During the first quarter of 2012, consolidated revenue totalled $44.4 million, an increase of $3.4 million or 8.2 per cent over the equivalent period of the previous year. The marine services segment’s revenue was stable at $30.6 million whereas the environmental services segment’s revenue amounted to $13.8 million, up by $3.2 million over the first quarter of 2011, as a result of increased site remediation activity and improved sales of woven hoses. The first quarter of 2012 closed with a consolidated loss attributable to owners of the Company of $1.1 million, compared with a profit of $0.1 million for the first quarter of 2011. The loss attributable to owners of the Company translated into a total basic and diluted loss per share of 17 cents per share, of which 16 cents is attributable to Class A Common Shares and 18 cents to Class B Subordinate Voting Shares.
“The first quarter always attests to the seasonal nature of our marine and environmental services segments in that winter temperatures slow down our business and therefore affect our profitability. However, experience has shown that these results are not a reliable indicator of our performance in upcoming quarters. In an economic context that remains uncertain, we continue to capitalize on relatively stable container volumes, on reinforcing biomass handling operations at our Brunswick (GA) terminal, as well as on the solid positioning of our cargo-handling and shipping activities in connection with Quebec’s Plan Nord. Furthermore, our subsidiary Sanexen benefits from a strong order backlog for its site remediation services. Finally, we look forward to growing demand for Aqua-Pipe technology related services, as municipalities are expected to resume their capital spending on aging water main networks,” indicated Madeleine Paquin, President and CEO.
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, providing 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.