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.