UTi Worldwide Earnings Call Nuggets: Profitability Outlook and First Quarter Trends
UTi Worldwide (NASDAQ:UTIW) recently reported its fourth quarter earnings and discussed the following topics in its earnings conference call.
Thomas Wadewitz – JPMorgan: I wanted to get a sense. I think you had mentioned $12 million maybe that you saw was I guess somewhat unusual I don’t know contract logistic expense maybe some of forwarding, but somewhat unusual in the quarter. I’m not sure how you would look at – so I wanted to hear if you give more details on that and then how you would look at profitability in the next quarter? The loss in this quarter is pretty surprising. So, do you think it will be profitable in the first quarter or and kind of broad parameters to how we might think about that?
Richard Rodick – CFO, EVP, Finance: The $12 million, there are unusual items. They included the $2 million in interest. They included – we had a large bankruptcy that we had to write-off some bad debts. So, the things that would not be – we’d not classify them as non-GAAP and they are non-recurring and they – just a lot of them happened during the year. There was some things that we had to write-off with balance sheet, things that had come to fruition that made us have to write them off. So, they are approximately $12 million in things that don’t occur on a regular basis, but they would not be included on our non-GAAP numbers.
Thomas Wadewitz – JPMorgan: That $12 million in the $0.13 loss and you think that in large part those wouldn’t keep going?
Richard Rodick – CFO, EVP, Finance: These would not keep going exactly…