UTi Worldwide reports falling Q1 revenues as losses widen 05 June 2014

New business should lead to revenue growth in the second half of this year Uti Worldwide Inc. has reported financial results for its fiscal 2015 first quarter ended April 30, 2014. Revenues were US$1,045.0 million, a decrease of 3.3% from US$1,080.7 million. Net revenues (revenues minus purchased transportation costs) were US$372.9 million, a decrease of 0.8% from US$375.7 million. On an organic basis, revenues decreased 0.3% and net revenues increased 3.8% versus the comparable prior year period. Net loss attributable to Uti Worldwide Inc. was US$43.2 million in the fiscal 2015 first quarter. Net loss attributable to Uti Worldwide Inc. in the fiscal 2014 first quarter was US$12.4 million. The GAAP net loss in the fiscal 2015 first quarter includes a loss on debt extinguishment of US$21.8 million, related to the Company's refinancing activities completed earlier in the year. In addition, Uti recorded additional tax expense exceeding its normalised tax rate of US$13.0 million. Excluding the loss on debt extinguishment and the additional tax expense described above, non-GAAP net loss attributable to Uti Worldwide Inc. was US$7.8 million. Earnings before interest expense, income taxes, depreciation and amortisation, as adjusted for severance and other costs and stock compensation expense (adjusted EBITDA) totalled US$26.2 million compared to US$31.0 million. Operating expenses less purchased transportation costs were US$376.1 million in the first quarter of fiscal 2015. The Company recorded US$0.6 million in severance and other costs in the fiscal 2015 first quarter, compared to US$2.8 million in the same period last year. Excluding these items, adjusted operating expenses less purchased transportation costs were US$375.5 million, compared to US$369.1 million. The results were in line with the Company