UTi Worldwide Inc. (UTIW, Financial) filed Quarterly Report for the period ended 2010-04-30.
Uti Worldwide Inc. has a market cap of $1.45 billion; its shares were traded at around $14.42 with a P/E ratio of 26.7 and P/S ratio of 0.4. The dividend yield of Uti Worldwide Inc. stocks is 0.4%. Uti Worldwide Inc. had an annual average earning growth of 17.1% over the past 10 years. GuruFocus rated Uti Worldwide Inc. the business predictability rank of 2-star.UTIW is in the portfolios of Private Capital of Private Capital Management, Richard Aster Jr of Meridian Fund, Chuck Royce of Royce& Associates, Columbia Wanger of Columbia Wanger Asset Management, Columbia Wanger of Columbia Wanger Asset Management, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC, Pioneer Investments.
Effective October 16, 2009, the company acquired all of the issued and outstanding shares of Tacisa Transitaria, S.L. (Tacisa), a Spanish freight forwarder. An employee of one of the companys Spanish subsidiaries held a majority ownership interest in Tacisa prior to the companys acquisition. The purchase price totaled $5.5 million, net of cash acquired of $0.8 million, and including contingent consideration estimated to be $4.7 million based on projected fiscal 2010 operating results of Tacisa. The contingent consideration was accrued as an obligation with a corresponding increase to goodwill. The acquisition expanded the companys freight forwarding coverage in Spain. The total cost of the acquisition has been allocated to the assets acquired and the liabilities assumed based on 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, $2.5 million was allocated to goodwill, all of which is included in the companys Freight Forwarding segment. The company is currently determining whether the goodwill is deductible for tax purposes.
The Tacisa preliminary allocation of the purchase price as of the date of acquisition resulted in total assets acquired and liabilities assumed of $9.3 million and $3.1 million, respectively. Total assets acquired at estimated fair value was comprised of current assets of $3.2 million, comprised primarily of trade receivables, and noncurrent assets of $6.1 million, of which $2.5 million and $3.5 million have been allocated to goodwill and intangible assets, respectively. The amortization period of the client contracts and relationships acquired is currently being assessed by the company. Total liabilities assumed at estimated fair value were comprised of current liabilities of $2.1 million, primarily related to trade payables and other accrued liabilities, and noncurrent liabilities of $1.0 million. 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. has a market cap of $1.45 billion; its shares were traded at around $14.42 with a P/E ratio of 26.7 and P/S ratio of 0.4. The dividend yield of Uti Worldwide Inc. stocks is 0.4%. Uti Worldwide Inc. had an annual average earning growth of 17.1% over the past 10 years. GuruFocus rated Uti Worldwide Inc. the business predictability rank of 2-star.UTIW is in the portfolios of Private Capital of Private Capital Management, Richard Aster Jr of Meridian Fund, Chuck Royce of Royce& Associates, Columbia Wanger of Columbia Wanger Asset Management, Columbia Wanger of Columbia Wanger Asset Management, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC, Pioneer Investments.
Highlight of Business Operations:
Effective December 21, 2009, the company acquired the remaining outstanding shares of an Israeli subsidiary, Excel MPL-A.V.B.A., LP (EMA Israel), of which the company had already held a 50% ownership interest that was acquired through its acquisition of the Israeli subsidiarys parent company in the beginning of fiscal 2010. The purchase price totaled $6.5 million, including the repayment of a $0.5 million loan and contingent consideration estimated to be $0.3 million which is based on projected net revenues from a particular customer for the following four years. The contingent consideration was accrued as an obligation through an increase to goodwill. The acquisition eliminated a minority shareholder in Israel. The purchase price exceeded the fair value of the noncontrolling interest received and net assets acquired, and accordingly, $2.0 million was allocated to goodwill, all of which is included with the companys Contract Logistics and Distribution segment. The company is currently determining whether the goodwill is deductible for tax purposes. The estimated purchase price allocation is preliminary and is subject to revision. A valuation of the additional net assets acquired is being conducted and the final allocation will be made when completed.Effective October 16, 2009, the company acquired all of the issued and outstanding shares of Tacisa Transitaria, S.L. (Tacisa), a Spanish freight forwarder. An employee of one of the companys Spanish subsidiaries held a majority ownership interest in Tacisa prior to the companys acquisition. The purchase price totaled $5.5 million, net of cash acquired of $0.8 million, and including contingent consideration estimated to be $4.7 million based on projected fiscal 2010 operating results of Tacisa. The contingent consideration was accrued as an obligation with a corresponding increase to goodwill. The acquisition expanded the companys freight forwarding coverage in Spain. The total cost of the acquisition has been allocated to the assets acquired and the liabilities assumed based on 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, $2.5 million was allocated to goodwill, all of which is included in the companys Freight Forwarding segment. The company is currently determining whether the goodwill is deductible for tax purposes.
The Tacisa preliminary allocation of the purchase price as of the date of acquisition resulted in total assets acquired and liabilities assumed of $9.3 million and $3.1 million, respectively. Total assets acquired at estimated fair value was comprised of current assets of $3.2 million, comprised primarily of trade receivables, and noncurrent assets of $6.1 million, of which $2.5 million and $3.5 million have been allocated to goodwill and intangible assets, respectively. The amortization period of the client contracts and relationships acquired is currently being assessed by the company. Total liabilities assumed at estimated fair value were comprised of current liabilities of $2.1 million, primarily related to trade payables and other accrued liabilities, and noncurrent liabilities of $1.0 million. 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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