Businessweek

UTi Worldwide Inc. announced the grand opening of its newest multi-client logistics centre in New Taipei City, Taiwan. The facility is conveniently located just 20 minutes Taiwan Taoyuan International Airport (TPE) and only 500 meters from Taiwan's Highway 2 for easy access to the island's main distribution channels. The logistics center now houses 30,000 pallets of inventory for 100 clients primarily in the High Tech, Fashion and Beauty, Consumer and Retail industries.

UTi Worldwide Inc. announced that after a detailed review it has decided to increase the size of its board from seven to nine members. In connection with that decision, Josh Paulson has been appointed to the company's board of directors for a term that expires at its 2015 annual meeting of shareholders. Paulson is a partner at P2 Capital Partners, LLC, currently the company's shareholder. Paulson is a partner at P2 Capital Partners. Prior to P2, Paulson was a principal at Reservoir Capital Group, where he worked closely with the firm's public and private portfolio companies.

UTi Worldwide Inc. announced Pat Cooney has recently joined the company as the new regional vice president for sales and marketing in the Asia-Pacific region. Pat Cooney appointed new UTi Worldwide Sales Vice President for Asia Pacific region. Pat's sales management experience in the region and his broader freight forwarding experience and global contract logistics proficiency will greatly benefit plans for revenue growth within the region. Prior to joining UTi, Cooney was Vice President of Sales and Marketing for PACCESS LLC, a provider of packaging design and Asia focused supply chain solutions. His twenty years of global logistics experience included several management roles at CEVA Logistics (formerly EGL) including Vice President Sales and Marketing for APAC, Executive Vice President for Europe, Middle East and Africa and EVP Global Sales and Marketing.

UTi Worldwide Inc. announced intangible assets impairment of $1.6 million compared with $5.2 million for the fourth quarter ended January 31, 2013. The company recorded goodwill impairment charges of $93.01 million.

UTi Worldwide Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended January 31, 2013. For the quarter, the company reported total revenues of $1,099,255,000 compared to $1,153,622,000 a year ago. Operating loss was $107,545,000 compared to operating income of $21,855,000 a year ago. Pretax loss was $113,364,000 compared to pretax income of $19,525,000 a year ago. Net loss attributable to the company was $142,823,000 or $1.38 per basic and diluted common share compared to net income attributable to the company of $12,381,000 or $0.12 per basic and diluted common share a year ago. Net revenues were $371,093,000 compared to $406,521,000 a year ago. Non-GAAP operating loss was $7,776,000 compared to non-GAAP operating income of $32,178,000 a year ago. Non-GAAP pretax loss was $13,595,000 compared to non-GAAP pretax income of $29,848,000 a year ago. Non-GAAP net loss attributable to the company was $13,360,000 or $0.13 per diluted common share compared to non-GAAP net income attributable to the company of $14,685,000 or $0.15 per diluted common share a year ago. Adjustments to GAAP net loss in the fiscal 2013 fourth quarter included after-tax goodwill and intangible asset impairment charges and severance costs totaling $95.0 million, or $0.92 per diluted share. In addition, the company increased its valuation allowance on deferred tax assets by $34.5 million, or $0.33 per diluted share. Revenues and net revenues decreased 4.7% and 8.7%, respectively, in the fiscal 2013 fourth quarter compared to the same period last year, primarily due to lower pricing and currency translation. On an organic basis, revenues decreased 3.2%, while net revenues declined 6.9% in the fiscal 2013 fourth quarter, compared to the same period last year. Net cash provided by operating activities totaled $98.2 million in the fourth quarter of fiscal 2013, comparable to the $96.3 million in the same period last year. For the year, the company reported total revenues of $4,607,521,000 compared to $4,914,221,000 a year ago. Operating loss was $28,295,000 compared to operating income of $128,670,000 a year ago. Pretax loss was $42,149,000 compared to pretax income of $114,648,000 a year ago. Net loss attributable to the company was $100,506,000 or $0.97 per basic and diluted common share compared to net income attributable to the company of $72,533,000 or $0.70 per basic and diluted common share a year ago. Net cash provided by operating activities was $40,774,000 compared to $117,928,000 a year ago. Purchases of property, plant and equipment, excluding software were $49,728,000 compared to $45,682,000 a year ago. Purchases of software and other intangible assets were $36,692,000 compared to $39,003,000 a year ago. Net revenues were $1,586,533,000 compared to $1,703,869,000 a year ago. Non-GAAP operating income was $84,395,000 compared to $148,980,000 a year ago. Non-GAAP pretax income was $70,541,000 compared to $134,958,000 a year ago. Non-GAAP net income attributable to the company was $40,537,000 or $0.39 per diluted common share compared to $87,312,000 or $0.84 per diluted common share a year ago.