UTi Worldwide Reports Fiscal 2014 Third Quarter Results

UTi Worldwide Reports Fiscal 2014 Third Quarter Results

Freight Forwarding Operating System Launched in Germany

LONG BEACH, Calif., Dec. 5, 2013 (GLOBE NEWSWIRE) -- UTi Worldwide Inc.
(Nasdaq:UTIW) today reported financial results for its fiscal 2014 third
quarter ended October 31, 2013.

Fiscal Third Quarter 2014 vs. 2013 Results:

  *Revenues were $1,154.4 million, a decrease of 0.2 percent from $1,156.7
    million.
  *Net revenues (revenues minus purchased transportation costs) were $393.5
    million, a decrease of 2.5 percent from $403.6 million.
  *On an organic basis, revenues increased 3.1 percent and net revenues
    increased 1.6 percent versus the comparable prior year period.
  *Net loss attributable to UTi Worldwide Inc. was $9.1 million, or $0.09 per
    diluted share, compared to net income of $10.5 million, or $0.10 per
    diluted share.
  *The GAAP net loss in the fiscal 2014 third quarter includes after-tax
    severance costs of $12.0 million, or $0.12 per diluted share. In addition,
    the company recorded additional tax expense exceeding its normalized tax
    rate by $5.2 million, or $0.05 per diluted share.
  *Excluding the after-tax severance costs and the additional tax expense
    described above, non-GAAP net income attributable to UTi Worldwide Inc.
    was $8.1 million, or $0.08 per diluted share.
  *All references to adjusted items and organic items in this release refer
    to non-GAAP results. A reconciliation of GAAP to these non-GAAP results is
    provided in the supplemental financial information attached to this
    release.

Eric W. Kirchner, chief executive officer, said, "Our fiscal 2014 third
quarter results reflect increased activity in both our freight forwarding and
contract logistics and distribution segments, offset by transformation-related
costs. Our sales efforts drove freight forwarding volume growth that was ahead
of the market, particularly in airfreight. Rates were under pressure in the
third quarter and this led to a decline in net revenue per unit of cargo that
partially offset the higher volumes. We anticipate this rate pressure to
continue for the foreseeable future. Improved trading conditions and our
ongoing sales activities in contract logistics and distribution led to new
business and increases in existing accounts. Year over year comparisons in
contract logistics and distribution were negatively impacted by the conclusion
in October 2012 of a high-margin account in the Americas and the impact of
currency exchange rates on our global results."

Kirchner continued, "Since October 1, we have launched our 1View freight
forwarding operating system in five countries, including Belgium, France and
Germany. There are now 27 countries that are live on the system, representing
approximately 50 percent of total freight forwarding shipments. We continue to
expect approximately 70 percent of shipments to be on the new system at the
end of our 2014 fiscal year. In addition, we expect to be substantially
complete with the system rollout by the middle of fiscal 2015. Because of the
progress made in our transformation activities, we removed approximately $30
million in pre-tax operating expenses on an annualized basis at the end of the
third quarter. None of these cost reductions are reflected in our third
quarter results. We anticipate an additional $10-12 million of annualized
pre-tax operating expenses to be removed by the end of our 2014 fiscal year.
We expect to realize cumulative gross pre-tax cost savings of approximately
$75-95 million on an annualized go-forward basis by the end of fiscal 2015,
beginning with the cost actions taken during the third quarter."

Operating expenses less purchased transportation costs were $386.2 million in
the third quarter of fiscal 2014. Severance costs in the fiscal 2014 third
quarter were $13.2 million on a pre-tax basis, compared to $3.9 million in the
same period last year. In addition, the company accrued $5.2 million in the
fiscal 2013 third quarter for other costs as a result of a legal judgment
relating to a 2006 warehouse fire which was not covered by insurance.
Excluding these items, adjusted operating expenses less purchased
transportation costs were $373.1 million, compared to $371.8 million in the
same period last year. On an organic basis, adjusted operating expenses less
purchased transportation costs increased 4.2 percent, compared to the same
period last year. The increase primarily reflects costs associated with
transformation related activities.

The company recorded a tax provision of $9.3 million in the fiscal 2014 third
quarter on pretax income of $2.0 million, due to valuation allowances and the
mix of taxable income across the company's tax jurisdictions.

