Earnings Call Excerpt
UTi Worldwide, Inc. (UTIW)
F3Q09 Earnings Call
December 4, 2008 11:00 am ET
Executives
Jeff Misakian – Vice President, Investor Relations
Roger MacFarlane - Chief Executive Officer, Director
Lawrence Samuels - Chief Financial Officer, Executive Vice President Finance
Analysts
Alexander Brand - Stephens, Inc.
Jon Langenfeld - Robert W. Baird & Co., Inc.
Ed Wolfe - Wolfe Research
Thomas Wadewitz - J.P. Morgan
Nathan Brochmann - William Blair & Company, LLC
David Campbell - Thompson, Davis & Co.
Todd Fowler - Keybanc Capital Markets
Presentation
Operator
At this time I would like to welcome everyone to the UTi Worldwide Q3 Fiscal 2009 conference call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question-and-answer session. (Operator Instructions)
Mr. Misakian you may begin your conference.
Jeff Misakian
Welcome to UTi Worldwide’s fiscal 2009 third quarter results conference call. Joining us on the call today are Roger MacFarlane, Chief Executive Officer and Lawrence Samuels, Chief Financial Officer.
Before we begin the presentation I would like to point out that certain statements made in today’s call are not historical fact. They may be deemed therefore to be forward-looking statements under the Private Litigation Reform Act of 1995. Many important factors may cause the company’s actual results to differ materially from those discussed in any forward-looking statements. These risks and uncertainties are described in further detail in the company’s filings with the Securities and Exchange Commission.
Please refer to these filings for more information regarding the risks and uncertainties that the company faces. UTi undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by law.
Now I would like to turn the call over to Roger MacFarlane.
Roger MacFarlane
Thank you Jeff. Good morning everyone. We are pleased to report growth in revenues and operating income as well as an improvement in our operating margin in the fiscal third quarter as we begin to see meaningful benefits from our cost reduction plans and the organizational changes implemented earlier this year.
Though we still have plenty of work to do, these results demonstrate the value of our ClientasOne strategy and our ability to successfully manage our business in tough conditions. Volumes in our freight forwarding segment weakened during the quarter partly due to market conditions but mostly due to our efforts to eliminate low-yielding business.
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