Logistec Announces Financial Results for the Second Quarter of 2011
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwire) -- 08/03/11 -- Logistec Corporation (TSX: LGT.A)(TSX: LGT.B), a marine and environmental services provider, today announced its financial results for the second quarter and the first six months ended June 25, 2011.
Consolidated revenue totalled $50.2 million in the second quarter of 2011, down by $0.8 million or 1.5% from $51.0 million for the equivalent period in 2010. The marine services segment's revenue was fairly stable at $32.4 million in the second quarter of 2011, compared with $32.5 million in the second quarter of 2010, a slight decrease of $0.1 million. The decline in activity came primarily from U.S. terminals, where fruit and steel volumes were lower than last year. This was offset by higher revenue in Canada. The environmental services segment's revenue declined to $17.8 million in the second quarter of 2011, down by $0.7 million from revenue of $18.5 million for the second quarter of 2010. During the second quarter of 2011, Sanexen's results were negatively affected by very low revenue from its woven-hose products, where sales of fire hoses were at an all-time low. The Aqua-Pipe® business was also below last year as there are no more subsidies assisting municipalities to undertake this work, resulting in fewer and smaller contracts available. However, the solid performance of site remediation activities compensated to a large extent these negative factors.
During the second quarter of 2011, Logistec recorded consolidated profit attributable to owners of the Company of $1.3 million, which works out to basic and diluted earnings per share of $0.20 attributable to Class A Common Shares ("Class A shares") and of $0.21 attributable to Class B Subordinate Voting Shares) ("Class B shares"). For the equivalent period in 2010, Logistec registered consolidated profit attributable to owners of the Company of $2.7 million, which corresponds to basic and diluted earnings per share of $0.39 attributable to Class A shares and of $0.44 attributable to Class B shares. The marine services segment recorded profit before income taxes of $0.7 million for the second quarter of 2011, compared with $2.7 million in the second quarter of 2010, whereas the environmental services segment posted profit before income taxes of $1.2 million for the second quarter of 2011, compared with $1.7 million for the same period in 2010. The lower profitability can be attributed to the above factors as well as a substantial one-time cost associated with terminating a lease in New Haven (CT). This terminal had specialized in handling import steel but the volumes have gone down substantially in the last years and we do not expect that they will come back to the extent needed to render this facility profitable.
During the first half of fiscal 2011, consolidated revenue remained almost stable, increasing from $89.5 million in 2010 to $91.2 million in 2011, whereas the consolidated profit attributable to owners of the Company totalled $1.4 million, which works out to basic and diluted earnings per share of $0.21 attributable to Class A shares and $0.22 attributable to Class B shares, compared with $3.5 million for the first six months of 2010, which corresponds to basic and diluted earnings per share of $0.50 attributable to Class A shares and $0.56 attributable to Class B shares.
This is the first year in which the Company is presenting its financial statements under IFRS. The change in standard that had the most significant impact on the financial statements relates to its joint ventures. The Company has elected to use the equity method to account for its interests in joint ventures whereas previously, under Canadian GAAP, the Company was using the proportionate consolidation method. For example, the exclusion of its proportionate share of revenue from joint ventures reduced its previously reported consolidated revenue for the second quarter of 2010 by $11.2 million. The effects of the transition to IFRS on the condensed statement of financial position, statement of earnings, statement of comprehensive income and statement of cash flows are presented in detail on Note 12 of the notes to Q2 2011 condensed consolidated interim financial statements.
Outlook
"Within the near term, the global economic outlook continues to be highly uncertain due to the sluggish U.S. economy and the sovereign debt crisis in Europe. In such a context and considering that the second half is generally the busiest period for our marine services segment, we are maintaining our conservative attitude by forecasting that our bulk cargo and break-bulk cargo related activities will remain stable, whereas container handling could post a slight improvement. Sanexen still has a well-filled order backlog, but its growth is without a doubt being hindered by the U.S. economy," indicated Madeleine Paquin, President and Chief Executive Officer of Logistec Corporation.
"We remain focused on our development plan over the medium and long term and are pleased to have been awarded a new multi-year contract during the quarter, covering cargo-handling services for an aluminum smelter in Northern Quebec," concluded Ms. Paquin.
About Logistec
Logistec Corporation is based in Montreal (QC) and provides specialized services to the marine community and industrial companies in the areas of bulk, break-bulk and container cargo handling in 23 ports in Eastern Canada, the Great Lakes and the U.S. East Coast. Logistec also offers marine transportation services geared primarily to the Arctic coastal trade, short-line rail transportation services, as well as agency services to foreign shipowners and operators serving the Canadian market. Furthermore, the Company operates in the environmental sector where it provides services to industrial companies and municipalities for the trenchless structural rehabilitation of underground water mains, PCB management, site remediation, risk assessment, and woven-hose manufacturing.
The Company has been profitable and has paid regular dividends since becoming public and payments have grown steadily over the years. A public company since 1969, Logistec's shares are listed on the Toronto Stock Exchange under the ticker symbols LGT.A and LGT.B. More information can be obtained at the Company's website at .
Forward-Looking Statements
For the purpose of informing shareholders and potential investors about the Company's prospects, sections of this document may contain forward-looking statements, within the meaning of securities legislation, about the Company's activities, performance and financial situation and, in particular, hopes for the success of the Company's efforts in the development and growth of its business. These forward-looking statements express, as of the date of this document, the estimates, predictions, projections, expectations or opinions of the Company about future events or results. Although the Company believes that the expectations produced by these forward-looking statements are founded on valid and reasonable bases and assumptions, these forward-looking statements are inherently subject to important uncertainties and contingencies, many of which are beyond the Company's control, such that the Company's performance may differ significantly from the predicted performance expressed or presented in such forward-looking statements. The important risks and uncertainties that may cause the actual results and future events to differ significantly from the expectations currently expressed are examined under "Business Risks" in the Company's annual report and include (but are not limited to) the performances of domestic and international economies and their effect on shipping volumes, weather conditions, labour relations, pricing and competitors' marketing activities. The reader of this document is thus cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to update or revise these forward-looking statements, except as required by law.
Additional information relating to our Company can be found on SEDAR's website at and on Logistec's website at .
Condensed Consolidated Interim Statements of Earnings
Condensed Consolidated Interim Statements of Comprehensive Income
Condensed Consolidated Interim Statements of Financial Position
Condensed Consolidated Interim Statements of Changes in Equity
Condensed Consolidated Interim Statements of Cash Flows
Contacts:
Jean-Claude Dugas CA
Vice-President, Finance
Logistec Corporation
(514) 985-2345
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Datum: 03.08.2011 - 12:52 Uhr
Sprache: Deutsch
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