UTi Worldwide Q4 Net Loss Shrinks - Quick Facts

(RTTNews) - Supply chain services company UTi Worldwide, Inc. (UTIW) posted a significantly narrower fourth-quarter net loss attributable to the company of $50.7 million, or $0.48 per share, versus a $142.8 million, or $1.38 per share loss a year ago.

The GAAP net loss in the latest quarter includes after-tax severance and other costs of $7.3 million, or $0.07 per share. UTi also recorded an after-tax write-off of $4.5 million, or $0.04 per share, in bad debt related to customer bankruptcies. Further, despite incurring a net loss, the firm said it recorded additional tax expense exceeding its normalized tax rate by $22.9 million, or $0.22 per share.

Excluding the after-tax severance and other costs, bad debt write-off and the additional tax expense described above, non-GAAP net loss attributable to UTi Worldwide Inc. totaled $16.1 million, or $0.15 per share. On average, 11 analysts polled by Thomson Reuters expected loss per share of $0.11 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenues were $1.08 billion, a 2.1 percent decline from $1.10 billion reported last year, while eight analysts estimated revenues of $1.08 billion.

Net revenues, ie. revenues minus purchased transportation costs, were $370.0 million, down 0.3 percent, compared with the prior year's $371.1 million. On an organic basis, revenues went up 1.7 percent and net revenues up 4.5 percent year-over-year.

The company's audited financial statements were issued with no going concern qualification for all periods presented.