UTi Worldwide reports larger revenues, profits
Rancho Dominguez, Calif.-based UTi Worldwide Inc., the fast-growing forwarding and logistics company, reported higher revenues and profits for the quarter and year ended Jan. 31. The latest results marked the company’s eighth consecutive quarter of growth in revenue and income.
Net income for the fiscal 2004 fourth quarter rose 67 percent to $12.2 million. Operating income increased 26 percent to $15.0 million from $11.9 million in the fourth quarter of the 2003 fiscal year.
Operating margin, which is operating income expressed as a percentage of net revenues, amounted to 9.2 percent in the fourth quarter, compared with 9.0 percent in the year-earlier period.
UTi Worldwide’s revenues increased 23 percent to $415.3 million. Net revenues rose 23 percent to $163.3 million. Air freight forwarding net revenue improved 26 percent; ocean freight forwarding net revenues rose 17 percent; customs brokerage net revenues grew 6 percent; and contract logistics net revenues rose 19 percent.
“Once again, UTi achieved solid gains in gross and net revenues across all service categories over the prior-year comparable period,” said Roger I. MacFarlane, chief executive officer of UTi Worldwide.
For the year ended Jan. 31, net income rose 53 percent to $44.8 million, compared with $29.3 million a year earlier. Operating income for the year increased 30 percent to $59.1 million from $45.5 million in fiscal 2003.
Gross revenues went up 28 percent to $1.5 billion in the 2004 fiscal year from $1.2 billion a year ago. Net revenues rose 47 percent to $596.1 million.
UTi Worldwide said the acquisition of Standard Corp., effective October 2002, contributed to both gross and net revenues for the last quarter of fiscal 2003, and contributed to the full 12 months in fiscal 2004.