Logistec Announces Financial Results for the Second Quarter of 2012
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwire) -- 08/10/12 -- Logistec Corporation (TSX: LGT.A)(TSX: LGT.B), a marine and environmental services provider, today announced its financial results for the second quarter and first six months ended June 30, 2012.
During the second quarter of 2012, consolidated revenue and profit rose to a record high for a second quarter. Revenue totalled $60.3 million, up by $10.1 million or 20.2% over the equivalent period of last year. The marine services segment's revenue remained stable at $32.4 million, whereas the environmental services segment's revenue grew to $27.9 million, an increase of 57.2% attributable to the growth of Sanexen's overall operations, especially activities related to Aqua-Pipe®. The second quarter of 2012 closed with a consolidated profit attributable to owners of the Company of $3.4 million, compared with $1.3 million for the second quarter of 2011. The profit attributable to owners of the Company translated into total basic and diluted earnings per share of $0.52, of which $0.51 is attributable to Class A Common Shares and $0.55 is attributable to Class B Subordinate Voting Shares.
For the first six months of 2012, consolidated revenue totalled $104.7 million, compared with $91.2 million for the first half of 2011. The profit attributable to owners of the Company amounted to $2.3 million for total basic and diluted earnings per share of $0.35, of which $0.34 is attributable to Class A Common Shares and $0.37 is attributable to Class B Subordinate Voting Shares. This compares favourably to total basic and diluted earnings per share of $0.21, of which $0.20 was attributable to Class A Common Shares and $0.21 was attributable to Class B Subordinate Voting Shares in 2011.
Outlook
"Overall, prospects for the second half of 2012 look similar to the first half. Our environmental services segment should maintain its momentum on the strength of a well-filled order backlog, whereas our marine services segment remains faced with an environment of weak economic growth, affecting the volumes of cargo handled at our facilities. In response to these difficult and uncertain global trends, we continue to focus on reinforcing our biomass handling operations at our Brunswick (GA) terminal and the solid positioning of our cargo handling and transportation activities in connection with Quebec's Plan Nord. In terms of projects, we were pleased to announce our recent acquisition, CrossGlobe Transport, Ltd., a port logistics company operating in three terminals in Virginia. Its services include transloading in and out of containers in addition to warehousing and distribution, and this is mostly for the forest products industry. This acquisition fits well within our strategy and allows us to increase the scope of services offered to our customers as well as our geographic footprint," indicated Madeleine Paquin, President and Chief Executive Officer of Logistec Corporation.
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 24 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 marine 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 CPA, CA
Vice-President, Finance
Logistec Corporation
(514) 985-2345
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Datum: 10.08.2012 - 11:17 Uhr
Sprache: Deutsch
News-ID 1141449
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