Logistec Reports Record Financial Results for the First Quarter of 2013
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 05/08/13 -- Logistec Corporation (TSX: LGT.A)(TSX: LGT.B), a marine and environmental services provider, today announced its financial results for the first quarter ended March 30, 2013.
During the first quarter of 2013, consolidated revenue totalled $57.4 million, an increase of $12.9 million or 29.1% over the equivalent period of the previous year. The marine services segment's revenue grew by $13.5 million or 44.0% to $44.1 million for the first quarter of 2013, whereas the environmental services segment's revenue amounted to $13.3 million, down by $0.5 million from the first quarter of 2012. The growth in the marine services segment reflected an overall increase in volumes of cargo handled in all regions, but more specifically in the USA with the addition in the third quarter of 2012 of CrossGlobe Transport, Ltd. ("CrossGlobe"). The first quarter of 2013 closed with a consolidated profit attributable to owners of the Company of $1.9 million, compared with a loss of $1.2 million for the first quarter of 2012. The profit attributable to owners of the Company translated into total basic and diluted earnings per share of $0.30, of which $0.29 was attributable to Class A Common Shares and $0.32 was attributable to Class B Subordinate Voting Shares.
Outlook
"As attested to by our record first-quarter performance, our outlook is favourable for 2013 as our Company should benefit from the ongoing turnaround of the U.S. economy, CrossGlobe's full-year contribution and the reinforcement of our biomass handling operations at our Brunswick (GA) terminal. As was the case in the first quarter, we believe our cargo handling business is likely to continue growing in all of our cargo types as well as on a geographic basis. We are also confident in regard to Sanexen's capacity to deliver another solid performance in 2013, as we expect an increase in the demand for services related to the Aqua-Pipe technology, a further improvement in sales of woven hoses and a satisfactory level of site remediation activities," 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, municipal and other governmental customers 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 .
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Contacts:
Jean-Claude Dugas CPA, CA
Vice-President, Finance
Logistec Corporation
(514) 985-2345
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Datum: 08.05.2013 - 15:38 Uhr
Sprache: Deutsch
News-ID 1225249
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