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Logistec announces financial results for the third quarter of fiscal 2008 |
- Consolidated
revenue from continuing operations up by 25.5% and 11.5% respectively
for the third quarter and first nine months of 2008
- Respective
increases of 21.2% and 19.5% in net income from continuing operations
for the third quarter and first nine months of 2008
Montréal,
Québec, November 6, 2008 – Logistec Corporation [TSX: LGT.A and LGT.B],
a diversified cargo handler in Eastern Canadian and U.S. ports, today
announced its financial results for the third quarter and the
nine-month period ended September 27, 2008.
During
the three-month period ended September 27, 2008, consolidated revenue
from continuing operations grew by 25.5% to $70.4 million, compared
with $56.1 million for the same period in 2007. Net income from
continuing operations also increased, rising to $5.4 million or $0.81
per share from $4.5 million or $0.67 per share for the equivalent
period last year.
For
the first nine months of 2008, revenue from continuing operations
increased by $17.0 million to $164.5 million, up from $147.5 million
for the first nine months of last year. Net income from continuing
operations increased by $1.4 million to total $8.6 million or $1.29 per
share, compared with $7.2 million or $1.08 per share for the first nine
months of 2007.
“In
the third quarter of 2008, Logistec successfully capitalized on the
strength of its container and bulk cargo handling operations, marine
transportation activities and environmental services to achieve its
best quarterly performance ever, in regard to both its consolidated
revenue from continuing operations and its net income from continuing
operations,” indicated Madeleine Paquin, President and Chief Executive
Officer of Logistec Corporation.
Outlook
“Despite
the slowdown seen in recent years in our break-bulk cargo handling
operations, our immediate outlook remains solid based on the strong
performance of our bulk and container handling operations, our marine
transportation services as well as our environmental services. The
longer term, however, is difficult to forecast as it is not evident how
long the global financial crisis will last, and what impact it will
have on the actual economy. If a worldwide recession were to occur, it
is very likely that volumes of commodities and goods handled would
decline. However, such a context could also lead to opportunities in
terms of acquiring complementary businesses as Logistec has significant
available liquidity and credit facilities. That is the strategy we have
adopted during previous economic downturns and it has generally served
us well in the past,” 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.
For further
information: Jean-Claude Dugas CA
Vice-President, Finance
Logistec Corporation
jdugas@logistec.com
(514)
985-2345 |
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