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Logistec Announces Record 2013 Results

MONTREAL, QUEBEC -- (Marketwired) -- 03/21/14 -- Logistec Corporation (TSX: LGT.A)(TSX: LGT.B), a marine and environmental services provider, today announced its 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% over 2012. The marine services segment posted revenue of $181.6 million in 2013, representing a higher level of activity compared to the $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, break-bulk or containers. The environmental services segment delivered a strong performance in 2013, as revenue increased by $10.0 million or 9.2% 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 for total basic and diluted earnings per share of $4.27, which corresponds to basic and diluted earnings per share of $4.10 attributable to Class A Common shares and of $4.50 attributable to Class B Subordinate Voting shares. This compares favourably to total basic and diluted earnings per share of $2.45, of which $2.35 was attributable to Class A Common Shares and $2.59 was attributable to Class B Subordinate Voting Shares in 2012.

During the fourth quarter of 2013, consolidated revenue totalled $79.5 million, up by $11.8 million over the same period of 2012. This increase can be explained by strong activity in 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 level. Equipment and supplies expense for the fourth quarter of 2013 was slightly higher in proportion to revenue when compared to the fourth quarter of 2012. That is explained by Sanexen's higher level of activity in the fourth quarter of 2013, which has a higher equipment cost component compared to the marine services segment. The profit attributable to owners of the Company computes to total basic and diluted earnings per share of $1.04, which corresponds to basic and diluted earnings per share of $1.00 attributable to Class A Common Shares and of $1.09 attributable to Class B Subordinate Voting Shares.

Outlook

"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," indicated Madeleine Paquin, President and Chief Executive Officer of Logistec Corporation.

"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.

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 26 ports in Eastern Canada, the Great Lakes, on the U.S. East Coast, and the U.S. Gulf. 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, municipal and other governmental customers 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 on 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.

Consolidated Statements of Earnings


years ended December 31
(in thousands of Canadian dollars, except for per share amounts)
----------------------------------------------------------------------------
                                                       2013            2012
                                                               Restated (1)
                                                          $               $
----------------------------------------------------------------------------

Revenue                                             298,300         250,860
----------------------------------------------------------------------------

Employee benefits expense                          (137,057)       (120,519)
Equipment and supplies expense                      (79,603)        (69,792)
Rental expense                                      (26,518)        (22,891)
Other expenses                                      (11,861)        (10,467)
Depreciation and amortization expense                (9,413)         (7,819)
Share of profit of equity accounted
 investments                                          5,493           5,217
Other gains and losses                                1,600            (241)
----------------------------------------------------------------------------
Operating profit                                     40,941          24,348
----------------------------------------------------------------------------

Finance expense                                        (599)           (808)
Finance income                                          433             461
----------------------------------------------------------------------------
Profit before income taxes                           40,775          24,001

Income taxes                                         (9,948)         (5,870)
----------------------------------------------------------------------------
Profit for the year                                  30,827          18,131
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Profit attributable to:

----------------------------------------------------------------------------
Owners of the Company                                27,522          15,907
----------------------------------------------------------------------------

Non-controlling interests                             3,305           2,224
----------------------------------------------------------------------------
Profit for the year                                  30,827          18,131
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Basic and diluted earnings per Class A
 Common Share (2)                                      4.10            2.35
Basic and diluted earnings per Class B
 Subordinate Voting Share (3)                          4.50            2.58
----------------------------------------------------------------------------
(1)   2012 comparative figures were restated to reflect the changes in
      accounting policies following the adoption, effective
      January 1, 2013, of IAS 19 amendments with respect to employee
      benefits. Please refer to Note 3 of the notes to 2013 consolidated
      financial statements for further details.
(2)   Class A Common Share ("Class A share")
(3)   Class B Subordinate Voting Share ("Class B share")



Consolidated Statements of Comprehensive Income


years ended December 31
(in thousands of Canadian dollars)
----------------------------------------------------------------------------
                                                        2013           2012
                                                               Restated (1)
                                                           $              $
----------------------------------------------------------------------------

Profit for the year                                   30,827         18,131
----------------------------------------------------------------------------

Other comprehensive income (loss)
Items that are or may be reclassified to the
 consolidated statements of earnings
  Currency translation differences arising on
   translation of foreign operations                   1,795           (200)
  Gains (losses) on derivatives designated as
   cash flow hedges                                      (15)            40
  Transfer of losses on derivatives designated
   as cash flow hedges to the consolidated
   statements of earnings                                 15             19
  Income taxes relating to derivatives
   designated as cash flow hedges                          -            (16)
  Share of other comprehensive income of
   equity accounted investments, net of income
   taxes                                                 (24)             -
----------------------------------------------------------------------------
Total items that are or may be reclassified to
 the consolidated statements of earnings               1,771           (157)

