Logistec Achieves a Record Profit in the Third Quarter of 2011
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwire) -- 11/03/11 -- Logistec Corporation (TSX: LGT.A)(TSX: LGT.B), a marine and environmental services provider, today announced its financial results for the third quarter and first nine months ended September 24, 2011.
During the third quarter of 2011, Logistec achieved a solid 21.3% growth in its consolidated revenue which totalled $67.2 million, compared to $55.4 million for the equivalent period of 2010. The marine services segment's revenue grew by 5.7% to $33.0 million for the third quarter of 2011, compared to $31.2 million for the third quarter of 2010. This growth is due to intensified revenue in the United States as well as higher volumes of bulk cargo. The environmental services segment's revenue rose 41.4% to $34.2 million, up from $24.2 million for the third quarter of 2010. Sanexen's excellent results were driven by the increase in site remediation activities.
Logistec achieved a record profit for the period in the third quarter of 2011. The consolidated profit attributable to owners of the Company totalled $13.2 million, which works out to basic and diluted earnings per share of $1.94 attributable to Class A common shares ("Class A shares") and of $2.13 attributable to Class B subordinate voting shares ("Class B shares"). In comparison with the equivalent period of 2010, this represents a $7.9 million increase in the consolidated profit attributable to owners of the Company which amounted to $5.3 million in 2010, for basic and diluted earnings per share of $0.78 attributable to Class A shares and of $0.84 attributable to Class B shares. The consolidated profit attributable to owners of the Company for the third quarter of 2011 includes a $6.2 million share of gain on the sale of part of our shares in a subsidiary of an equity accounted investment. Without this transaction, the consolidated profit attributable to owners of the Company would nevertheless have reached a record high of $7.0 million. Including this gain, the marine services segment posted a pre-tax profit of $11.1 million for the third quarter of 2011, up by $6.9 million over $4.2 million for the third quarter of 2010. The environmental services segment recorded a pre-tax profit of $5.3 million for the third quarter of 2011, up by $2.3 million over $3.0 million for the same period in 2010.
For the first nine months of 2011, consolidated revenue grew by 9.3% to $158.4 million, up from $144.9 million in 2010. The 2011 year-to-date consolidated profit attributable to owners of the Company increased by $5.8 million to $14.6 million, which works out to basic and diluted earnings per share of $2.15 attributable to Class A shares and of $2.35 attributable to Class B shares, compared to $8.8 million for the same period in 2010, for basic and diluted earnings per share of $1.28 attributable to Class A shares and of $1.40 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 third quarter of 2010 by $20.9 million. The effects of the transition to IFRS on the condensed statement of earnings, statement of comprehensive income, statement of financial position, statement of changes in equity, and statement of cash flows are presented in detail in Note 12 of the notes to Q3 2011 condensed consolidated interim financial statements.
Outlook
"The business environment remains uncertain, considering the stagnant U.S. economy, rising protectionism in parts of the world, the slowing growth of the Chinese economy and the sovereign debt crisis in Europe. Despite these unfavourable factors, we nevertheless achieved a satisfactory improvement in our third quarter results. Regarding the fourth quarter of 2011, we believe Sanexen's site remediation activities will continue to drive our environmental services segment, whereas our marine services segment should maintain a level of activity similar to the third quarter," indicated Madeleine Paquin, President and Chief Executive Officer of Logistec Corporation.
"From a broader perspective, we remain focused on our development plan over the medium and long term and we are confident that we have the human and financial resources to implement it and thereby continue to create value for our shareholders," 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 .
Q3 2011 Condensed Consolidated Interim Financial Statements
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: 03.11.2011 - 11:33 Uhr
Sprache: Deutsch
News-ID 1053256
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