UTi Worldwide today reported a net loss of $12.4 million in the first quarter of fiscal year 2014, ending April 30, 2013, compared with a net income of $12.9 million in the same period in the previous year.
Quarterly revenue was $1.08 billion, dropping 7.5 percent year-over-year from $1.17 billion, while net revenue (revenue minus purchased transportation costs) was $375.7 million, falling 7.4 percent from $405.8 million. The revenue drops were mainly driven by currency changes and lower pricing, the non-asset-based supply chain company said in a written statement.
“Air freight volumes were slightly lower during the quarter, but ocean freight volumes were higher than the comparable prior year period,” said Eric W. Kirchner, CEO of UTi Worldwide. “Although we are not satisfied with the full quarter results, recent volume improvements in April lead us to be slightly more optimistic about the remainder of fiscal 2014.”
“Our freight forwarding operating system deployment continues to advance,” he continued. “We have launched the new system in nine countries since April 1, bringing the total to 15 countries on the system to date. We continue to expect that more than 70 percent of shipments will be on the new system by the end of fiscal 2014.”