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Logistec Announces Financial Results for the Third Quarter of 2012

MONTREAL, QUEBEC -- (Marketwire) -- 11/12/12 -- Logistec Corporation (TSX:LGT.A)(TSX:LGT.B), a marine and environmental services provider, today announced its financial results for the third quarter and first nine months ended September 29, 2012.

During the third quarter of 2012, consolidated revenue reached a record high for the Company, totalling $78.5 million, an increase of $11.3 million or 16.8% over the equivalent period of the previous year. The marine services segment's revenue grew by $2.8 million to $35.8 million, whereas the environmental services segment's revenue rose to $42.6 million, an increase of $8.4 million or 24.5% due essentially to the Aqua-Pipe® related business. The consolidated profit attributable to owners of the Company amounted to $7.1 million for the third quarter of 2012, compared with $13.2 million for the equivalent period of 2011, which included a $6.2 million share of gain on partial disposal of a subsidiary of an equity accounted investment. The profit attributable to owners of the Company translated into total basic and diluted earnings per share of $1.10, of which $1.05 is attributable to Class A Common Shares and $1.16 is attributable to Class B Subordinate Voting Shares.

For the first nine months of 2012, consolidated revenue totalled $183.2 million, up by 15.6% over $158.4 million for the first nine months of 2011. The profit attributable to owners of the Company amounted to $9.5 million for total basic and diluted earnings per share of $1.45, of which $1.39 is attributable to Class A Common Shares and $1.53 is attributable to Class B Subordinate Voting Shares. If we exclude the impact of the aforementioned share of gain of $6.2 million, the Company shows an improvement of profit for the period of 18.7%.

Outlook

"Considering that activity in our environmental services segment is still very busy and our marine services segment continues to perform well despite the persisting weakness of the global economy, we are confident we will close 2012 on a positive note. Sanexen's development is largely focused on aqueduct rehabilitation and site remediation, while cargo handling's growth is based on the handling of growing biomass volumes and the development of mining resources in Northern Quebec. We are also always on the lookout for business acquisition opportunities complementary to our operations, and it was moreover with this in mind that we acquired CrossGlobe Transport, Ltd. last August," indicated Madeleine Paquin, President and Chief Executive Officer of Logistec Corporation.

About Logistec

Logistec Corporation is based in Montreal (QC) and provides specialized services to the marine community and industrial companies in the areas of bulk, break-bulk and container cargo handling in 24 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 the trenchless structural rehabilitation of underground water mains, PCB management, site remediation, risk assessment, and woven-hose manufacturing.

The Company has been profitable and 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 the Company's 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.

Additional information relating to our Company can be found on SEDAR's website at www.sedar.com and on Logistec's website at www.logistec.com.

Condensed Consolidated Interim Statements of Earnings

----------------------------------------------------------------------------
                   For the three months ended     For the nine months ended 
                 September 29,  September 24,  September 29,  September 24, 
                          2012           2011           2012           2011 
                             $              $              $              $ 
----------------------------------------------------------------------------
                                                                            
Revenue                 78,255         66,888        182,470        157,399 
Interest revenue                                                            
 from                                                                       
 investments in                                                             
 service                                                                    
 contracts                 208            314            706          1,016 
----------------------------------------------------------------------------
Total revenue           78,463         67,202        183,176        158,415 
----------------------------------------------------------------------------
                                                                            
Employee                                                                    
 benefits                                                                   
 expense               (36,452)       (31,451)       (88,577)       (78,438)
Equipment and                                                               
 supplies                                                                   
 expense               (21,639)       (19,106)       (51,735)       (42,150)
Rental expense          (6,193)        (5,075)       (16,212)       (14,854)
Other expenses          (2,649)        (2,483)        (7,687)        (8,411)
Depreciation and                                                            
 amortization                                                               
 expense                (2,122)        (2,141)        (6,072)        (6,260)
Share of profit                                                             
 of equity                                                                  
 accounted                                                                  
 investments             2,511          3,049          3,203          4,045 
Share of gain on                                                            
 disposal of an                                                             
 investment                  -          6,171              -          6,171 
Other gains and                                                             
 losses                   (520)           399           (508)          (129)
----------------------------------------------------------------------------
Operating profit        11,399         16,565         15,588         18,389 
----------------------------------------------------------------------------
                                                                            
