UTi Worldwide Q4 net income down

The gross revenues increased 24% to $1.18 billion from $951.3 million reported in the fourth quarter of 2007. UTi's net revenues increased 22% to $402.8 million from $330.8 million in the fourth quarter of 2007. The company's fourth quarter fiscal 2008 operating income totaled $27.6 million, which represented 6.8% of net revenues. Excluding restructuring charges, adjusted operating income in the fourth quarter was $36 million, or 8.9% of net revenues. For the fiscal year 2008, gross revenues increased 22% to $4.4 billion from $3.6 billion reported in fiscal year 2007. The net revenues increased 22% to $1.5 billion from $1.2 billion, and net income was $98.7 million, or $0.99 per diluted share, compared to $103.5 million, or $1.04 per diluted share in the fiscal year 2007. Roger MacFarlane, CEO of UTi Worldwide, said: "We finished the year with more than $4 billion in gross revenues for the first time in the company's history as we have continued to add new clients and to expand existing client relationships."