UTi WORLDWIDE 3RD-QUARTER INCOME UP 23%

UTi WORLDWIDE 3RD-QUARTER INCOME UP 23%

   UTi Worldwide Inc., the non-asset-based logistics service provider, reported net income of $5.9 million for the fiscal quarter ending Oct. 31, up 22.9 percent over the year-earlier period.

   The year-earlier result included a $2.3-million non-recurring non-cash charge for a final distribution from a stock award compensation plan.

   Revenues were $235.6 million, down from $240.8 million for the year earlier period. Net revenues slipped to $79.6 million, from $82.8 million.

   'The events of Sept. 11 exacerbated an already challenging business environment,' said Roger I. MacFarlane, UTi Worldwide's chief executive officer. The company was forced to transport goods by charter flights and ship freight originally designated as air freight via ocean, he said.

      For the first three quarters of its fiscal year, UTi Worldwide saw net income of $15.4 million, up 29 percent. Revenue rose 4 percent to $670.0 million while net revenues also improved 4 percent, to $232.8 million.