Logistec announces financial results for the second quarter of fiscal 2008

In May 2008, the Company discontinued its activity at the port of Bridgeport (CT). Revenue and net income from discontinued operations totalled $0.4 million and $(0.3) million, respectively, in the second quarter of 2008. This compares to $1.9 million and $0.1 million, respectively, for the same period of 2007.

First-Half Financial Results
For the full first half of 2008, revenue from continuing operations grew by $2.6 million to $94.1 million, compared to $91.5 million for the first six months of last year. Net income from continuing operations increased by $0.5 million to total $3.2 million or $0.48 per share, up from $2.7 million or $0.41 per share in the first half of 2007.

Revenue from discontinued operations totalled $2.3 million for the first half of 2008 ($3.6 million in 2007) and net income was $(0.2) million for that period (($0.02) million in 2007).

“The improvement in our financial performance came primarily from increased container volumes handled, and to a lesser extent, from our environmental services. The strength of these activities enabled us to offset the impact of the lower volume of general cargoes, especially our steel, copper and forest product handling operations in the United States,” indicated Madeleine Paquin, President and Chief Executive Officer of Logistec Corporation.

Outlook
“Despite the slowdown in the U.S. economy affecting our break-bulk handling operations, we remain confident we can achieve a satisfactory financial performance in 2008. To do so, we will build upon growing container handling volumes, sustained bulk cargo volumes, an increase in the business volume of Transport Nanuk, which added a fourth vessel serving the Arctic communities, and a better contribution by Sanexen Environmental Services, which is dealing with the challenges encountered last year in procuring a component of its Aqua-Pipe™ underground watermain rehabilitation technology,” concluded Ms. Paquin.

About Logistec
Logistec Corporation is based in Montréal (QC) and provides specialized services to the marine community and industrial companies in the areas of container, break-bulk and bulk cargo handling at 20 ports in Eastern Canada, the Great Lakes and the U.S. East Coast; agency services to foreign shipowners and operators serving the Canadian market; marine transportation services geared primarily to the Arctic coastal trade; and PCB management, site remediation, trenchless structural rehabilitation of watermains, and risk assessment. The Company has been profitable each year since 1969 and has more than doubled its revenue since 1995 through internal growth and strategic acquisitions. The Company 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 our 2007 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.

Please click here for a PDF version of the financial statements.

Jean-Claude Dugas CA
Vice-President, Finance
Logistec Corporation
jdugas@logistec.com
(514) 985-2345