UTi Worldwide today reported a net loss of $141.4 million in the fourth quarter of fiscal year 2013, ending Jan. 31, 2013, plummeting from a net income of $13.3 million in the same quarter in the previous year.
Quarterly revenue was $1.10 billion, falling 4.7 percent year-over-year from $1.15 billion.
“Results in our fiscal 2013 fourth quarter reflect ongoing weakness in the air freight market and a challenging pricing environment in freight forwarding,” said Eric W. Kirchner, CEO, in a written statement. “Clearly these results are not satisfactory.”
For fiscal year 2013, the Long Beach, Calif.-based supply chain management company recorded a net loss of $94.0 million, slumping from a net income of $79.0 million in fiscal year 2012. Annual revenue dropped 6.2 percent from $4.91 billion in 2012 to $4.61 billion in 2013.
“We have built a plan that is expected to get us on a path to improved profitability in fiscal 2014,” Kirchner continued. “We are not anticipating help from the market, but we are executing on the things we can control: profitable growth, significant progress under our comprehensive business process transformation and cost management.”