Investor Conference Call:

UTi management will host an investor conference call today, December 5, 2013,
at 8:00 a.m. PST (11:00 a.m. EST) to review the company's financial results
for the fiscal 2014 third quarter. Investment professionals are invited to
participate in the live call by dialing 800-762-8779 (domestic) or
480-629-9771 (international) using conference ID 4652239. The call will be
open to all interested investors through a live, listen-only audio Internet
broadcast at www.go2uti.com. The slides that will be referenced during the
call will be available on the company's website at www.go2uti.com (click on
"Investor Relations" and then click on "Webcasts & Presentations"). The slides
will contain disclosures of certain non-GAAP financial measures, which will be
identified in the slides. Reconciliations of these non-GAAP financial measures
to the most directly comparable GAAP financial measures will be included in
the slides. For those who are not available to listen to the live broadcast,
the call will be archived for one year at both Web sites. A telephonic
playback of the conference call also will be available from approximately
11:00 a.m. PST, today, through December 9, 2013, by calling 800-406-7325
(domestic) or 303-590-3030 (international) and using replay passcode 4652239.

About UTi Worldwide:

UTi Worldwide Inc. is an international, non-asset-based supply chain services
and solutions company providing air and ocean freight forwarding, contract
logistics, customs brokerage, distribution, inbound logistics, truckload
brokerage and other supply chain management services. The company serves a
large and diverse base of global and local companies, including clients
operating in industries with unique supply chain requirements such as the
pharmaceutical, retail, apparel, chemical, automotive and technology
industries. The company seeks to use its global network, proprietary
information technology systems, relationships with transportation providers,
and expertise in outsourced logistics services to deliver competitive
advantage to each of its clients' supply chains.

Use of Non-GAAP Financial Information:

This press release includes "non-GAAP financial measures" within the meaning
of the Securities and Exchange Commission rules. UTi believes that meaningful
analysis of its financial performance requires an understanding of the factors
underlying that performance and the company's judgments about the likelihood
that particular factors will repeat. Short-term patterns and long-term trends
may be obscured by the impact of certain items. For this reason, the company
has included information in this press release relating to organic revenue and
organic net revenue changes, which are adjusted to exclude the impact of
currency fluctuations between comparable periods. The company also has
referred to operating expenses less purchased transportation costs, and to
adjusted operating expenses less purchased transportation costs, which are
operating expenses less purchased transportation costs that are further
adjusted to exclude severance and other costs. The company has also included
information relating to organic adjusted operating expenses less purchased
transportation costs, which are adjusted operating expenses less purchased
transportation costs that are further adjusted to exclude the impact of
currency fluctuations between comparable periods. The company has further
referred to non-GAAP net income attributable to UTi Worldwide Inc., which is
adjusted to exclude severance costs and valuation allowances on deferred tax
assets, as described above, and non-GAAP earnings per diluted share. This
information is among the information the company uses as a basis for
evaluating company performance on a comparable basis over time, allocating
resources and planning and forecasting of future periods. The company has also
provided this information because such adjustments make performance
information more comparable to prior disclosures for investors, and may
enhance the ability of investors to analyze the company's performance. For
more information on these non-GAAP financial measures, please see the tables
at the end of this press release.

Safe Harbor Statement:

