Logistec Corporation, a marine and environmental services provider, announced its financial results for the first quarter ended March 30, 2013. During the first quarter of 2013, consolidated revenues totalled $57.4 million, an increase of $12.9 million or 29.1 per cent over the equivalent period of the previous year. Revenues of the Marine Services segment grew by $13.5 million or 44.0 per cent to $44.1 million, whereas revenues generated by Environmental Services amounted to $13.3 million, down by $0.5 million from the first quarter of 2012.
The growth in marine services revenues reflected an overall increase in volumes of cargo handled in all regions, but more specifically in the USA, with the addition in the third quarter of 2012 of CrossGlobe Transport, Ltd. (CrossGlobe). The first quarter of 2013 closed with a consolidated profit attributable to owners of the Company of $1.9 million, compared with a loss of $1.2 million for the first quarter of 2012. The profit attributable to owners of the Company translated into total basic and diluted earnings per share of $0.30, of which $0.29 was attributable to Class A Common Shares and $0.32 was attributable to Class B Subordinate Voting Shares.
Madeleine Paquin, President and CEO, commented "As attested to by our record first-quarter performance, our outlook is favourable for 2013 as our company should benefit from the ongoing turnaround of the U.S. economy, CrossGlobe’s fullyear contribution, and the reinforcement of our biomass handling operations at our Brunswick (GA) terminal. As was the case in the first quarter, we believe our cargo handling business is likely to continue growing in all of our cargo types as well as on a geographic basis. We are also confident in regard to Sanexen’s capacity to deliver another solid performance in 2013, as we expect an increase in the demand for services related to the Aqua-Pipe technology, a further improvement in sales of woven hoses and a satisfactory level of site remediation activities.”