March 29, 2006 9:15 AM, EST

UTi Worldwide's 4Q, Fiscal-Year Income, Revenue Rise

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ir and ocean freight forwarder UTi Worldwide reported net income of $22.3 million or 23 cents a share for its fiscal 2006 fourth-quarter ended Jan. 31, compared with $18.6 million or 19 cents in the same quarter a year earlier.

The results reflect the company’s recent three-for-one stock split, UTi said in a statement Wednesday.

UTi said in early March when it announced its stock split that it had acquired Portland, Ore.-based Market Industries Ltd., a privately held 3PL and multi-modal transportation company, for $197.1 million. (Click here for previous coverage.)

Revenue rose 16% to $728.2 million for the quarter, while net revenue rose 18% to $253.7 million, the company said.

or the full fiscal year, UTi earned $88.4 million or 90 cents a share, compared with $67.5 million or 71 cents in the previous year.

Revenue rose 23% to $2.8 billion, while net revenue rose 25% to $966.4 million.

UTi Worldwide — incorporated in the British Virgin Islands with operating headquarters in Rancho Dominguez, Calif. — is ranked No. 29 on the Transport Topics Logistics 50 listing of U.S. and Canadian logistics companies.