Certain statements in this news release may be deemed to be forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. The company intends that
all such statements be subject to the "safe-harbor" provisions contained in
those sections. Such forward-looking statements may include, but are not
limited to, statements about rate pressure continuing for the foreseeable
future, the expected implementation of the company's freight forwarding
operating system, including expectations that approximately 70 percent of
shipments will be on the new system at the end of fiscal 2014 and that the
system rollout will be substantially complete by the middle of fiscal 2015,
our anticipated removal of an additional $10-12 million of annualized pre-tax
operating expenses before the end of our 2014 fiscal year, and our expectation
that we will realize $75-95 million in gross annualized pre-tax operating
expense reductions by the end of fiscal 2015, and any other statements not of
an historical nature. Many important factors may cause the company's actual
results to differ materially from those discussed in any such forward-looking
statements, including but not limited to: volatility with respect to global
trade, particularly as it relates to the global airfreight, ocean freight and
contract logistics and distribution markets; global economic, political and
market conditions, including those in Africa, Asia and EMENA; risks associated
with the company's business transformation initiative, which include
unanticipated difficulties, delays, additional costs and expenses as well as
the incurrence of additional severance and other charges as a result of such
initiative; changes in interest and foreign exchange rates; risks that the
company might be required to record impairment charges to goodwill or
additional increases in its valuation allowance on deferred tax assets; risks
associated with the company's ability to satisfy financial covenants in
connection with its credit facilities and note purchase agreement in the
future and its ability to obtain waivers with respect to the covenants if
needed and/or otherwise amend, refinance, renew or replace its credit
facilities, note purchase agreement and other indebtedness on commercially
reasonable terms or at all; risks associated with the profitability of certain
operations and changes in statutory tax rates worldwide, changes in the
geographic composition of the company's worldwide taxable income, changes in
the company's unrecognized tax positions, and the impact of audit settlements
with local tax authorities; volatile fuel costs; transportation capacity,
pricing dynamics and the ability of the company to secure space on third party
aircraft, ocean vessels and other modes of transportation; material
interruptions in transportation services; risks of international operations;
risks associated with, and the potential for penalties, fines, costs and
expenses the company may incur as a result of the ongoing publicly announced
governmental investigations into the international air freight and air cargo
transportation industry and other related investigations and lawsuits; risks
of adverse legal judgments and other liabilities not limited by contract or
covered by insurance; the financial condition of the company's customers;
disruptions caused by epidemics, natural disasters, conflicts, wars and
terrorism; and the other risks and uncertainties described in "Risk Factors"
and "Forward-looking Statements" in the company's Annual Report on Form 10-K
for the fiscal year ended January 31, 2013, any subsequently filed Quarterly
Reports on Form 10-Q and as described in the company's other filings with the
Securities and Exchange Commission. In light of the significant uncertainties
inherent in the forward-looking information included herein, the inclusion of
such information should not be regarded as a representation by UTi or any
other person that UTi's objectives or plans will be achieved in the timeframe
anticipated or at all. Investors are cautioned not to place undue reliance on
the company's forward-looking statements. UTi undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise, except as required by law.

                               (Tables Follow)

UTi Worldwide Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)

                          Three months ended        Nine months ended
                          October 31,               October 31,
                          2013         2012         2013         2012
                          (Unaudited)               (Unaudited)
                                                              
Revenues:                                                      
Airfreight forwarding      $342,447   $344,757   $1,021,396 $1,096,291
Ocean freight forwarding   334,622     323,247     957,087     960,369
Customs brokerage          37,948      29,655      100,074     88,335
Contract logistics         190,699     203,347     557,758     608,818
Distribution              157,301     152,767     450,257     448,169
Other                      91,389      102,906     277,905     306,284
Total revenues             1,154,406   1,156,679   3,364,477   3,508,266
                                                              
Other operating expenses:                                      
Purchased transportation                                       
costs:
Airfreight forwarding      263,162     265,280     788,560     853,786
Ocean freight forwarding   279,388     271,604     801,711     806,835
Customs brokerage          7,317       1,375       12,691      4,154
Contract logistics         44,858      53,445      135,272     157,798
Distribution              110,096     104,833     314,308     304,065
Other                      56,092      56,540      157,059     166,188
                                                              
Staff costs                221,075     219,055     665,567     675,573
Depreciation               13,628      12,254      39,766      34,979
Amortization of intangible 5,730       2,974       11,276      9,376
assets
Severance and other        13,184      9,097       19,033      12,921
Other operating expenses   132,630     137,542     397,936     403,341
Total other operating      1,147,160   1,133,999   3,343,179   3,429,016
expenses
Operating income           7,246       22,680      21,298      79,250
Interest expense, net      (4,923)     (2,225)     (11,663)    (7,527)
Other expense, net         (294)       (208)       (1,256)     (508)
Pretax income              2,029       20,247      8,379       71,215
Provision for income taxes 9,334       7,378       30,054      23,899
Net (loss)/income          (7,305)     12,869      (21,675)    47,316
Net income attributable to 1,770       2,321       4,262       4,999
non-controlling interests
                                                              