Finance expense           (270)          (289)          (592)          (716)
Finance income              91            103            265            441 
----------------------------------------------------------------------------
Profit before                                                               
 income taxes           11,220         16,379         15,261         18,114 
                                                                            
Income taxes            (2,567)        (2,027)        (3,744)        (2,243)
----------------------------------------------------------------------------
Profit for the                                                              
 period                  8,653         14,352         11,517         15,871 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Profit                                                                      
 attributable                                                               
 to:                                                                        
                                                                            
----------------------------------------------------------------------------
Owners of the                                                               
 Company                 7,147         13,202          9,458         14,608 
----------------------------------------------------------------------------
                                                                            
Non-controlling                                                             
 interests               1,506          1,150          2,059          1,263 
----------------------------------------------------------------------------
Profit for the                                                              
 period                  8,653         14,352         11,517         15,871 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Basic and                                                                   
 diluted                                                                    
 earnings per                                                               
 Class A Common                                                             
 Share(1)                 1.05           1.94           1.39           2.15 
Basic and                                                                   
 diluted                                                                    
 earnings per                                                               
 Class B                                                                    
 Subordinate                                                                
 Voting Share(2)          1.16           2.13           1.53           2.35 
----------------------------------------------------------------------------
                                                                            
Weighted average                                                            
 number of Class                                                            
 A shares                                                                   
 outstanding,                                                               
 basic and                                                                  
 diluted             3,755,478      3,759,011      3,756,344      3,763,189 
Weighted average                                                            
 number of Class                                                            
 B shares                                                                   
 outstanding,                                                               
 basic and                                                                  
 diluted             2,743,183      2,767,250      2,751,550      2,769,817 
----------------------------------------------------------------------------
                                                       
(1)  Class A Common Share ("Class A share")            
(2)  Class B Subordinate Voting Share ("Class B share")

Condensed Consolidated Interim Statements of Comprehensive Income

----------------------------------------------------------------------------
                   For the three months ended     For the nine months ended 
                 September 29,  September 24,  September 29,  September 24, 
                          2012           2011           2012           2011 
                             $              $              $              $ 
----------------------------------------------------------------------------
                                                                            
Profit for the                                                              
 period                  8,653         14,352         11,517         15,871 
----------------------------------------------------------------------------
                                                                            
Other                                                                       
 comprehensive                                                              
 income (loss)                                                              
  Currency                                                                  
   translation                                                              
   differences                                                              
   arising on                                                               
   translation                                                              
   of foreign                                                               
   operations             (477)           247           (468)           203 
  Actuarial                                                                 
   losses on                                                                
   retirement                                                               
   benefits               (478)             -           (878)             - 
  Income taxes                                                              
   on actuarial                                                             
   losses on                                                                
   retirement                                                               
   benefits                119              -            219              - 
  Gains on                                                                  
   derivatives                                                              
   designated as                                                            
   cash flow                                                                
   hedges                    9              -             34              - 
  Transfer of                                                               
   losses on                                                                
   derivatives                                                              
   designated as                                                            
   cash flow                                                                
   hedges to                                                                
   profit or                                                                
   loss                      4              -             14              - 
  Income taxes                                                              
   relating to                                                              
   derivatives                                                              
   designated as                                                            
   cash flow                                                                
   hedges                   (4)             -            (13)             - 
  Share of other                                                            
   comprehensive                                                            
   income of                                                                
   equity                                                                   
   accounted                                                                
   investments                                                              
    Gains                                                                   
     (losses) on                                                            
     derivatives                                                            
     designated                                                             
     as cash                                                                
     flow hedges             -            (39)             -            100 
    Transfer of                                                             
     gains on                                                               
     derivatives                                                            
     designated                                                             
     as cash                                                                
     flow hedges                                                            
     to non-                                                                
     financial                                                              
     assets                  -              -              -            (19)
    Income taxes                                                            
     relating to                                                            
     derivatives                                                            
     designated                                                             
     as cash                                                                
     flow hedges             -              5              -            (12)
----------------------------------------------------------------------------
Other                                                                       
 comprehensive                                                              
 income (loss)                                                              
 for the period,                                                            
 net of income                                                              
 taxes                    (827)           213         (1,092)           272 
                                                                            