Items that will not be reclassified to the
 consolidated statements of earnings
  Remeasurement losses on benefit obligation            (210)        (2,154)
  Return on retirement plan assets excluding
   amounts included in profit for the year             3,394            394
  Income taxes on remeasurement losses on
   benefit obligation and return on retirement
   plan assets excluding amounts included in
   profit for the year                                  (856)           474
  Share of other comprehensive income of
   equity accounted investments, net of income
   taxes                                                 112           (108)
----------------------------------------------------------------------------
Total items that will not be reclassified to
 the consolidated statements of earnings               2,440         (1,394)

----------------------------------------------------------------------------
Other comprehensive income (loss) for the
 year, net of income taxes                             4,211         (1,551)

----------------------------------------------------------------------------
Total comprehensive income for the year               35,038         16,580
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Total comprehensive income attributable to:

Owners of the Company                                 31,733         14,356
Non-controlling interests                              3,305          2,224
----------------------------------------------------------------------------
Total comprehensive income for the year               35,038         16,580
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 (1)  2012 comparative figures were restated to reflect the changes in
      accounting policies following the adoption, effective January 1, 2013,
      of IAS 19 amendments with respect to employee benefits. Please refer
      to Note 3 of the notes to 2013 consolidated financial statements for
      further details.



Consolidated Statements of Financial Position


(in thousands of Canadian dollars)
----------------------------------------------------------------------------
                                          As at        As at         As at
                                    December 31, December 31,    January 1,
                                            2013         2012          2012
                                                 Restated (1)  Restated (1)
                                               $            $             $
----------------------------------------------------------------------------

Assets
Current assets
  Cash and cash equivalents               19,638        7,519         8,888
  Investments in service contracts         1,597        8,107        13,065
  Trade and other receivables             69,035       55,795        45,007
  Work in progress                           254            -             -
  Current income tax assets                1,569        1,915         2,559
  Prepaid expenses                         2,614        3,275         2,854
  Inventories                              5,241        4,492         3,922
----------------------------------------------------------------------------
                                          99,948       81,103        76,295

Equity accounted investments              26,517       30,967        32,660
Property, plant and equipment             63,027       55,434        47,730
Goodwill                                  15,139       14,847        10,686
Other intangible assets                   18,295       18,594         1,934
Other non-current assets                   1,433        2,097         1,927
Post-employment benefit assets               870          441           779
Non-current financial assets               6,251        5,255         5,265
Deferred income tax assets                 7,826        8,118         8,066
----------------------------------------------------------------------------
Total assets                             239,306      216,856       185,342
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Liabilities
Current liabilities
  Short-term bank loans                    2,087        2,200             -
  Trade and other payables                31,999       28,391        27,020
  Deferred revenue                         1,597        1,589           819
  Current income tax liabilities           4,838          562         1,907
  Dividends payable                          699          607           594
  Current portion of long-term debt        2,034        2,179         2,499
  Provisions                               1,320          763           488
----------------------------------------------------------------------------
                                          44,574       36,291        33,327

Long-term debt                             3,598       19,808        11,873
Provisions                                   604          286           148
Deferred income tax liabilities           10,201        9,435         3,440
Post-employment benefit obligations       11,275       14,038        12,564
Non-current financial liabilities          5,372        2,381         2,624
----------------------------------------------------------------------------
Total liabilities                         75,624       82,239        63,976
----------------------------------------------------------------------------

Commitments, contingent liabilities
 and guarantees

Equity
Share capital                             15,030       15,139        15,149
Retained earnings                        135,552      111,328       100,134
Accumulated other comprehensive
 income (loss)                             1,309         (462)         (305)
----------------------------------------------------------------------------
Equity attributable to owners of
 the Company                             151,891      126,005       114,978

Non-controlling interests                 11,791        8,612         6,388
----------------------------------------------------------------------------
Total equity                             163,682      134,617       121,366
----------------------------------------------------------------------------

Total liabilities and equity             239,306      216,856       185,342
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1)   2012 comparative figures were restated to reflect the changes in
      accounting policies following the adoption, effective January 1, 2013,
      of IAS 19 amendments with respect to employee benefits. Please refer
      to Note 3 of the notes to 2013 consolidated financial statements for
      further details.



