October 18, 2000

UTi Worldwide Reports Six-Month Results

 

UTi Worldwide Inc. today reported results for its six months ended July 31, 2000.


For the fiscal 2001 first half, UTi's gross revenues rose 23% to $402.0 million, from $328.0 million in the corresponding year-earlier period. Net revenues for the first half after freight forwarding consolidation costs totaled $141.1 million, up 23% from $115.2 million.


Net income for the first six months of fiscal 2001 rose 39% to $7.8 million, or $0.39 per diluted share, up from $5.6 million, or $0.28 per diluted share, a year ago.

Per share calculations reflect UTi's announced 1-for-7.63 combination of shares (reverse stock split) effective on the close of business on October 18, 2000. The combination reduced UTi's shares outstanding to approximately 20 million from approximately 153 million.


Revenue growth for the current first half reflected increases in airfreight forwarding, ocean freight forwarding, customs brokerage and other revenues. Additionally, revenues benefited from acquisitions made in the past 12 months.


CONDENSED STATEMENT OF INCOME


Six Months Ended July 31, 
    2000 1999
    (Unaudited) (Audited)
Income Statement Data:    
Gross revenue  $ 401,985  $  327,997
Freight consolidation costs    (260,852)     (212,842)
Net revenue     141,133      115,155
Staff costs      (71,668)      (58,465)
Depreciation        (4,267)        (3,640)
Amortization        (2,146)        (1,504)
Other operating expenses      (50,791)      (43,761)
Operating profit       12,261         7,785
Finance costs        (3,624)        (3,082)
Income from other investments         2,118         1,752
Pretax income       10,755         6,455
Income tax expense        (2,579)           (548)
Net income before minority interest         8,176         5,907
Minority interest          (400)           (307)
Net income  $     7,776  $     5,600
       
       
  (U.S. $000, except per share amounts)
       
Basic earnings per ordinary share (U.S.$)  $       0.44  $       0.34
Diluted earnings per ordinary share  $       0.39  $       0.28
Earnings before amortization  $     9,922  $     7,104
Basic earnings per ordinary share    
  Before amortization  $       0.56  $       0.44
Diluted earnings per ordinary share  
  Before amortization  $       0.49  $       0.35
Number of shares used for per share calculations:
  Undiluted shares 17,653,239 15,259,099
  Diluted shares 20,047,380 20,047,380
       
SELECTED BALANCE SHEET DATA  
(U.S. $000)    
    31-Jul-00 31-Jan-00
    (Unaudited) (Audited)
Cash and cash equivalents  $   24,745  $    20,760
Trade and other receivables, net 220,428 183,083
Total current assets 245,173 203,843
Property, plant and equipment, net 37,053 34,985
Goodwill, net 59,752 48,532
Total assets 351,560 297,920
Total current liabilities 222,440 172,505
Total long term liabilities 19,083 18,801
Total Shareholder's equity 108,300 105,043
 

Per share calculations reflect UTi's announced 1-for-7.63 combination of shares (reverse stock split) effective on the close of business on October 18, 2000.