2012-11-12 23:45:01 -
MONTREAL, QUEBEC -- (Marketwire) -- 11/12/12 -- 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 29, 2012.
During the third quarter of 2012, consolidated revenue reached a record high for the Company, totalling $78.5 million, an increase of $11.3 million or 16.8% over the equivalent period of the previous year. The marine services segment's revenue grew by $2.8 million to $35.8 million, whereas the environmental services segment's revenue rose to $42.6 million, an increase of $8.4 million or 24.5% due essentially to the Aqua-Pipe® related business. The consolidated profit attributable to owners of the Company amounted to $7.1 million for the third quarter of 2012, compared with $13.2 million for the equivalent period of 2011, which included a $6.2 million share of gain on partial disposal of a subsidiary of an equity accounted investment. The profit attributable to owners of the Company translated into total basic and diluted earnings per share of $1.10, of which $1.05 is attributable to Class A Common Shares and $1.16 is attributable to Class B Subordinate Voting Shares.
For the first nine months of 2012, consolidated revenue totalled $183.2 million, up by 15.6% over $158.4 million for the first nine months of 2011. The profit attributable to owners of the Company amounted to $9.5 million for total basic and diluted earnings per share of $1.45, of which $1.39 is attributable to Class A Common Shares and $1.53 is attributable to Class B Subordinate Voting Shares. If we exclude the impact of the aforementioned share of gain of $6.2 million, the Company shows an improvement of profit for the period of 18.7%.
Outlook
"Considering that activity in our environmental services segment is still very busy and our marine services segment continues to perform well despite the persisting weakness of the global economy, we are confident we will close 2012 on a positive note. Sanexen's development is largely focused on aqueduct rehabilitation and site remediation, while cargo handling's growth is based on the handling of growing biomass volumes and the development of mining resources in Northern Quebec. We are also always on the lookout for business acquisition opportunities complementary to our operations, and it was moreover with this in mind that we acquired CrossGlobe Transport, Ltd. last August," 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 www.logistec.com.
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 www.sedar.com : www.sedar.com and on Logistec's website at www.logistec.com.
Condensed Consolidated Interim Statements of Earnings
----------------------------------------------------------------------------
For the three months ended For the nine months ended
September 29, September 24, September 29, September 24,
2012 2011 2012 2011
$ $ $ $
----------------------------------------------------------------------------
Revenue 78,255 66,888 182,470 157,399
Interest revenue
from
investments in
service
contracts 208 314 706 1,016
----------------------------------------------------------------------------
Total revenue 78,463 67,202 183,176 158,415
----------------------------------------------------------------------------
Employee
benefits
expense (36,452) (31,451) (88,577) (78,438)
Equipment and
supplies
expense (21,639) (19,106) (51,735) (42,150)
Rental expense (6,193) (5,075) (16,212) (14,854)
Other expenses (2,649) (2,483) (7,687) (8,411)
Depreciation and
amortization
expense (2,122) (2,141) (6,072) (6,260)
Share of profit
of equity
accounted
investments 2,511 3,049 3,203 4,045
Share of gain on
disposal of an
investment - 6,171 - 6,171
Other gains and
losses (520) 399 (508) (129)
----------------------------------------------------------------------------
Operating profit 11,399 16,565 15,588 18,389
----------------------------------------------------------------------------
Finance expense (270) (289) (592) (716)
Finance income 91 103 265 441
----------------------------------------------------------------------------
Profit before
income taxes 11,220 16,379 15,261 18,114
Income taxes (2,567) (2,027) (3,744) (2,243)
----------------------------------------------------------------------------
Profit for the
period 8,653 14,352 11,517 15,871
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Profit
attributable
to:
----------------------------------------------------------------------------
Owners of the
Company 7,147 13,202 9,458 14,608
----------------------------------------------------------------------------
Non-controlling
interests 1,506 1,150 2,059 1,263
----------------------------------------------------------------------------
Profit for the
period 8,653 14,352 11,517 15,871
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Basic and
diluted
earnings per
Class A Common
Share(1) 1.05 1.94 1.39 2.15
Basic and
diluted
earnings per
Class B
Subordinate
Voting Share(2) 1.16 2.13 1.53 2.35
----------------------------------------------------------------------------
Weighted average
number of Class
A shares
outstanding,
basic and
diluted 3,755,478 3,759,011 3,756,344 3,763,189
Weighted average
number of Class
B shares
outstanding,
basic and
diluted 2,743,183 2,767,250 2,751,550 2,769,817
----------------------------------------------------------------------------
(1) Class A Common Share ("Class A share")
(2) Class B Subordinate Voting Share ("Class B share")
Condensed Consolidated Interim Statements of Comprehensive Income
----------------------------------------------------------------------------
For the three months ended For the nine months ended
September 29, September 24, September 29, September 24,
2012 2011 2012 2011
$ $ $ $
----------------------------------------------------------------------------
Profit for the
period 8,653 14,352 11,517 15,871
----------------------------------------------------------------------------
Other
comprehensive
income (loss)
Currency
translation
differences
arising on
translation
of foreign
operations (477) 247 (468) 203
Actuarial
losses on
retirement
benefits (478) - (878) -
Income taxes
on actuarial
losses on
retirement
benefits 119 - 219 -
Gains on
derivatives
designated as
cash flow
hedges 9 - 34 -
Transfer of
losses on
derivatives
designated as
cash flow
hedges to
profit or
loss 4 - 14 -
Income taxes
relating to
derivatives
designated as
cash flow
hedges (4) - (13) -
Share of other
comprehensive
income of
equity
accounted
investments
Gains
(losses) on
derivatives
designated
as cash
flow hedges - (39) - 100
Transfer of
gains on
derivatives
designated
as cash
flow hedges
to non-
financial
assets - - - (19)
Income taxes
relating to
derivatives
designated
as cash
flow hedges - 5 - (12)
----------------------------------------------------------------------------
Other
comprehensive
income (loss)
for the period,
net of income
taxes (827) 213 (1,092) 272
----------------------------------------------------------------------------
Total
comprehensive
income for the
period 7,826 14,565 10,425 16,143
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total
comprehensive
income
attributable
to:
Owners of the
Company 6,320 13,415 8,366 14,880
Non-controlling
interests 1,506 1,150 2,059 1,263
----------------------------------------------------------------------------
Total
comprehensive
income for the
period 7,826 14,565 10,425 16,143
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Condensed Consolidated Interim Statements of Financial Position
###PRECONTENT2###
Condensed Consolidated Interim Statements of Changes in Equity
###PRECONTENT3###
Condensed Consolidated Interim Statements of Cash Flows
###PRECONTENT4###
Contacts:
Jean-Claude Dugas CPA, CA
Vice-President, Finance
Logistec Corporation
jdugas@logistec.com :
(514) 985-2345
