UTi reports lower earnings, revenue

UTi reports lower earnings, revenue    UTi Worldwide Thursday reported net profit from continuing operations attributable of $11.8 million in its fiscal second quarter ending July 31 compared to $28.5 million in the same 2008 period.
   Revenue was $840.5 million in the period, 33 percent less than the $1.25 billion recorded in the second quarter of 2008.
   Eric W. Kirchner, chief executive officer, said, “results in the quarter continued to be impacted by weak economic and industry conditions. But the pace of volume declines moderated throughout the quarter, primarily due to seasonal factors. It is too early to say that conditions have begun to improve, but the environment appears to be more stable than we have seen in some time, albeit at levels that are lower than the prior year.
   “Lower purchased transportation costs mitigated the impact of declining volumes, but more recently these costs have begun to increase, consistent with the seasonal build,” he added.