Net (loss)/income
attributable to UTi        $(9,075)   $10,548    $(25,937)  $42,317
Worldwide Inc.
                                                              
Basic (loss)/earnings per
common share attributable  $(0.09)    $0.10      $(0.25)    $0.41
toUTi Worldwide Inc.
common shareholders
                                                              
Diluted (loss)/earnings
per common share
attributable toUTi        $(0.09)    $0.10      $(0.25)    $0.41
Worldwide Inc. common
shareholders
                                                              
Number of weighted average
common sharesoutstanding                                      
used for per share
calculations
Basic shares               104,746,663 103,736,084 104,450,366 103,468,700
Diluted shares             104,746,663 103,953,783 104,450,366 103,947,047
                                                              

UTi Worldwide Inc.
Condensed Consolidated Balance Sheets
(in thousands)

                                            October 31, 2013 January 31, 2013
                                            (Unaudited)      (Audited)
                                                            
ASSETS                                                       
Cash and cash equivalents                    $171,220       $237,276
Trade receivables, net                       1,084,040       898,809
Deferred income taxes                        14,475          19,595
Other current assets                         158,816         156,385
Total current assets                         1,428,551       1,312,065
                                                            
Property, plant and equipment, net           233,738         242,898
Goodwill and other intangible assets, net    474,265         457,635
Investments                                  1,110           969
Deferred income taxes                        19,828          25,802
Other non-current assets                     37,225          34,688
Total assets                                 $2,194,717     $2,074,057
                                                            
LIABILITIES & EQUITY                                         
Bank lines of credit                         $174,965       $79,213
Short-term borrowings                        2,017           1,129
Current portion of long-term borrowings      2,023           5,663
Current portion of capital lease obligations 12,209          11,377
Trade payables and other accrued liabilities 858,779         786,444
Income taxes payable                         16,007          8,470
Deferred income taxes                        2,112           2,775
Total current liabilities                    1,068,112       895,071
                                                            
Long-term borrowings, excluding current      203,219         204,434
portion
Capital lease obligations, excluding current 66,142          73,538
portion
Deferred income taxes                        30,061          29,654
Other non-current liabilities                43,018          47,178
                                                            
Commitments and contingencies                                
                                                            
UTi Worldwide Inc. shareholders' equity:                     
Common stock                                 514,658         505,237
Retained earnings                            364,727         396,946
Accumulated other comprehensive loss         (110,468)       (92,348)
Total UTi Worldwide Inc. shareholders'       768,917         809,835
equity
Non-controlling interests                    15,248          14,347
Total equity                                 784,165         824,182
Total liabilities and equity                 $2,194,717     $2,074,057
                                                            

UTi Worldwide Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)

                                                Nine months ended October 31,
                                                2013            2012
                                                (Unaudited)
                                                               
OPERATING ACTIVITIES:                                           
Net (loss)/income                                $(21,675)     $47,316
Adjustments to reconcile net (loss)/income to                   
net cashused in operating activities:
Share-based compensation costs                   9,782          11,689
Depreciation                                     39,766         34,979
Amortization of intangible assets                11,276         9,376
Amortization of debt issuance costs              524            931
Deferred income taxes                            7,102          (2,937)
Uncertain tax positions                          (4)            (1,136)
Excess tax benefits from share-based             --            (9)
compensation
(Gain)/loss on disposal of property, plant and   (548)          25
equipment
Provision for doubtful accounts                  4,220          978
Proceeds from the sale of trade receivables      20,211         --
Other                                            3,375          1,450
Net changes in operating assets and liabilities  (142,891)      (160,135)
Net cash used in operating activities            (68,862)       (57,473)
                                                               
INVESTING ACTIVITIES:                                           
Purchases of property, plant and equipment,      (36,545)       (31,371)
excluding software
Proceeds from disposals of property, plant and   3,583          2,484
equipment
Purchases of software and other intangible       (27,484)       (26,792)
assets
Net increase in other non-current assets         (3,292)        (406)
Other                                            --            99
Net cash used in investing activities            (63,738)       (55,986)
                                                               
