UTi Worldwide Loss Widens in Fiscal 4Q
UTi Worldwide Inc. said its fiscal fourth-quarter loss nearly doubled to $103.2 million, or $1.02 per share, as results worsened in the freight forwarding unit and severance costs added to the loss.
UTi, in Long Beach, California, reported a 6% decline in revenue to $964.6 million and a drop of 10% in net revenue, representing the amount remaining after transport costs are paid. In the year-earlier period, the company that ranks No. 9 in the Transport Topics Top Logistics Companies, lost $56.0 million, or 53 cents per share for the quarter ended Jan. 31.
CEO Edward Feitzinger said in a statement, "Fiscal 2015 was a challenging year for the company. Our results for the fourth quarter were particularly disappointing and included a number of one-time charges that stemmed from our January restructuring and reorganization efforts.”
The loss before interest and taxes in the freight forwarding sector quadrupled to $61.1 million. Contract logistics profit before interest and taxes was $300,000, compared with $2.78 million in the prior-year period.
Costs related to job cuts totaled nearly $18 million in the quarter.
