UTI WORLDWIDE REPORTS IMPROVED RESULTS FOR 4TH QUARTER, FISCAL 2000

UTI WORLDWIDE REPORTS IMPROVED RESULTS FOR 4TH QUARTER, FISCAL 2000

   UTi Worldwide Inc., the non-asset based supply chain management provider, reported improved revenue and earnings for its fourth quarter and fiscal year 2001.

   Net income for the fourth quarter was $6.5 million, up from $3.6 million for the fourth quarter of fiscal 2000. Revenue rose 21 percent to $220.5 million while net revenues were up 20 percent to $77.9 million.

   The Rancho Dominguez, Calif.-based company said the number of shares outstanding increased significantly at a result of the U.S. initial public offering in November.

   The fourth quarter included a $700,000 impact for the final distribution related to a subsidiary incentive plan and a $2.6-million cumulative currency translation gain due to the liquidation of a non-operating subsidiary.

   For fiscal 2001, which ended Jan. 31, net income totaled $18.5 million, up from $16.7 million in fiscal 2000. Revenues rose 22 percent to $863.3 million, while net revenues rose 23 percent to $301.8 million.

   'Revenues grew in all of our service categories year-over-year,' said Roger I. MacFarlane, UTi's chief executive officer. The company expects gross and net revenue growth to slow in fiscal 2002, 'due to softening economic conditions in Europe and elsewhere, in addition to what we are already experiencing in the U.S.'