On behalf of the Board


(signed) David M. Mann              (signed) Madeleine Paquin
Director                            Director

Consolidated Statements of Changes in Equity


(in thousands of Canadian
 dollars)
----------------------------------------------------------------------------
                            Attributable to owners of the Company
                         --------------------------------------------------
                                      Accumulated other
                                         comprehensive
                                          income (loss)
                                  ----------------------
                                       Cash     Foreign
                            Share      flow    currency   Retained
                          capital    hedges translation   earnings    Total
                                $         $           $          $        $
----------------------------------------------------------------------------

Balance as at January 1,
 2013                      15,139        (9)       (453)   111,328  126,005
----------------------------------------------------------------------------

Profit for the year             -         -           -     27,522   27,522

Other comprehensive
 income (loss)
  Currency translation
   differences arising on
   translation of foreign
   operations                   -         -       1,795          -    1,795
  Remeasurement losses on
   benefit obligation and
   return on retirement
   plan assets excluding
   amounts included in
   profit for the year,
   net of income taxes          -         -           -      2,328    2,328
  Share of other
   comprehensive income
   of equity accounted
   investments, net of
   income taxes                 -       (24)          -        112       88
----------------------------------------------------------------------------
Total comprehensive
 income (loss) for the
 year                           -       (24)      1,795     29,962   31,733
----------------------------------------------------------------------------

Repurchase and conversion                 -           -
 of Class A shares            (21)                            (576)    (597)
Issuance and repurchase
 of Class B shares            (88)        -           -     (2,547)  (2,635)
Repurchase of share
 capital by a subsidiary        -         -           -          -        -
Dividends on Class A            -         -           -
 shares                                                     (1,461)  (1,461)
Dividends on Class B
 shares                         -         -           -     (1,154)  (1,154)
----------------------------------------------------------------------------
Balance as at December
 31, 2013                  15,030       (33)      1,342    135,552  151,891
----------------------------------------------------------------------------
----------------------------------------------------------------------------




(in thousands of Canadian
 dollars)
---------------------------------------------------------




                         Non-controlling
                               interests    Total equity
                                       $               $
---------------------------------------------------------

Balance as at January 1,
 2013                              8,612         134,617
---------------------------------------------------------

Profit for the year                3,305          30,827

Other comprehensive
 income (loss)
  Currency translation
   differences arising on
   translation of foreign
   operations                          -           1,795
  Remeasurement losses on
   benefit obligation and
   return on retirement
   plan assets excluding
   amounts included in
   profit for the year,
   net of income taxes                 -           2,328
  Share of other
   comprehensive income
   of equity accounted
   investments, net of
   income taxes                        -              88
---------------------------------------------------------
Total comprehensive
 income (loss) for the
 year                              3,305          35,038
---------------------------------------------------------

Repurchase and conversion              -
 of Class A shares                                  (597)
Issuance and repurchase
 of Class B shares                     -          (2,635)
Repurchase of share
 capital by a subsidiary            (126)           (126)
Dividends on Class A
 shares                                -          (1,461)
Dividends on Class B                   -
 shares                                           (1,154)
---------------------------------------------------------
Balance as at December
 31, 2013                         11,791         163,682
---------------------------------------------------------
---------------------------------------------------------



(in thousands of Canadian dollars)
----------------------------------------------------------------------------
Restated (1)                    Attributable to owners of the Company
                         --------------------------------------------------
                                      Accumulated other
                                   comprehensive income
                                                 (loss)
                                  ----------------------
                                       Cash     Foreign
                            Share      flow    currency   Retained
                          capital    hedges translation   earnings    Total
                                $         $           $          $        $
----------------------------------------------------------------------------

Balance as at January 1,
 2012                      15,149       (52)       (253)   100,134  114,978
----------------------------------------------------------------------------

Profit for the year             -         -           -     15,907   15,907

Other comprehensive
 income (loss)
  Currency translation
   differences arising on
   translation of foreign
   operations                   -         -        (200)         -     (200)
  Remeasurement losses on
   benefit obligation and
   return on retirement
   plan assets excluding
   amounts included in
   profit for the year,
   net of income taxes          -         -           -     (1,286)  (1,286)
  Cash flow hedges, net
   of income taxes              -        43           -          -       43
  Share of other
   comprehensive income
   of equity accounted
   investments, net of
   income taxes                 -         -           -       (108)    (108)
----------------------------------------------------------------------------
Total comprehensive
 income (loss) for the
 year                           -        43        (200)    14,513   14,356
----------------------------------------------------------------------------

