UTI WORLDWIDE SEES ROBUST FISCAL 1ST QUARTER

UTI WORLDWIDE SEES ROBUST FISCAL 1ST QUARTER

   UTi Worldwide Inc., the non-asset-based supply chain management and logistics provider, said its net income rose 72 percent to $4.0 million for its fiscal quarter ending April 30.

   Operating profit increased 34 percent to $5.3 million. Gross revenue rose 12 percent to $215.0 million and net revenues improved 13 percent to $74.2 million; both were adversely impacted by foreign currency exchange rates.

   UTI said its financial improvement was due largely to growth in its Asia Pacific business, which saw a 48-percent increase in revenues and a 57-percent rise in net revenue. That growth offset currency impacts in Europe and Africa and the global economic slowdown.

   “Our achievements in the quarter were accomplished in spite of a weaker than expcted month of April,” said Roger I. MacFarlane, chief executive officer. “Initial May results indicate continued weakness in customer shipment sizes going into the second quarter. Also, despite the growth we enjoyed in Asia pacific in the first quarter, we are now seeing the U.S. slowdown spreading to that region and Europe. Based on this pattern, we anticipate a tough operating environment for the second quarter.”