----------------------------------------------------------------------------
Total                                                                       
 comprehensive                                                              
 income for the                                                             
 period                  7,826         14,565         10,425         16,143 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Total                                                                       
 comprehensive                                                              
 income                                                                     
 attributable                                                               
 to:                                                                        
                                                                            
Owners of the                                                               
 Company                 6,320         13,415          8,366         14,880 
Non-controlling                                                             
 interests               1,506          1,150          2,059          1,263 
----------------------------------------------------------------------------
Total                                                                       
 comprehensive                                                              
 income for the                                                             
 period                  7,826         14,565         10,425         16,143 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Condensed Consolidated Interim Statements of Financial Position

----------------------------------------------------------------------------
                                                        As at         As at 
                                                September 29,  December 31, 
                                                         2012          2011 
                                                            $             $ 
----------------------------------------------------------------------------
                                                                            
Assets                                                                      
Current assets                                                              
  Cash and cash equivalents                             7,523         8,888 
  Investments in service contracts                      9,388        13,065 
  Trade and other receivables                          67,207        45,007 
  Current income tax assets                             3,289         2,559 
  Prepaid expenses                                      3,537         2,854 
  Inventories                                           5,226         3,922 
----------------------------------------------------------------------------
                                                       96,170        76,295 
                                                                            
Equity accounted investments                           29,102        32,726 
Property, plant and equipment                          50,751        47,730 
Goodwill                                               15,293        10,686 
Other intangible assets                                18,781         1,934 
Other non-current assets                                1,813         1,927 
Post-employment benefit assets                            701           779 
Non-current financial assets                            5,711         5,265 
Deferred income tax assets                              7,842         7,773 
----------------------------------------------------------------------------
Total assets                                          226,164       185,115 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Liabilities                                                                 
Current liabilities                                                         
  Short-term bank loans                                 9,892             - 
  Trade and other payables                             35,624        27,020 
  Deferred revenue                                      1,054           819 
  Current income tax liabilities                          360         1,907 
  Dividends payable                                       610           594 
  Current portion of long-term debt                     2,274         2,499 
  Provisions                                              594           488 
----------------------------------------------------------------------------
                                                       50,408        33,327 
                                                                            
Long-term debt                                         20,462        11,873 
Provisions                                                244           148 
Deferred income tax liabilities                        10,557         3,440 
Post-employment benefit obligations                    12,017        11,475 
Non-current financial liabilities                       2,140         2,624 
----------------------------------------------------------------------------
Total liabilities                                      95,828        62,887 
----------------------------------------------------------------------------
                                                                            
                                                                            
Equity                                                                      
Share capital                                          15,195        15,149 
                                                                            
Retained earnings                                     107,432       100,996 
Accumulated other comprehensive loss                     (738)         (305)
----------------------------------------------------------------------------
Equity attributable to owners of the Company          121,889       115,840 
                                                                            
Non-controlling interests                               8,447         6,388 
----------------------------------------------------------------------------
Total equity                                          130,336       122,228 
----------------------------------------------------------------------------
                                                                            
Total liabilities and equity                          226,164       185,115 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Condensed Consolidated Interim Statements of Changes in Equity

----------------------------------------------------------------------------
                                      Attributable to owners of the Company 
                        ----------------------------------------------------
                                     Accumulated other                      
                                    comprehensive loss                      
                                 ----------------------                     
                                     Cash      Foreign                      
                           Share     flow     currency     Retained         
                         capital   hedges  translation     earnings   Total 
                               $        $            $            $       $ 
----------------------------------------------------------------------------
                                                                            
Balance as at January 1,                                                    
 2012                     15,149      (52)        (253)     100,996 115,840 
----------------------------------------------------------------------------
                                                                            
