British Virgin Islands company UTi Worldwide Inc. has reported fiscal results for the second quarter ended June 30, 2007, which reflected the continued revenue growth compared to the second quarter 2006. During the second quarter of fiscal 2007, gross revenues were up 17%, from $890.0 billion in the corresponding period of the previous year to $1.0 billion this year. Net revenues rose 20%, from $305.4 million in the same period 2006 to $366.8 million in 2007.
The gross and net revenue gains for the second quarter 2007 was attributed to organic growth across all geographic regions, as well as contributions from acquisitions made by the company since May 1, 2006. The company’s gross and net revenues, excluding acquisitions, were up 14% in the second quarter 2007 over the prior-year period. Operating income in the second quarter of fiscal 2007 totaled $43.3 million. Net income for this period made $27.7 million, or $0.28 per diluted share.
For the six-month period ended July 31, 2007, gross revenues increased 20%, from $1.7 billion for the first six months 2006 to $2.0 billion. Net revenue increased 22% to $702.9 million in the first half of fiscal 2007, compared with $577.0 in the first half of fiscal 2007. Operating income for the first six months of fiscal 2007 totaled $74.7 million, compared to $80.5 million in the same period of 2006. Net income for the first half of 2007 was $45.8 million, or $0.46 per diluted share. This compares with $53.8 million, or $0.54 per diluted share, in the same period of last year.
UTi Worldwide is a BVI-based global integrated logistics company, providing supply chain management and optimization solutions.