December 4, 2008, at 8:00 a.m. PST (11:00 a.m. EST) to review the company's financials and operations for the fiscal 2009 third quarter. Investment professionals are invited to participate in the live call by dialing 877-570-6091 (domestic) or 702-696-4824 (international) using conference ID 74605857. The call will be open to all interested investors through a live, listen-only audio Internet broadcast at http://www.go2uti.com and http://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 11, 2008, by calling 800-642-1687 (domestic) or 706-645-9291 (international) and using replay passcode 74605857.
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.
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, and the outlook for the future. 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; integration risks associated with acquisitions; increased competition; the impact of volatile 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 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.
UTi Worldwide Inc.
Condensed Consolidated Statements of Income
(in thousands, except share and per share amounts)
Three months ended Nine months ended
October 31, October 31,
------------------------ ------------------------
2008 2007 2008 2007
----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues:
Airfreight
forwarding $ 428,521 $ 439,471 $ 1,334,035 $ 1,118,606
Ocean freight
forwarding 326,994 299,580 954,453 796,994
Customs brokerage 28,275 25,128 86,932 70,875
Contract
logistics 172,913 164,335 515,126 466,232
Distribution 151,418 158,389 457,124 454,435
Other 101,986 92,774 301,974 256,937
----------- ----------- ----------- -----------
Total revenues 1,210,107 1,179,677 3,649,644 3,164,079
----------- ----------- ----------- -----------
Operating expenses:
Freight
consolidation
costs:
Airfreight
forwarding 342,076 355,096 1,061,563 886,071
Ocean freight
forwarding 270,989 253,636 799,433 671,300
Customs
brokerage 1,302 901 4,857 2,392
Contract
logistics 24,309 22,990 70,144 65,407
Distribution 107,688 103,019 327,761 297,649
Other 55,581 55,161 172,240 153,237
Staff costs 211,881 205,698 651,304 584,496
Depreciation and
amortization 10,727 9,973 31,932 29,027
Amortization of
intangible
assets 3,458 2,051 9,639 6,089
Restructuring and
impairments -- -- 6,036 --
Other operating
expenses 128,252 122,614 393,610 345,522
----------- ----------- ----------- -----------
Total operating
expenses 1,156,263 1,131,139 3,528,519 3,041,190
----------- ----------- ----------- -----------
Operating income 53,844 48,538 121,125 122,889
Interest expense,
net (4,091) (3,924) (12,689) (11,753)
Other income 1,047 3,224 1,680 2,690
----------- ----------- ----------- -----------
Pretax income 50,800 47,838 110,116 113,826
Provision for
income taxes 14,237 12,284 29,692 31,087
----------- ----------- ----------- -----------
Income before
minority
interests 36,563 35,554 80,424 82,739
Minority interests (770) (807) (2,803) (2,539)
----------- ----------- ----------- -----------
Income from
continuing
operations 35,793 34,747 77,621 80,200
Discontinued
operations:
Operating income,
net of tax -- 138 144 472
Gain on sale,
net of tax 2,088 -- 7,404 --
----------- ----------- ----------- -----------
Net income $ 37,881 $ 34,885 $ 85,169 $ 80,672
=========== =========== =========== ===========
Basic earnings
per share:
Continuing
operations $ 0.36 $ 0.35 $ 0.78 $ 0.81
Discontinued
operations 0.02 -- 0.08 --
----------- ----------- ----------- -----------
$ 0.38 $ 0.35 $ 0.86 $ 0.81
Diluted earnings
per share:
Continuing
operations $ 0.36 $ 0.35 $ 0.77 $ 0.80
Discontinued
operations 0.02 -- 0.07 --
----------- ----------- ----------- -----------
$ 0.38 $ 0.35 $ 0.84 $ 0.80
Number of weighted-
average shares
outstanding used
for per share
calculations:
Basic shares 99,511,519 99,274,975 99,342,654 99,017,693
Diluted
shares 100,892,907 100,347,982 100,935,780 100,223,934
UTi Worldwide Inc.