Profit for the period          -        -            -        9,458   9,458 
                                                                            
Other comprehensive                                                         
 income (loss)                                                              
  Currency translation                                                      
   differences arising                                                      
   on translation of                                                        
   foreign operations          -        -         (468)           -    (468)
  Actuarial losses on                                                       
   retirement benefits,                                                     
   net of income taxes         -        -            -         (659)   (659)
  Cash flow hedges, net                                                     
   of income taxes             -       35            -            -      35 
----------------------------------------------------------------------------
Total comprehensive                                                         
 income (loss) for the                                                      
 period                        -       35         (468)       8,799   8,366 
----------------------------------------------------------------------------
                                                                            
Repurchase of Class A                                                       
 shares                       (3)       -            -          (45)    (48)
Issuance and repurchase                                                     
 of Class B shares            49        -            -         (521)   (472)
Dividends on Class A                                                        
 shares                        -        -            -         (995)   (995)
Dividends on Class B                                                        
 shares                        -        -            -         (802)   (802)
----------------------------------------------------------------------------
Balance as at September                                                     
 29, 2012                 15,195      (17)        (721)     107,432 121,889 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            

-------------------------------------------------------
                                                       
                                                       
                                                       
                                                       
                        Non-controlling                
                              interests   Total equity 
                                      $              $ 
-------------------------------------------------------
                                                       
Balance as at January 1,                               
 2012                             6,388        122,228 
-------------------------------------------------------
                                                       
Profit for the period             2,059         11,517 
                                                       
Other comprehensive                                    
 income (loss)                                         
  Currency translation                                 
   differences arising                                 
   on translation of                                   
   foreign operations                 -           (468)
  Actuarial losses on                                  
   retirement benefits,                                
   net of income taxes                -           (659)
  Cash flow hedges, net                                
   of income taxes                    -             35 
-------------------------------------------------------
Total comprehensive                                    
 income (loss) for the                                 
 period                           2,059         10,425 
-------------------------------------------------------
                                                       
Repurchase of Class A                                  
 shares                               -            (48)
Issuance and repurchase                                
 of Class B shares                    -           (472)
Dividends on Class A                                   
 shares                               -           (995)
Dividends on Class B                                   
 shares                               -           (802)
-------------------------------------------------------
Balance as at September                                
 29, 2012                         8,447        130,336 
-------------------------------------------------------
-------------------------------------------------------
                                                       
                                                       
                                                       
----------------------------------------------------------------------------
                                      Attributable to owners of the Company 
                         ---------------------------------------------------
                                     Accumulated other                      
                                    comprehensive loss                      
                                  ---------------------                     
                                      Cash     Foreign                      
                            Share     flow    currency     Retained         
                          capital   hedges translation     earnings   Total 
                                $        $           $            $       $ 
----------------------------------------------------------------------------
                                                                            
Balance as at January 1,                                                    
 2011                      15,130        -        (367)      90,702 105,465 
----------------------------------------------------------------------------
                                                                            
Profit for the period           -        -           -       14,608  14,608 
                                                                            
Other comprehensive                                                         
 income                                                                     
  Currency translation                                                      
   differences arising on                                                   
   translation of foreign                                                   
   operations                   -        -         203            -     203 
  Share of cash flow                                                        
   hedges of equity                                                         
   accounted investments,                                                   
   net of income taxes          -       69           -            -      69 
----------------------------------------------------------------------------
Total comprehensive                                                         
 income for the period          -       69         203       14,608  14,880 
----------------------------------------------------------------------------
                                                                            
Repurchase and conversion                                                   
 of Class A shares            (14)       -           -          (82)    (96)
Issuance, repurchase and                                                    
 conversion of Class B                                                      
 shares                        56        -           -         (426)   (370)
Dividends on Class A                                                        
 shares                         -        -           -         (970)   (970)
Dividends on Class B                                                        
 shares                         -        -           -         (786)   (786)
----------------------------------------------------------------------------
Balance as at September                                                     
 24, 2011                  15,172       69        (164)     103,046 118,123 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

--------------------------------------------------------
                                                        
                                                        
                                                        
                                                        
                         Non-controlling                
                               interests   Total equity 
                                       $              $ 
--------------------------------------------------------
                                                        
