UTi Worldwide Inc., an international supply chain services and solutions company registered in the British Virgin Islands, reported financial results for the fourth quarter period ended January 31, 2010. In this period, company’s revenues were $991.5 million – an 11 percent increase from $894.1 million in fiscal fourth quarter period ended January 31, 2009. Net revenues were $350.6 million – a 5 percent increase from $332.7 million in Q4 2009. Net income was $1.5 million, or $0.02 per diluted share (compared to a net loss of $89.8 million, or $0.90 per diluted share). Adjusted net income attributable to UTi Worldwide Inc. for the reported period was $10.9 million, or $0.11 per diluted share. Operating expenses in the fourth quarter of fiscal 2010, excluding purchased transportation costs, were $338.8 million. Operating income reported by the company made $11.8 million. UTi Worldwide Inc. recorded an effective tax rate of 79 percent in the fourth quarter, and 35 percent for the year 2009.
According to company’s CEO Eric W. Kirchner, financial results in the fourth quarter were severely affected by sharply higher transportation costs. He said that the circumstances leading to the industry-wide yield contraction are to stabilize over time and this will allow the company to pass through higher prevailing transportation rates to clients.