Repurchase of Class A
 shares                        (7)        -           -       (121)    (128)
Issuance and repurchase
 of Class B shares             (3)        -           -       (794)    (797)
Dividends on Class A
 shares                         -         -           -     (1,332)  (1,332)
Dividends on Class B
 shares                         -         -           -     (1,072)  (1,072)
----------------------------------------------------------------------------
Balance as at December
 31, 2012                  15,139        (9)       (453)   111,328  126,005
----------------------------------------------------------------------------
----------------------------------------------------------------------------


(in thousands of Canadian dollars)
--------------------------------------------------------
Restated (1)



                         Non-controlling
                               interests   Total equity
                                       $              $
--------------------------------------------------------

Balance as at January 1,
 2012                              6,388        121,366
--------------------------------------------------------

Profit for the year                2,224         18,131

Other comprehensive
 income (loss)
  Currency translation
   differences arising on
   translation of foreign
   operations                          -           (200)
  Remeasurement losses on
   benefit obligation and
   return on retirement
   plan assets excluding
   amounts included in
   profit for the year,
   net of income taxes                 -         (1,286)
  Cash flow hedges, net
   of income taxes                     -             43
  Share of other
   comprehensive income
   of equity accounted
   investments, net of
   income taxes                        -           (108)
--------------------------------------------------------
Total comprehensive
 income (loss) for the
 year                              2,224         16,580
--------------------------------------------------------

Repurchase of Class A
 shares                                -           (128)
Issuance and repurchase
 of Class B shares                     -           (797)
Dividends on Class A
 shares                                -         (1,332)
Dividends on Class B
 shares                                -         (1,072)
--------------------------------------------------------
Balance as at December
 31, 2012                          8,612        134,617
--------------------------------------------------------
--------------------------------------------------------

(1)   2012 comparative figures were restated to reflect the changes in
      accounting policies following the adoption, effective January 1, 2013,
      of IAS 19 amendments with respect to employee benefits. Please refer
      to Note 3 of the notes to 2013 consolidated financial statements for
      further details.



Consolidated Statements of Cash Flows


years ended December 31
(in thousands of Canadian dollars)
----------------------------------------------------------------------------
                                                        2013           2012
                                                               Restated (1)
                                                           $              $
----------------------------------------------------------------------------

Operating activities
  Profit for the year                                 30,827         18,131
  Items not affecting cash and cash
   equivalents                                        18,936         11,941
----------------------------------------------------------------------------
  Cash generated from operations                      49,763         30,072
  Dividends received from equity accounted
   investments                                        10,820          7,229
  Contributions to defined benefit retirement
   plans                                              (1,304)        (1,314)
  Settlement of provisions                              (408)        (1,403)
  Changes in non-cash working capital items          (10,036)       (12,797)
  Income taxes paid                                   (5,269)        (6,296)
----------------------------------------------------------------------------
                                                      43,566         15,491
----------------------------------------------------------------------------

Financing activities
  Net change in short-term bank loans                   (113)         2,200
  Issuance of long-term debt, net of
   transaction costs                                       -         16,150
  Repayment of long-term debt                        (16,379)        (8,547)
  Interest paid                                         (623)          (805)
  Issuance of Class B shares                              20              6
  Repurchase of share capital by a subsidiary           (126)             -
  Repurchase of Class A shares                          (598)          (128)
  Repurchase of Class B shares                        (2,832)          (956)
  Dividends paid on Class A shares                    (1,406)        (1,324)
  Dividends paid on Class B shares                    (1,117)        (1,067)
----------------------------------------------------------------------------
                                                     (23,174)         5,529
----------------------------------------------------------------------------

Investing activities
  Customer repayment of investments in service
   contracts                                           6,510          4,958
  Interest received                                    1,016          1,240
  Business acquisition                                     -        (15,810)
  Investment in a joint venture                          (25)             -
  Acquisition of property, plant and equipment       (15,736)       (12,950)
  Proceeds from disposal of property, plant
   and equipment                                         548            390
  Acquisition of intangible assets                      (135)           (89)
  Disposal of other non-current assets                    38             76
  Acquisition of non-current financial assets              -           (361)
----------------------------------------------------------------------------
                                                      (7,784)       (22,546)
----------------------------------------------------------------------------

Net change in cash and cash equivalents               12,608         (1,526)
Cash and cash equivalents, beginning of year           7,519          8,888
Effect of exchange rate on balances held in
 foreign currencies of foreign operations               (489)           157
----------------------------------------------------------------------------
Cash and cash equivalents, end of year                19,638          7,519
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 (1)  2012 comparative figures were restated to reflect the changes in
      accounting policies following the adoption, effective January 1, 2013,
      of IAS 19 amendments with respect to employee benefits. Please refer
      to Note 3 of the notes to 2013 consolidated financial statements for
      further details.

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In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).