UTi Worldwide Inc. (UTIW, Financial) filed Quarterly Report for the period ended 2009-04-30.
UTI Worldwide Inc. is a global non-asset based supply chain management business providing supply chain logistics services and planning and optimization solutions. Its services include freight forwarding customs brokerage and warehousing services which include 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 its clients in designing and implementingsystems that improve the predictability and visibility. A UTi Worldwide Inc. has a market cap of $1.2 billion; its shares were traded at around $12 with a P/E ratio of 13.5 and P/S ratio of 0.3. The dividend yield of UTi Worldwide Inc. stocks is 0.5%. UTi Worldwide Inc. had an annual average earning growth of 25.9% over the past 5 years.
In addition to the restructuring charges described above, during the first fiscal quarter of 2010 and for the year ended January 31, 2009, the company incurred $1.2 million and $1.1 million, respectively in advisory and ancillary costs associated with the plan. Total advisory and ancillary costs of approximately $5.2 million are expected to be incurred under the plan.
Effective February 4, 2009, the Company acquired all of the issued and outstanding shares of Multi Purpose Logistics, Ltd. (MPL), for a purchase price of $1.2 million, net of cash received of $0.3 million. MPL is an Israeli company providing logistics services. As a result of this acquisition, the Company has increased its range of services provided in Israel. The total cost of the acquisition has been allocated to the assets acquired and the liabilities assumed based upon their estimated fair values at the date of acquisition. The preliminary allocation resulted in an excess of the purchase price over the fair value of the acquired net assets, and accordingly, $2.9 million was allocated to goodwill, all of which is included within the Companys Contract Logistics and Distribution segment.
The preliminary allocation of the purchase price as of the date of acquisition resulted in total assets acquired, liabilities assumed and noncontrolling interest of $22.4 million, $20.1 million and $0.8 million, respectively. Total assets acquired at estimated fair value comprised of current assets of $14.9 million, primarily related to trade receivables, and non-current assets of $7.5 million, of which $2.9 million and $1.5 million have been allocated to goodwill and intangible assets, respectively. Intangible assets acquired were comprised of customer contracts and relationships and are amortizable over a 7-year period from the date of acquisition. Total liabilities assumed at estimated fair value were comprised of current and non-current liabilities of $18.8 million, primarily related to trade payables and other accrued liabilities, and $1.3 million, respectively. The noncontrolling interest is associated with an indirect subsidiary held by MPL. The estimated purchase price allocation is preliminary and is subject to revision. A valuation of the assets acquired and liabilities assumed is being conducted and the final allocation will be made when completed.
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UTI Worldwide Inc. is a global non-asset based supply chain management business providing supply chain logistics services and planning and optimization solutions. Its services include freight forwarding customs brokerage and warehousing services which include 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 its clients in designing and implementingsystems that improve the predictability and visibility. A UTi Worldwide Inc. has a market cap of $1.2 billion; its shares were traded at around $12 with a P/E ratio of 13.5 and P/S ratio of 0.3. The dividend yield of UTi Worldwide Inc. stocks is 0.5%. UTi Worldwide Inc. had an annual average earning growth of 25.9% over the past 5 years.
Highlight of Business Operations:
During the first quarter of fiscal 2010 and for the year ended January 31, 2009, the company incurred aggregate pre-tax restructuring charges of $1.2 million and $2.3 million respectively. The company anticipates completing the implementation of the information technology restructuring plan during the second quarter of fiscal 2010. All of the costs associated with the information technology restructuring plan are expected to be cash expenditures.In addition to the restructuring charges described above, during the first fiscal quarter of 2010 and for the year ended January 31, 2009, the company incurred $1.2 million and $1.1 million, respectively in advisory and ancillary costs associated with the plan. Total advisory and ancillary costs of approximately $5.2 million are expected to be incurred under the plan.
Effective February 4, 2009, the Company acquired all of the issued and outstanding shares of Multi Purpose Logistics, Ltd. (MPL), for a purchase price of $1.2 million, net of cash received of $0.3 million. MPL is an Israeli company providing logistics services. As a result of this acquisition, the Company has increased its range of services provided in Israel. The total cost of the acquisition has been allocated to the assets acquired and the liabilities assumed based upon their estimated fair values at the date of acquisition. The preliminary allocation resulted in an excess of the purchase price over the fair value of the acquired net assets, and accordingly, $2.9 million was allocated to goodwill, all of which is included within the Companys Contract Logistics and Distribution segment.
The preliminary allocation of the purchase price as of the date of acquisition resulted in total assets acquired, liabilities assumed and noncontrolling interest of $22.4 million, $20.1 million and $0.8 million, respectively. Total assets acquired at estimated fair value comprised of current assets of $14.9 million, primarily related to trade receivables, and non-current assets of $7.5 million, of which $2.9 million and $1.5 million have been allocated to goodwill and intangible assets, respectively. Intangible assets acquired were comprised of customer contracts and relationships and are amortizable over a 7-year period from the date of acquisition. Total liabilities assumed at estimated fair value were comprised of current and non-current liabilities of $18.8 million, primarily related to trade payables and other accrued liabilities, and $1.3 million, respectively. The noncontrolling interest is associated with an indirect subsidiary held by MPL. The estimated purchase price allocation is preliminary and is subject to revision. A valuation of the assets acquired and liabilities assumed is being conducted and the final allocation will be made when completed.
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