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EXHIBIT 99.2 NEWS RELEASE DATED DECEMBER 7, 2000
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NEWS FROM UTi
Contacts:
Lawrence R. Samuels Cecilia Wilkinson/Julie Crandall
Senior Vice President, Chief Financial Officer Pondel/Wilkinson Group
UTi Worldwide Inc. 310.207.9300
310.604.3311 [email protected]
UTi WORLDWIDE RELEASES U.S. GAAP REPORTING
FOR THIRD QUARTER AND NINE-MONTH RESULTS
Rancho Dominguez, CA -- December 7, 2000 - As a supplement to its International
Accounting Standards reporting, released earlier today, UTi Worldwide Inc.
(Nasdaq:UTIW) today released supplemental financial tables, including a
breakdown of revenue by service, prepared in accordance with U.S. generally
accepted accounting principles (U.S. GAAP) for the three and nine months ended
October 31, 2000.
Including a non-cash charge of $2.3 million ($0.12 per diluted share), net
income under U.S. GAAP for the fiscal 2001 third quarter totaled $4.8 million,
or $0.24 per diluted share. The non-cash charge reflects a previously disclosed
third quarter distribution from a stock award plan of ordinary shares to certain
employees for past service. This third quarter distribution from the stock award
plan was the final distribution for the plan. Excluding this charge, net income
was $7.1 million, or $0.36 per diluted share.
ABOUT UTi
UTi Worldwide Inc. is a global, non-asset based supply chain management business
providing supply chain logistics services and planning and optimization
solutions. The company's services include freight forwarding, customs brokerage
and warehousing services such as the coordination of shipping and the storage of
raw materials, supplies, components and finished goods. Through its supply chain
planning and optimization services, the company assists clients in designing and
implementing systems that improve the predictability and visibility and reduce
the overall cost of their supply chains. The company has a global and diverse
business customer base ranging from large multinational enterprises to smaller
local businesses. For more information about the company visit its Web site at
www.go2uti.com.
MANAGEMENT'S COMMENTARY ON RESULTS OF OPERATIONS
The text of the company's commentary on its financial condition and results of
operations, along with consolidated statements of operations, balance sheets and
cash flow statements for the three and nine month periods ended October 31,
2000, will be posted next week on UTi's Web site, www.go2uti.com, under the
heading "News Releases and Commentary." The commentary also will be furnished
next week to the U.S. Securities and Exchange Commission on Form 6-K.
INVESTOR CONFERENCE CALL
UTi management will host an investor conference call tomorrow, Friday, December
8, 2000, at 8:00 a.m. PST (11:00 a.m. EST) to review the company's financials
and operations for the third quarter and nine-month periods. The call will be
open to all interested investors through a live, listen-only audio broadcast
available over the Internet at www.go2uti.com and www.streetfusion.com, or by
calling (212) 896-6041 (domestic and international). For those who are not
available to listen to the live broadcast, the call will be archived for two
weeks through 6:00 p.m. PST, Friday, December 22, 2000 on both Web sites. A
telephonic playback of the conference call also will be available during that
same timeframe by calling (800) 633-8284 (domestic) or (858) 812-6440
(international) and using Reservation No. 17113844.
# # #
(Tables Follow)
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UTi Worldwide Inc.
Condensed Consolidated Statements of Operations
(Prepared in Accordance with U. S. Generally Accepted Accounting Principles)
<TABLE>
<CAPTION>
Three months ended October 31, Nine months ended October 31,
------------------------------ ------------------------------
2000 1999 2000 1999
----------- ----------- ----------- -----------
(Unaudited)
<S> <C> <C> <C> <C>
INCOME STATEMENT DATA (US$000):
Gross revenue:
Airfreight forwarding............ $ 135,465 $ 111,725 $ 354,279 $ 295,707
Ocean freight forwarding......... 67,730 57,898 186,235 156,259
Customs brokerage................ 16,670 10,859 46,193 29,804
Other............................ 20,901 16,080 56,044 42,789
----------- ----------- ----------- -----------
Total gross revenue............ $ 240,766 $ 196,562 $ 642,751 $ 524,559
=========== =========== =========== ===========
Net revenue:
Airfreight forwarding............ 39,415 35,371 106,747 95,374
Ocean freight forwarding......... 14,908 11,119 38,991 31,906
Customs brokerage................ 15,698 10,398 43,516 29,172
Other............................ 12,764 8,532 34,664 24,123
----------- ----------- ----------- -----------
Total net revenue.............. 82,785 65,420 223,918 180,575
Staff costs........................ 42,320* 31,568 115,404* 90,795
Depreciation....................... 2,461 1,942 6,716 5,570
Amortization....................... 1,323 816 3,200 1,861
Other operating expenses........... 28,682 22,787 79,473 66,548
----------- ----------- ----------- -----------
Operating profit................... 7,999 8,307 19,125 15,801
Interest expense, net.............. (856) (50) (2,516) (783)
Gains/(losses) on foreign exchange. 237 80 870 (295)
----------- ----------- ----------- -----------
Pretax income 7,380 8,337 17,479 14,723
Income tax expense (2,252) (731) (4,831) (1,279)
----------- ----------- ----------- -----------
Net income before minority interest 5,128 7,606 12,648 13,444
Minority interest.................. (305) (50) (705) (357)
----------- ----------- ----------- -----------
Net income......................... $ 4,823* $ 7,556 $ 11,943* $ 13,087
=========== =========== =========== ===========
Basic earnings per ordinary share.. $ 0.25 $ 0.52** $ 0.68 $ 0.88**
Diluted earnings per ordinary share $ 0.24* $ 0.39 $ 0.61* $ 0.68
Number of shares used for per share
calculations:
Basic shares..................... 19,188,004 14,197,231 17,561,163 14,226,425
Diluted shares................... 19,693,224 19,292,043 19,615,792 19,321,237
</TABLE>
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* Staff costs include a non-cash charge of $2.3 million in the three and nine
months ended October 31, 2000. This relates to the previously disclosed
third quarter distribution from a stock award plan of ordinary shares to
certain employees for past services. The third quarter distribution from
this stock award plan was the final distribution for the plan. Without this
non-cash charge, the net income for the three and nine months ended October
31, 2000 was $7.1 million and $14.2 million, respectively, and diluted
earnings per share were $0.36 and $0.72, respectively.
** Includes the effect of preference dividends of $183 and $548 for the three
and nine months ended October 31, 1999, respectively.
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EXHIBIT 99.2 NEWS RELEASE DATED DECEMBER 7, 2000
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UTi Worldwide Inc.
Selected Balance Sheet Data
(Prepared in Accordance with U. S. Generally Accepted Accounting Principles)
October 31, 2000 January 31, 2000
---------------- ----------------
(Unaudited)
Cash and cash equivalents............ $ 29,330 $ 20,760
Trade and other receivables, net..... 235,108 183,083
Total current assets................. 264,438 203,843
Property, plant and equipment, net... 34,148 33,558
Goodwill, net........................ 60,018 41,436
Total assets......................... 366,001 288,098
Total current liabilities............ 242,002 167,174
Total long-term liabilities.......... 12,061 14,339
Total shareholders' equity........... 109,992 105,014
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