Boston, MA 06/09/2014 (wallstreetpr) – UTi Worldwide Inc. (NASDAQ:UTIW) reported huge quarterly loss on account of decreasing revenue from its ocean and air freight businesses.
Q1’15 Versus Q1’14 Results
The UTi Worldwide Inc. (NASDAQ:UTIW) reported the financial results for the first quarter of fiscal year 2015, period ending April 30, 2014. It reported a 3.3% decline in revenue as compared to the first quarter of 2014. Revenues were down from $1,080.7 million in 2014 to $1,045 million this year. Net revenues fell from $375.7 million to $372.9 million, which marks a fall of 0.8% in the one year period. The company reported a decrease of 0.3% in revenues on organic basis this year, while net revenues on the same basis surged 3.8%.
UTi Worldwide Inc. (NASDAQ:UTIW) reported a net loss of almost $43.2 million in the first quarter of fiscal year 2015. This is equivalent to a net loss of 43 cents a share. Last year, during the same period, the company had reported net loss attributable to be $12.4 million which is equivalent to 12 cents a share. The GAAP net loss includes a debt extinguishing loss of as much as $21.8 million, which is equivalent to 21 cents per share. The amount relates to its refinancing activities it had completed this year. Apart from this, the company’s additional tax costs exceeded its normalized tax rate of $13 million, or equivalently 12 cents a share. Its non-GAAP net loss attributable was $7.8 million, equivalent to 9 cents a share. The company’s adjusted EBITDA amounted to 26.2 million for the quarter ended April 30, 2014. This is comparable to the same quarter result in the previous year, when adjusted EBITDA was $31 million.
Operating costs, excluding transportation expenses, were $375.5 million, which is comparable to last year’s $369.1 million. It also recorded a tax provision of around $9 million on a pretax loss of as much as $33.8 million.