FINANCING ACTIVITIES:                                           
Net borrowings under bank lines of credit        98,970         75,544
Net increase in short-term borrowings            1,031          10
Proceeds from issuances of long-term borrowings  639            3,629
Repayments of long-term borrowings               (5,514)        (21,180)
Debt issuance costs                              --            (999)
Repayments of capital lease obligations          (10,168)       (13,757)
Distributions to non-controlling interests and   (2,180)        (2,433)
other
Ordinary shares settled under share-based        (2,487)        (3,042)
compensation plans
Proceeds from issuance of ordinary shares        3,345          1,671
Excess tax benefits from share-based             --            9
compensation
Dividends paid                                   (6,282)        (6,223)
Net cash provided by financing activities        77,354         33,229
                                                               
Effect of foreign exchange rate changes on cash  (10,810)       (14,538)
and cashequivalents
Net decrease in cash and cash equivalents        (66,056)       (94,768)
                                                               
Cash and cash equivalents at beginning of period 237,276        321,761
                                                               
Cash and cash equivalents at end of period       $171,220      $226,993
                                                               

UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)

                            Three months ended October 31, 2013
                             Freight    Contract
                            Forwarding Logistics and Corporate   Total
                                        Distribution
                                                              
Revenues                     $778,446 $375,960    $--      $1,154,406
                                                              
Purchased transportation     596,663   164,250      --        760,913
costs
Staff costs                  108,985   103,582      8,508      221,075
Depreciation                 4,269     7,994        1,365      13,628
Amortization of intangible   4,404     1,205        121        5,730
assets
Severance and other          6,083     7,004        97         13,184
Other operating expenses     44,390    79,485       8,755      132,630
Total operating expenses     764,794   363,520      18,846     1,147,160
Operating income/(loss)      $13,652  $12,440     $(18,846) 7,246
Interest expense, net                                          (4,923)
Other expense, net                                             (294)
Pretax income                                                  2,029
Provision for income taxes                                     9,334
Net loss                                                       (7,305)
Net income attributable to                                     1,770
non-controlling interests
Net loss attributable to UTi                                   $(9,075)
Worldwide Inc.
                                                              

UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)

                            Three months ended October 31, 2012
                             Freight    Contract
                            Forwarding Logistics and Corporate   Total
                                        Distribution
                                                              
Revenues                     $765,949 $390,730    $--      $1,156,679
                                                              
Purchased transportation     586,356   166,721      --        753,077
costs
Staff costs                  102,476   109,166      7,413      219,055
Depreciation                 3,858     7,463        933        12,254
Amortization of intangible   1,006     1,428        540        2,974
assets
Severance and other          833       6,547        1,717      9,097
Other operating expenses     46,302    86,321       4,919      137,542
Total operating expenses     740,831   377,646      15,522     1,133,999
Operating income/(loss)      $25,118  $13,084     $(15,522) 22,680
Interest expense, net                                          (2,225)
Other expense, net                                             (208)
Pretax income                                                  20,247
Provision for income taxes                                     7,378
Net income                                                     12,869
Net income attributable to                                     2,321
non-controlling interests
Net income attributable to                                     $10,548
UTi Worldwide Inc.
                                                              

UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)

                          Nine months ended October 31, 2013
                           Freight      Contract
                          Forwarding   Logistics and Corporate   Total
                                        Distribution
                                                              
Revenues                   $2,266,765 $1,097,712  $--      $3,364,477
                                                              
Purchased transportation   1,732,000   477,601      --        2,209,601
costs
Staff costs                322,856     314,999      27,712     665,567
Depreciation               12,491      23,356       3,919      39,766
Amortization of intangible 6,645       3,648        983        11,276
assets
Severance and other        8,512       8,313        2,208      19,033
Other operating expenses   136,969     237,205      23,762     397,936
Total operating expenses   2,219,473   1,065,122    58,584     3,343,179
Operating income/(loss)    $47,292    $32,590     $(58,584) 21,298
Interest expense, net                                          (11,663)
Other expense, net                                             (1,256)
Pretax income                                                  8,379
Provision for income taxes                                     30,054
Net loss                                                       (21,675)
Net income attributable to                                     4,262
non-controlling interests
Net loss attributable to                                       $(25,937)
UTi Worldwide Inc.
                                                              

UTi Worldwide Inc.
Segment Reporting
(in thousands)
(Unaudited)