Balance as at January 1,                                
 2011                              4,392        109,857 
--------------------------------------------------------
                                                        
Profit for the period              1,263         15,871 
                                                        
Other comprehensive                                     
 income                                                 
  Currency translation                                  
   differences arising on                               
   translation of foreign                               
   operations                          -            203 
  Share of cash flow                                    
   hedges of equity                                     
   accounted investments,                               
   net of income taxes                 -             69 
--------------------------------------------------------
Total comprehensive                                     
 income for the period             1,263         16,143 
--------------------------------------------------------
                                                        
Repurchase and conversion                               
 of Class A shares                     -            (96)
Issuance, repurchase and                                
 conversion of Class B                                  
 shares                                -           (370)
Dividends on Class A                                    
 shares                                -           (970)
Dividends on Class B                                    
 shares                                -           (786)
--------------------------------------------------------
Balance as at September                                 
 24, 2011                          5,655        123,778 
--------------------------------------------------------
--------------------------------------------------------

Condensed Consolidated Interim Statements of Cash Flows

----------------------------------------------------------------------------
                                                  For the nine months ended 
                                             September 29,    September 24, 
                                                      2012             2011 
                                                         $                $ 
----------------------------------------------------------------------------
                                                                            
Operating activities                                                        
  Profit for the period                             11,517           15,871 
  Items not affecting cash and cash                                         
   equivalents                                       8,340           (2,183)
----------------------------------------------------------------------------
  Cash generated from operations                    19,857           13,688 
  Dividends received from equity accounted                                  
   investments                                       7,168            3,878 
  Contributions to defined benefit                                          
   retirement plans                                 (1,023)            (928)
  Settlement of provisions                            (454)            (324)
  Changes in non-cash working capital                                       
   items                                           (18,275)         (17,674)
  Income taxes paid                                 (5,386)          (5,966)
----------------------------------------------------------------------------
                                                     1,887           (7,326)
----------------------------------------------------------------------------
                                                                            
Financing activities                                                        
  Net change in short-term bank loans                9,892           10,724 
  Issuance of long-term debt                        16,150                - 
  Repayment of long-term debt                       (7,790)          (1,810)
  Interest paid                                       (720)            (722)
  Repurchase of Class A shares                         (48)             (96)
  Issuance of Class B shares                             6                4 
  Repurchase of Class B shares                        (634)            (505)
  Dividends paid on Class A shares                    (986)            (642)
  Dividends paid on Class B shares                    (796)          (1,101)
----------------------------------------------------------------------------
                                                    15,074            5,852 
----------------------------------------------------------------------------
                                                                            
Investing activities                                                        
  Customer repayment of investments in                                      
   service contracts                                 3,677            3,367 
  Interest received                                    975            1,428 
  Business acquisition                             (15,810)               - 
  Acquisition of property, plant and                                        
   equipment                                        (7,285)          (4,650)
  Proceeds from disposal of property,                                       
   plant and equipment                                 158               90 
  Acquisition of intangible assets                     (62)             (70)
  Acquisition of other non-current assets             (125)               - 
  Proceeds from disposal of other non-                                      
   current assets                                       49                - 
----------------------------------------------------------------------------
                                                   (18,423)             165 
----------------------------------------------------------------------------
                                                                            
Net change in cash and cash equivalents             (1,462)          (1,309)
Cash and cash equivalents(1), beginning of                                  
 period                                              8,888            8,382 
Effect of exchange rate on balances held                                    
 in foreign currencies of foreign                                           
 operations                                             97               (5)
----------------------------------------------------------------------------
Cash and cash equivalents(2), end of                                        
 period                                              7,523            7,068 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Additional information                                                      
                                                                            
Acquisition of property, plant and                                          
 equipment included in trade and other                                      
 payables                                            1,090              820 
----------------------------------------------------------------------------
                                                                            
(1)  Comprised of cash on hand and in banks                                 
(2)  Comprised of cash on hand and in banks, and short-term investments     
     redeemable at all times                                                

Contacts:
Jean-Claude Dugas CPA, CA
Vice-President, Finance
Logistec Corporation
[email protected]
(514) 985-2345

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The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
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In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...