Condensed Consolidated Balance Sheets
(in thousands)
October 31, January 31,
2008 2008
---------- ----------
(Unaudited)
ASSETS
Cash and cash equivalents $ 247,606 $ 289,141
Trade receivables, net 841,525 865,019
Deferred income tax assets 19,345 18,768
Other current assets 88,031 79,207
---------- ----------
Total current assets 1,196,507 1,252,135
Property, plant and equipment, net 163,493 154,123
Goodwill and other intangible assets, net 564,865 617,861
Investments 3,108 2,765
Deferred income tax assets 16,597 17,311
Other non-current assets 16,108 30,481
---------- ----------
Total assets $1,960,678 $2,074,676
========== ==========
LIABILITIES & SHAREHOLDERS' EQUITY
Bank lines of credit $ 103,695 $ 113,199
Short-term borrowings 5,749 5,913
Current portion of long-term borrowings 66,667 33,333
Current portion of capital lease obligations 16,643 21,701
Trade payables and other accrued liabilities 720,989 817,058
Income taxes payable 14,940 12,622
Deferred income tax liabilities 4,335 5,030
---------- ----------
Total current liabilities 933,018 1,008,856
Long-term borrowings 149,574 178,047
Capital lease obligations 21,668 30,612
Deferred income tax liabilities 39,016 38,063
Retirement fund obligations 4,581 4,287
Other non-current liabilities 17,489 19,322
Minority interests 18,409 21,289
Commitments and contingencies
Shareholders' equity:
Common stock 448,203 435,355
Retained earnings 428,264 349,237
Accumulated other comprehensive loss (99,544) (10,392)
---------- ----------
Total shareholders' equity 776,923 774,200
---------- ----------
Total liabilities and shareholders'
equity $1,960,678 $2,074,676
========== ==========
UTi Worldwide Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
Nine months ended
October 31,
----------
2008 2007
---------- ----------
(Unaudited) (Unaudited)
OPERATING ACTIVITIES:
Net income $ 85,169 $ 80,672
Adjustments to reconcile net income to
net cash provided by operating activities:
Share-based compensation costs, net 8,107 6,872
Depreciation and amortization 32,157 29,304
Amortization of intangible assets 9,639 6,089
Deferred income taxes 96 (329)
Uncertain tax positions (1,918) --
Gain on sale of subsidiary (7,404) --
Tax benefit relating to exercise of
stock options 868 1,211
Excess tax benefits from share-based
compensation (464) (402)
Gain on disposal of property, plant and
equipment (1,050) (20)
Minority interest and other 3,560 195
Changes in operating assets and
liabilities (55,952) (86,136)
---------- ----------
Net cash provided by operating
activities 72,808 37,456
INVESTING ACTIVITIES:
Purchases of property, plant and equipment (39,365) (23,720)
Proceeds from disposal of property, plant
and equipment 2,453 2,049
Proceeds from sale of subsidiary 11,995 --
Decrease/(increase) in other non-current
assets 4,721 (3,655)
Acquisitions and contingent earn-out
payments (30,736) (66,410)
Other (3,735) (922)
---------- ----------
Net cash used in investing activities (54,667) (92,658)
FINANCING ACTIVITIES:
Increase in bank lines of credit 5,378 15,285
Increase/(decrease) in short-term borrowings 198 (1,700)
Repayment of long-term borrowings (307) (484)
Repayment of capital lease obligations (18,953) (15,517)
Dividends paid to minority interests (567) --
Net proceeds from the issuance of ordinary
shares 4,422 4,746
Excess tax benefits from share-based
compensation 464 402
Dividends paid (6,141) (5,926)
---------- ----------
Net cash used in financing activities (15,506) (3,194)
Effect of foreign exchange rate changes
on cash and cash equivalents (44,170) 18,377
---------- ----------
Net decrease in cash and cash equivalents (41,535) (40,019)
Cash and cash equivalents at beginning of
period 289,141 278,408
---------- ----------
Cash and cash equivalents at end of
period $ 247,606 $ 238,389
========== ==========
The condensed consolidated statements of cash flows include the
activities of discontinued operations.
