UTi Worldwide Issues 3Q Earnings; Will Restate Back to ’03

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ir and ocean freight forwarder UTi Worldwide reported in issuing preliminary third-quarter earnings that it will restate earnings going back three years due to an accounting error.

The period in question was from Jan. 31, 2003, to July 31, 2006, stemming from its $104 million acquisition of SLi in January 2002.

Preliminary third-quarter income was $30.5 million or 31 cents a share, while revenue rose 28% to $946.3 million from a year earlier.

UTi Worldwide — incorporated in the British Virgin Islands with operating headquarters in Rancho Dominguez, Calif. — is ranked No. 24 on the Transport Topics Logistics 50 listing of U.S. and Canadian logistics companies.