                          Nine months ended October 31, 2012
                           Freight      Contract
                          Forwarding   Logistics and Corporate   Total
                                        Distribution
                                                              
Revenues                   $2,345,246 $1,163,020  $--      $3,508,266
                                                              
Purchased transportation   1,802,610   490,216      --        2,292,826
costs
Staff costs                316,510     333,858      25,205     675,573
Depreciation               12,108      20,863       2,008      34,979
Amortization of intangible 3,077       4,679        1,620      9,376
assets
Severance and other        3,009       7,656        2,256      12,921
Other operating expenses   137,327     252,356      13,658     403,341
Total operating expenses   2,274,641   1,109,628    44,747     3,429,016
Operating income/(loss)    $70,605    $53,392     $(44,747) 79,250
Interest expense, net                                          (7,527)
Other expense, net                                             (508)
Pretax income                                                  71,215
Provision for income taxes                                     23,899
Net income                                                     47,316
Net income attributable to                                     4,999
non-controlling interests
Net income attributable to                                     $42,317
UTi Worldwide Inc.
                                                              

UTi Worldwide Inc.
Geographic Reporting
(in thousands)
(Unaudited)

         Three months ended October 31, 2013
                     Contract     Freight    Contract
          Freight    Logistics    Forwarding Logistics    Operating     Severance
         Forwarding and          Net        and          (Loss)/Income and Other
          Revenues   Distribution Revenues   Distribution
                     Revenues                Net Revenues
EMENA     $220,317 $58,031    $57,698  $33,883    $(6,682)    $4,855
Americas  164,113   206,693     47,938    90,803      3,854        2,627
Asia      262,281   22,567      50,957    15,791      15,374       1,431
Pacific
Africa    131,735   88,669      25,190    71,233      13,546       4,174
Corporate --       --         --       --         (18,846)     97
Total     $778,446 $375,960   $181,783 $211,710   $7,246      $13,184
                                                                  
         
         Three months ended October 31, 2012
                     Contract     Freight    Contract
          Freight    Logistics    Forwarding Logistics    Operating     Severance
         Forwarding and          Net        and          (Loss)/Income and Other
          Revenues   Distribution Revenues   Distribution
                     Revenues                Net Revenues
EMENA     $214,715 $55,467    $57,300  $31,818    $(1,363)    $983
Americas  189,119   213,631     46,239    95,605      10,435       1,083
Asia      244,911   18,928      47,350    12,564      7,200        5,238
Pacific
Africa   117,204   102,704     28,704    84,022      21,930       76
Corporate --       --         --       --         (15,522)     1,717
Total     $765,949 $390,730   $179,593 $224,009   $22,680     $9,097
                                                                  

UTi Worldwide Inc.
Geographic Reporting
(in thousands)
(Unaudited)

         Nine months ended October 31, 2013
                       Contract     Freight    Contract
          Freight      Logistics    Forwarding Logistics    Operating     Severance
         Forwarding   and          Net        and          (Loss)/Income and Other
          Revenues     Distribution Revenues   Distribution
                       Revenues                Net Revenues
EMENA     $648,940   $167,898   $174,721 $98,641    $(10,088)   $6,774
Americas  519,652     600,134     140,404   264,668     8,837        3,520
Asia      745,549     61,413      146,528   41,272      39,016       2,035
Pacific
Africa    352,624     268,267     73,112    215,530     42,117       4,496
Corporate --         --         --       --         (58,584)     2,208
Total     $2,266,765 $1,097,712 $534,765 $620,111   $21,298     $19,033
                                                                    
                                                                    
         Nine months ended October 31, 2012
                       Contract     Freight    Contract
          Freight      Logistics    Forwarding Logistics    Operating     Severance
         Forwarding   and          Net        and          (Loss)/Income and Other
          Revenues     Distribution Revenues   Distribution
                       Revenues                Net Revenues
EMENA     $695,566   $178,503   $176,485 $103,495   $567        $3,212
Americas  570,992     615,362     141,270   274,479     26,704       2,007
Asia      729,538     54,436      143,086   35,718      31,358       5,313
Pacific
Africa   349,150     314,719     81,795    259,112     65,368       133
Corporate --         --         --       --         (44,747)     2,256
Total     $2,345,246 $1,163,020 $542,636 $672,804   $79,250     $12,921
                                                                    