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
Three months ended October 31, 2008
-------------------------------------------------
Contract
Logistics
Freight and
Forwarding Distribution Corporate Total
--------- --------- --------- ----------
Revenues $ 844,813 $ 365,294 $ -- $1,210,107
--------- --------- --------- ----------
Freight
consolidation
costs 653,918 148,027 -- 801,945
Staff costs 99,101 110,149 2,631 211,881
Depreciation and
amortization 4,213 6,470 44 10,727
Amortization of
intangible assets 1,316 2,142 -- 3,458
Other operating
expenses 42,424 82,235 3,593 128,252
--------- --------- --------- ----------
Total operating
expenses 800,972 349,023 6,268 1,156,263
--------- --------- --------- ----------
Operating
income/(loss) $ 43,841 $ 16,271 $ (6,268) 53,844
========= ========= =========
Interest expense,
net (4,091)
Other income 1,047
----------
Pretax income 50,800
Provision for
income taxes 14,237
----------
Income before
minority
interests 36,563
Minority interests (770)
----------
Income from
continuing
operations 35,793
Discontinued
operations:
Operating
income, net
of tax --
Gain on sale,
net of tax 2,088
----------
Net income $ 37,881
==========
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
Three months ended October 31, 2007
-------------------------------------------------
Contract
Logistics
Freight and
Forwarding Distribution Corporate Total
--------- --------- --------- ----------
Revenues $ 812,141 $ 367,536 $ -- $1,179,677
--------- --------- --------- ----------
Freight
consolidation
costs 645,666 145,137 -- 790,803
Staff costs 84,655 118,169 2,874 205,698
Depreciation and
amortization 3,506 6,387 80 9,973
Amortization of
intangible assets -- 2,051 -- 2,051
Other operating
expenses 38,775 81,300 2,539 122,614
--------- --------- --------- ----------
Total operating
expenses 772,602 353,044 5,493 1,131,139
--------- --------- --------- ----------
Operating
income/(loss) $ 39,539 $ 14,492 $ (5,493) 48,538
========= ========= =========
Interest expense,
net (3,924)
Other income 3,224
----------
Pretax income 47,838
Provision for
income taxes 12,284
----------
Income before
minority
interests 35,554
Minority interests (807)
----------
Income from
continuing
operations 34,747
Discontinued
operations:
Operating
income, net
of tax 138
Gain on sale,
net of tax --
----------
Net income $ 34,885
==========
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
Nine months ended October 31, 2008
-------------------------------------------------
Contract
Logistics
Freight and
Forwarding Distribution Corporate Total
---------- ---------- ---------- ----------
Revenues $2,547,142 $1,102,502 $ -- $3,649,644
---------- ---------- ---------- ----------
Freight
consolidation
costs 1,986,297 449,701 -- 2,435,998
Staff costs 301,161 342,822 7,321 651,304
Depreciation and
amortization 11,928 19,793 211 31,932
Amortization of
intangible assets 3,006 6,633 -- 9,639
Restructuring and
impairments 2,382 3,654 -- 6,036
Other operating
expenses 131,704 248,592 13,314 393,610
---------- ---------- ---------- ----------
Total operating
expenses 2,436,478 1,071,195 20,846 3,528,519
---------- ---------- ---------- ----------
Operating
income/(loss) $ 110,664 $ 31,307 $ (20,846) 121,125
========== ========== ==========
Interest expense,
net (12,689)
Other income 1,680
----------
Pretax income 110,116
Provision for
income taxes 29,692
----------
Income before
minority
interests 80,424
Minority interests (2,803)
----------
Income from
continuing
