MONTREAL, QUEBEC -- (Marketwire) -- 03/21/13 -- Logistec Corporation (TSX: LGT.A)(TSX: LGT.B), a marine and environmental services provider, today announced its financial results for the fourth quarter and the year ended December 31, 2012.
Consolidated revenue totalled $250.9 million in 2012, an increase of $26.2 million or 11.7% over 2011. The marine services segment posted revenue of $143.2 million in 2012, a higher level of activity when compared to the $132.9 million reported for 2011. Higher volumes of bulk cargo and increased activity in the USA, following the acquisition of CrossGlobe Transport, Ltd., contributed to this revenue growth. The environmental services segment delivered a very strong performance in 2012, as revenue increased by $15.9 million or 17.3% over 2011 to reach $107.6 million. The growth derives from a high overall level of activity, more specifically revenue from Niedner woven hoses and Aqua-Pipe® services.
In 2012, Logistec achieved a consolidated profit attributable to owners of the Company of $16.1 million compared to $17.6 million in 2011. The 2012 profit attributable to owners of the Company computes to total basic and diluted earnings per share of $2.47, which corresponds to basic and diluted earnings per share of $2.37 attributable to Class Common A shares and of $2.61 attributable to Class B Subordinate Voting shares. Although consolidated profit attributable to owners of the Company decreased from $17.6 million to $16.1 million, the 2011 figures included two non-operating items, which had a net after tax positive impact of $5.3 million. These included a gain on partial disposal of an investment, partly offset by an impairment loss on goodwill. If these items are excluded, profit increased by some $4 million or 31% in 2012. The marine services segment posted a profit before income taxes of $13.7 million, down by $0.6 million over $14.3 million in 2011. The environmental services segment recorded a profit before income taxes of $10.5 million, up by $1.3 million over $9.2 million in 2011.
During the fourth quarter of 2012, consolidated revenue totalled $67.7 million in the fourth quarter of 2012, up by $1.5 million over the same period of 2011. This increase can be explained by strong activity in the marine services segment in the fourth quarter, although it was partly offset by slower business in our environmental services segment. The consolidated profit attributable to owners of the Company amounted to $6.6 million, up by $3.6 million from the fourth quarter of 2011. The positive variation came from the impairment loss on goodwill and higher equipment costs incurred in the fourth quarter of 2011 combined with the strong activity in the marine services segment in the fourth quarter of 2012. The profit attributable to owners of the Company computes to total basic and diluted earnings per share of $1.04, which corresponds to basic and diluted earnings per share of $0.98 attributable to Class A Common Shares and of $1.07 attributable to Class B Subordinate Voting Shares.
"We are optimistic we will be able to further develop our cargo-handling activities in 2013. In the USA, we are seeing some improvement in the building sector of the economy and this should bode well for construction materials, namely lumber and metals. We will further advance our development initiatives in the area of biomass and mining. To that effect, significant capital expenditures have been made to upgrade and specialize a portion of our Brunswick (GA) facility to handle biomass, namely wood pellets and woodchips. Customers have committed volumes to our facility and we feel strongly that the export market is growing quickly. With respect to mining, we are closely following the development of the mining sector in the Province of Quebec and the Arctic and, with our cargo-handling and transportation businesses, we are well positioned to serve this developing customer base. Although there has been a slowdown based on weaker growth in China and lower-priced commodities, the sector continues to develop selectively.
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