UTi Worldwide Inc. (UTIW, Financial) filed Quarterly Report for the period ended 2009-10-31.
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 $1.53 billion; its shares were traded at around $15.3 with a P/E ratio of 26.4 and P/S ratio of 0.3. The dividend yield of Uti Worldwide Inc. stocks is 0.4%. Uti Worldwide Inc. had an annual average earning growth of 25.9% over the past 5 years.
The preliminary allocation of the purchase price as of the date of acquisition resulted in total assets acquired, liabilities assumed and noncontrolling interest of $22.0 million, $19.7 million and $0.8 million, respectively. Total assets acquired at estimated fair value comprised of current assets of $15.5 million, comprised primarily of trade receivables and inventory of $8.1 million and $3.9 million, respectively, and noncurrent assets of $6.5 million, of which $2.9 million and $1.5 million have been allocated to goodwill and intangible assets, respectively. The company determined that none of the goodwill is deductible for tax purposes. The amortization period of the client contracts and relationships acquired was initially estimated to be seven years as of the date of acquisition. Total liabilities assumed at estimated fair value were comprised of current liabilities of $18.4 million, primarily related to trade payables and other accrued liabilities, and noncurrent liabilities of $1.3 million. The noncontrolling interest is associated with an indirect subsidiary held by MPL. The 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.
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 partial ownership interest in Tacisa prior to the companys acquisition. The purchase price totaled $5.5 million, net of cash received of $0.8 million, and including contingent consideration of $4.7 million based on projected 2010 operating results of Tacisa, which was accrued as an obligation through an increase to goodwill. The acquisition expanded the companys geographical coverage in Spain. 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 assets, and accordingly, $2.5 million was allocated to goodwill, all of which is included within the companys Freight Forwarding segment.
The preliminary allocation of the purchase price as of the date of acquisition resulted in total assets acquired and liabilities assumed of $9.2 million and $3.0 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 $6.0 million, of which $2.5 million and $3.4 million have been allocated to goodwill and intangible assets, respectively. The company is currently determining whether the goodwill is deductible for tax purposes. 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 $2.0 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.
Read the The complete ReportUTIW is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES.
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 $1.53 billion; its shares were traded at around $15.3 with a P/E ratio of 26.4 and P/S ratio of 0.3. The dividend yield of Uti Worldwide Inc. stocks is 0.4%. Uti Worldwide Inc. had an annual average earning growth of 25.9% over the past 5 years.
Highlight of Business Operations:
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 $22.0 million, $19.7 million and $0.8 million, respectively. Total assets acquired at estimated fair value comprised of current assets of $15.5 million, comprised primarily of trade receivables and inventory of $8.1 million and $3.9 million, respectively, and noncurrent assets of $6.5 million, of which $2.9 million and $1.5 million have been allocated to goodwill and intangible assets, respectively. The company determined that none of the goodwill is deductible for tax purposes. The amortization period of the client contracts and relationships acquired was initially estimated to be seven years as of the date of acquisition. Total liabilities assumed at estimated fair value were comprised of current liabilities of $18.4 million, primarily related to trade payables and other accrued liabilities, and noncurrent liabilities of $1.3 million. The noncontrolling interest is associated with an indirect subsidiary held by MPL. The 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.
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 partial ownership interest in Tacisa prior to the companys acquisition. The purchase price totaled $5.5 million, net of cash received of $0.8 million, and including contingent consideration of $4.7 million based on projected 2010 operating results of Tacisa, which was accrued as an obligation through an increase to goodwill. The acquisition expanded the companys geographical coverage in Spain. 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 assets, and accordingly, $2.5 million was allocated to goodwill, all of which is included within the companys Freight Forwarding segment.
The preliminary allocation of the purchase price as of the date of acquisition resulted in total assets acquired and liabilities assumed of $9.2 million and $3.0 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 $6.0 million, of which $2.5 million and $3.4 million have been allocated to goodwill and intangible assets, respectively. The company is currently determining whether the goodwill is deductible for tax purposes. 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 $2.0 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.
Read the The complete ReportUTIW is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES.
