UTi’s revenues, profits jump
UTi Worldwide Inc., based in Rancho Dominguez, Calif., said its net income for the fiscal 2006 first quarter ended April 30 grew 39 percent to $17.8 million, while gross revenue increased 29 percent to $630.2 million, when compared to the year-earlier fiscal quarter.
The fast-growing forwarding and logistics company reported year-over-year quarterly increases in gross and net revenues, operating income, net income and earnings per share.
Its air freight forwarding net revenues grew 24 percent to $70.5 million in the latest quarter. Ocean forwarding net revenue increased 21 percent to $25.6 million. Net revenues, including those from customs brokerage and contract logistics, rose 30 percent to $221.2 million, from $170.0 million.
“The increases in gross and net revenues were spread across all regions and service lines and reflect continued organic growth as well as the acquisitions of International Healthcare Distributors (Pty) Ltd. in South Africa and Unigistix Inc. in Canada which occurred in June and October 2004, respectively, and the impact of favorable exchange rates as compared to the U.S. dollar,” the company said.
Operating income for the first quarter increased 44 percent to $26.9 million from $18.7 million. As a percentage of net revenues, operating income rose to 12.2 percent from 11.0 percent.
UTi is listed on the Nasdaq stock exchange.