Logistec Corporation announced financial results for the fourth quarter and the year ended December 31, 2013.
Consolidated revenue totalled $298.3 million in 2013, an increase of $47.4 million or 18.9 per cent over 2012. Marine services posted revenues of $181.6 million in 2013, compared to $143.2 million reported for 2012. This significant growth was due to an overall increase in cargo volumes handled in all regions for all cargo types, whether bulk, breakbulk or containers. Environmental services delivered a strong performance in 2013, as revenues increased by $10.0 million or 9.2 per cent over 2012 to reach $117.6 million. The growth was generated by a high overall level of activity, particularly in the fourth quarter of 2013. Revenue growth came primarily from increased activity in Niedner.
In 2013, Logistec achieved a consolidated profit attributable to owners of the Company of $27.5 million, which compares favourably to a consolidated profit attributable to owners of the Company of $16.1 million in 2012. During the fourth quarter of 2013, consolidated revenues totalled $79.5 million, up by $11.8 million over the same period of 2012. This increase is attributed to the strong results posted by the Environmental services segment in the fourth quarter. The consolidated profit attributable to owners of the Company amounted to $6.6 million, similar to the fourth quarter of 2012.
Madeleine Paquin, President and CEO commented that “Our development plan is focused on strengthening and growing our footprint of cargo-handling services across North America. Throughout 2014, we will focus on three particular niches: mining, biomass and port logistics. In mining, we are working closely with mining companies in the Arctic and the Northern Quebec/ Labrador Trough region to develop and implement efficient cargo-handling solutions for the export of concentrates. We will upgrade our handling equipment in Contrecoeur (QC) to better serve our customers using this bulk terminal. With respect to biomass, demand continues to grow for cargoes such as wood pellets and woodchips, and we are well positioned to handle increased volumes, particularly in Brunswick (GA). In port logistics, we will invest in a new off-dock warehouse in Montreal (QC) to enhance our transhipment capabilities. We also hope to expand our footprint and customer base in the USA for such logistics services. In addition, we have various projects in progress, based on specific customer needs. Finally, we continue to seek acquisitions that fit our strategy of expanding our dry cargo-handling business in North America.
We are optimistic about our environmental services segment. Our plan is largely consistent with prior years, as the development potential remains strong. In 2014, we will continue to build on our Aqua-Pipe technology and grow our services both in Quebec, where we install our structural lining, and outside the province, where we operate through licensees. Furthermore, we have developed new markets and will be providing services in both New Zealand and Singapore. Particular emphasis will be placed on developing new markets in the USA. In 2014, our plant in Coaticook (QC) will undergo an expansion and is expected to provide greater capacity to meet customer needs in the energy and fire-fighting industries, not to mention the water main rehabilitation business developed by Sanexen. Finally, our site remediation services also show promise, in light of the continued focus on cleaning up the environment.”
“All in all, we are committed and confident that we will be able to continue to build our business based on specialized services where we have developed our expertise with a solid customer base. Our industrial environment is showing positive signs, particularly south of the border, and our energy is focused on market opportunities that can benefit from the improved economic outlook. Clearly, our success rests on the strength of a highly dynamic team of customer-oriented experts who consistently bring value to our growing customer base,” concluded Ms. Paquin.