operations 77,621
Discontinued
operations:
Operating
income, net
of tax 144
Gain on sale,
net of tax 7,404
----------
Net income $ 85,169
==========
UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)
Nine months ended October 31, 2007
-------------------------------------------------
Contract
Logistics
Freight and
Forwarding Distribution Corporate Total
---------- ---------- ---------- ----------
Revenues $2,118,453 $1,045,626 $ -- $3,164,079
---------- ---------- ---------- ----------
Freight
consolidation
costs 1,658,257 417,799 -- 2,076,056
Staff costs 243,522 332,048 8,926 584,496
Depreciation and
amortization 9,950 18,890 187 29,027
Amortization of
intangible assets -- 6,089 -- 6,089
Other operating
expenses 108,524 229,482 7,516 345,522
---------- ---------- ---------- ----------
Total operating
expenses 2,020,253 1,004,308 16,629 3,041,190
---------- ---------- ---------- ----------
Operating
income/(loss) $ 98,200 $ 41,318 $ (16,629) 122,889
========== ========== ==========
Interest expense,
net (11,753)
Other income 2,690
----------
Pretax income 113,826
Provision for
income taxes 31,087
----------
Income before
minority
interests 82,739
Minority interests (2,539)
----------
Income from
continuing
operations 80,200
Discontinued
operations:
Operating
income, net
of tax 472
Gain on sale,
net of tax --
----------
Net income $ 80,672
==========
UTi Worldwide Inc.
Geographic Reporting
(in thousands)
(Unaudited)
Three months ended October 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 $284,813 $ 62,985 $ 73,542 $ 42,080 $ 10,646
Americas 171,385 214,768 44,609 112,639 19,557
Asia Pacific 289,690 9,723 46,515 6,070 14,882
Africa 98,925 77,818 26,229 56,478 15,027
Corporate -- -- -- -- (6,268)
-------- -------- -------- -------- --------
Total $844,813 $365,294 $190,895 $217,267 $ 53,844
======== ======== ======== ======== ========
Three months ended October 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 $235,161 $ 60,876 $ 57,074 $ 31,432 $ 10,906
Americas 162,219 218,873 43,862 127,708 16,903
Asia Pacific 319,342 9,112 42,166 6,459 15,343
Africa 95,419 78,675 23,373 56,800 10,879
Corporate -- -- -- -- (5,493)
-------- -------- -------- -------- --------
Total $812,141 $367,536 $166,475 $222,399 $ 48,538
======== ======== ======== ======== ========
UTi Worldwide Inc.
Geographic Reporting
(in thousands)
(Unaudited)
Nine months ended October 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 $ 878,102 $ 201,390 $223,826 $127,076 $ 30,652 $1,584
Americas 502,930 644,148 129,837 342,897 40,286 3,722
Asia
Pacific 870,480 26,516 133,798 17,018 38,683 240
Africa 295,630 230,448 73,384 165,810 32,350 490
Corporate -- -- -- -- (20,846) --
---------- ---------- -------- -------- -------- ------
Total $2,547,142 $1,102,502 $560,845 $652,801 $121,125 $6,036
========== ========== ======== ======== ======== ======
Nine months ended October 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 $ 616,594 $ 173,512 $155,475 $ 88,747 $ 27,664 $ --
Americas 440,160 630,530 122,485 365,008 46,024 --
Asia
Pacific 794,697 23,885 117,101 16,621 35,812 --
Africa 267,002 217,699 65,135 157,451 30,018 --
Corporate -- -- -- -- (16,629) --
---------- ---------- -------- -------- -------- ------
Total $2,118,453 $1,045,626 $460,196 $627,827 $122,889 $ --
========== ========== ======== ======== ======== ======
Contact:
UTi Worldwide Inc.
Jeff Misakian, Vice President, Investor Relations
(562) 552-9417
jmisakian@go2uti.com
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