UTi WORLDWIDE’s 2ND-QUARTER, 1ST-HALF EARNINGS MEET EXPECTATIONS

UTi WORLDWIDEÆS 2ND-QUARTER, 1ST-HALF EARNINGS MEET EXPECTATIONS    UTi Worldwide Inc., the non-asset-based supply-chain management service provider, said growth in Asia Pacific business helped the company meet expectations for its fiscal second quarter and first-half periods ended July 31.
   For the first quarter, net income improved 13 percent to $5.4 million. Revenue was $219.4 million and net revenue was $79.0 million, both 5-percent improvements over the year-earlier quarter.
   Operating income jumped 18 percent to $8.5 million, reflecting cost-cutting measures initiated in the UTi's fiscal fourth quarter.
   For the first half of the fiscal year, net income climbed 32 percent to $9.4 million. Revenue improve 8 percent to $434.4 million while net revenues rose 8.5 percent to $153.1 million. First-half operating income improved 24 percent to $13.8 million.
   “Similar to other freight forwarding and logistics companies, our rate of growth in revenue and net income was restrained as a result of the global economic slowdown, industry-wide lower air-freight shipment volumes, and continuing weakness in currency exchange rates,” said Roger I. MacFarlane, UTi's chief executive officer.
   The company anticipates continued weak economic conditions in the second half, which will impact volume levels, particularly air freight.