Logistec Corporation announced its financial results for the year ended December 31, 2011. Consolidated revenue totaled $224.6 million in 2011, an increase of $18.6 million or 9.0 per cent over 2010. The marine services segment posted revenue of $132.9 million in 2011, a very similar level of activity when compared to the $133.5 million reported for 2010. Higher volumes of bulk cargo and additional revenue from a new cargo-handling services contract with a major aluminum producer in Northern Quebec were offset by a lower level of activity in the United States. Consolidated net profit amounted to $19.6 million compared to $15.6 million in 2010. The marine services segment posted a profit before income taxes of $14.3 million, down by $0.6 million over $14.9 million in 2010. For the quarter ended December 31, Logistec boasted a net profit of $3.7 million on revenues of $66.2 million, compared to earning a net profit of $6.0 million on revenues of $61.1 million during the same quarter of 2010. Q4-2011 earnings were negatively impacted by high levels of site remediation activities which required a high level of equipment costs.
Logistec Corporation, based in Montreal, provides specialized services to the marine community and industrial companies in the areas of bulk, breakbulk and container cargo handling in 23 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 trenchless structural rehabilitation of underground water mains, PCB management, site remediation, risk assessment and woven-hose manufacturing.
“We expect the business environment to remain challenging in 2012, especially with respect to the more traditional cargoes handled. In 2012, we expect to focus on the development of two specific activities: biomass energy and Quebec’s Plan Nord,” said Madeleine Paquin, Logistec’s President and CEO. “With respect to biomass, many plants are developing in North America to serve biomassenergy needs in European countries. We continue to invest to serve this market and will complete the first phase of our terminal infrastructure in Brunswick, GA, in 2012, allowing us to increase throughput of this cargo.
“As for the Plan Nord, with our new port installation in Baie-Comeau, together with our current activities in Sept-Îles, we are well-positioned in both our transportation and cargo-handling businesses to provide valuable services to new and growing mining companies as well as to the communities that need to be developed.
“Overall, for both our business segments, we are confident we will continue to grow and perform well. We have a solid financial position, available banking credit, a competent, dedicated management and labour force, and we keep investing in equipment to maintain and enhance our operations. Finally, we continuously seek business opportunities, by way of acquisitions, development projects or outsourcing, in order to grow our Company and shareholder value,” Ms. Paquin concluded.