UTi Worldwide Inc.
Supplemental Financial Information – Reconciliation to US GAAP
(in thousands, except per share amounts)
(Unaudited)

                                 Three months ended     Three months ended
                                  October 31, 2013       October 31, 2012
GAAP Revenues                     $1,154,406           $1,156,679
Less: Purchased transportation    (760,913)             (753,077)
costs
Net revenues                      $393,493             $403,602
                                                       
GAAP Operating expenses           $1,147,160           $1,133,999
Less: Purchased transportation    (760,913)             (753,077)
costs
Operating expenses less purchased 386,247               380,922
transportation costs
Less: Adjustment for severance    (13,184)              (9,097)
and other^(1)(2)
Non-GAAP Operating expenses       $373,063             $371,825
                                                       
GAAP Operating income             $7,246               $22,680
Add: Adjustment for severance and 13,184                9,097
other^(1)(2)
Non-GAAP Operating income         $20,430              $31,777
                                                       
Non-GAAP operating income as a    5.2%                   7.9%
percentage of net revenues
                                                       
GAAP Pretax income                $2,029               $20,247
Add: Adjustment for severance and 13,184                9,097
other^(1)(2)
Non-GAAP Pretax income            $15,213              $29,344
                                                       
GAAP Provision for income taxes   $9,334               $7,378
Add: Adjustment for severance and 1,220                 3,315
other^(3)
Less: Adjustment for deferred tax
asset valuation allowance and     (5,229)               (716)
other^(4)
Non-GAAP Provision for income     $5,325               $9,977
taxes
                                                       
GAAP Net (loss)/income
attributable to UTi Worldwide     $(9,075)             $10,548
Inc.
Adjustment for:                                         
Severance and other^(1)(2)        13,184                9,097
Income tax effect severance and   (1,220)               (3,315)
other^(3)
Adjustment for deferred tax asset 5,229                 716
valuation allowance and other^(4)
Non-GAAP Net income attributable  $8,118               $17,046
to UTi Worldwide Inc.
                                                       
GAAP Diluted (loss)/earnings per  $(0.09)              $0.10
common share
Adjustment for:                                         
Severance and other^(1)(2)        0.13                  0.09
Income tax effect severance and   (0.01)                (0.03)
other^(3)
Adjustment for deferred tax asset 0.05                  --
valuation allowance and other^(4)
Non-GAAP Diluted earnings per     $0.08                $0.16
common share

(1) During the three months ended October 31, 2013 the company recorded
pre-tax severance of $13,184 primarily related to transformation activities.
(2) During the three months ended October 31, 2012, the company recorded
pre-tax severance of $3,884 primarily related to transformation activities and
accrued pre-tax expenses of $5,213 for a legal judgment relating to a 2006
warehouse fire.
(3) The provision for income tax adjustment related to the severance and other
costs were calculated based on the prevailing tax rate in each jurisdiction.
(4) The company recorded additional tax expense exceeding its normalized tax
rates.This is due to valuation allowances and the mix of taxable income
across the company's tax jurisdictions.The company's estimated normalized tax
rates on an adjusted basis is estimated to be 35%, and 34%, respectively, for
the three months ended October 31, 2013, and 2012.


UTi Worldwide Inc.
Supplemental Financial Information – Reconciliation to US GAAP
(in thousands, except per share amounts)
(Unaudited)

                                  Nine months ended      Nine months ended
                                   October 31, 2013       October 31, 2012
GAAP Revenues                      $3,364,477           $3,508,266
Less: Purchased transportation     (2,209,601)           (2,292,826)
costs
Net revenues                       $1,154,876           $1,215,440
                                                        
GAAP Operating expenses            $3,343,179           $3,429,016
Less: Purchased transportation     (2,209,601)           (2,292,826)
costs
Operating expenses less purchased  1,133,578             1,136,190
transportation costs
Less: Adjustment for severance and (19,033)              (12,921)
other^(5)(6)
Non-GAAP Operating expenses        $1,114,545           $1,123,269
                                                        
