UTi Reports LossFriday, June 7, 2013
UTi Worldwide Inc. reported a fiscal first quarter net loss of $12.4 million (-12 cents a share) compared with net income of $12.9 million from the same period last year.
Revenue for the Long Beach logistics company fell 7.5 percent to $1.08 billion.
Eric W. Kirchner, chief executive, said the company was not satisfied with the results. He attributed part of the decrease in business to the loss of some high-volume accounts. But he expects performance to improve.
“We saw steady improvement each month during the quarter,” he said in a statement Thursday when earnings were announced. “Our freight forwarding operating system deployment continues to advance.”
UTi Worldwide Inc. provides air and ocean freight forwarding and other supply chain management services.
Shares closed up 1.3 percent Friday to $15.41 on the Nasdaq.