Monthly Archives: September 2012

UTi Worldwide reported results for the second quarter of Fiscal 2013

BVI-registered freight and logistics company UTi Worldwide Inc. announced financial results for the second quarter of its fiscal year 2013, which ended July 31, 2012. For this period, the company reported revenues of US$1,155.8 million – a 10.9% decrease if compared to revenues in the second quarter of fiscal 2012 ($1,297.4 million). This decrease can be attributed to several negative factors – the impact of currency, lower pricing, and weaker airfreight tonnage. Net revenues in the reported quarter were US$406.1 million – 8.4% decrease if compared to US$443.4 million in the same period of 2012, primarily due to currency translation and lower airfreight volumes.

In the period ended July 31, 2012, net income attributable to UTi Worldwide was US$18.9 million, or $0.18 per diluted share, as compared to US$22.9 million, or $0.22 per diluted share in the same quarter of fiscal 2012.

UTi Worldwide reported that its severance costs before taxes totaled $2.1 million in the second quarter of the fiscal 2013, compared to US$3.5 million in the same quarter of the last year. After-tax severance costs of the company were US$1.4 million, compared to US$2.4 million in the second quarter of fiscal 2012. Excluding these costs, adjusted net income attributable to UTi Worldwide Inc., was US$20.3 million, or US$0.20 per diluted share, compared to US$25.3 million, or US$0.24 per diluted share in the same period of the last year.

In the second quarter of fiscal 2013, the BVI company reported operating income in the amount of US$33.0 million. Excluding the severance costs described above and mainly related to transformational changes in the company, adjusted operating income was US$35.2 million, or 8.7% of net revenues, as compared to US$43.2 million, or 9.7% of net revenues in the second quarter of the previous year.

Talon Metals Corp. reported second quarter financial results

Talon Metals Corp., a British Virgin Islands-registered company listed on Toronto Stock Exchange, announced its financial results for the second quarter period ended June 30, 2012. For three months, the BVI company reported net loss of US$2,717,326, or US$0.03 per share (basic and diluted), as compared to net loss of US$6,514,126 or US$0.07 per share for the three month period ended June 30, 2011. Capitalized exploration for the second quarter ended June 30, 2012 was US$767,346, as compared to US$6,628,725 for the three months of 2011.

For the six month period ended June 30, 2012, net loss was US$4,255,588, or US$0.05 per share, as compared to net loss of US$9,843,660, or US$0.11 per share for the first six months of the previous year. Capitalized exploration for the six month period of 2012 was US$1,961,020, compared to US$9,284,898 for the same period of 2011.

Talons Metals’ treasury is approximately CDN$17 million. The BVI company has 92 million common shares outstanding and 111.3 million shares on a fully diluted basis.