GAAP Operating income              $21,298              $79,250
Add: Adjustment for severance and  19,033                12,921
other^(5)(6)
Non-GAAP Operating income          $40,331              $92,171
                                                        
Non-GAAP operating income as a     3.5%                   7.6%
percentage of net revenues
                                                        
GAAP Pretax income                 $8,379               $71,215
Add: Adjustment for severance and  19,033                12,921
other^(5)(6)
Non-GAAP Pretax income             $27,412              $84,136
                                                        
GAAP Provision for income taxes    $30,054              $23,899
Add: Adjustment for severance and  1,582                 4,336
other^(7)
Less: Adjustment for deferred tax
asset valuation allowance and      (22,042)              371
other^(8)
Non-GAAP Provision for income      $9,594               $28,606
taxes
                                                        
GAAP Net (loss)/income             $(25,937)            $42,317
attributable to UTi Worldwide Inc.
Adjustment for:                                          
Severance and other^(5)(6)         19,033                12,921
Income tax effect severance and    (1,582)               (4,336)
other^(7)
Adjustment for deferred tax asset  22,042                (371)
valuation allowance and other^(8)
Non-GAAP Net income attributable   $13,556              $50,531
to UTi Worldwide Inc.
                                                        
GAAP Diluted (loss)/earnings per   $(0.25)              $0.41
common share
Adjustment for:                                          
Severance and other^(5)(6)         0.18                  0.12
Income tax effect severance and    (0.02)                (0.04)
other^(7)
Adjustment for deferred tax asset  0.22                  --
valuation allowance and other^(8)
Non-GAAP Diluted earnings per      $0.13                $0.49
common share

(5) During the nine months ended October 31, 2013, the company recorded
pre-tax severance of $19,033 primarily related to transformation activities.
(6) During the nine months ended October 31, 2012, the company recorded
pre-tax severance of $7,708 primarily related to transformation activities and
pre-tax accrued expenses of $5,213 for a legal judgment relating to a 2006
warehouse fire.
(7) The provision for income tax adjustment related to the severance and other
costs were calculated based on the prevailing tax rate in each jurisdiction.
(8) The company recorded additional tax expense exceeding its normalized tax
rates.This is due to valuation allowances and the mix of taxable income
across the company's tax jurisdictions.The company's estimated normalized tax
rates on an adjusted basis is estimated to be 35%, and 34%, respectively, for
the nine months ended October 31, 2013, and 2012.


UTi Worldwide Inc.
Organic Growth Reconciliation
(Unaudited)

                      Three months ended October 31, 2013
                       Total Net   +/(-)      Organic   +/(-)       Adjusted
                      Change      Currency   Growth    Non-GAAP    Organic
                                   Impact               Items^(9)   Growth
Revenues               --%       3%        3%       --%       3%
Net revenues           (3)%       5%        2%       --%       2%
Operating expenses
less purchased         1%         4%        5%       (1)%       4%
transportation costs
                                                               
                      Nine months ended October 31, 2013
                       Total Net   +/(-)      Organic   +/(-)       Adjusted
                      Change      Currency   Growth    Non-GAAP    Organic
                                   Impact               Items^(10)  Growth
Revenues               (4)%       3%        (1)%     --%       (1)%
Net revenues           (5)%       4%        (1)%     --%       (1)%
Operating expenses
lesspurchased         --%        4%        4%       (1)%       3%
transportation costs
                                                               
(9)During the three months ended October 31, 2012, the company recorded
pre-tax severance of $3,884 primarily related to transformation activities and
accrued pre-tax expenses of $5,213 for a legal judgment relating to a 2006
warehouse fire.
(10)During the nine months ended October 31, 2012, the company recorded
pre-tax severance of $7,708 primarily related to transformation activities and
pre-tax accrued expenses of $5,213 for a legal judgment relating to a 2006
warehouse fire.

Set forth above is a reconciliation of the company's organic growth rates and
the growth rates based on the company's GAAP reported results in the company's
revenues, net revenues and operating expenses less purchased transportation
costs for the three and nine months ended October 31, 2013.Organic growth is
a non-GAAP measure that excludes the impact of foreign currency translation.

CONTACT: Jeff Misakian
         Global Vice President, Investor Relations
         (562) 552-9417
         jmisakian@go2uti.com
 
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