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Logistec reports first quarter results for 2017

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Dry Bulk,

Logistec Corp., a marine and environmental services provider, has announced its financial results for the first quarter ended 25 March 2017.

During the first quarter of 2017, consolidated revenue totalled US$60.1 million, a decrease of US$4.8 million or 7.4% over the same period in 2016. Revenue from the marine services segment was down US$4.1 million or 9.1% to US$41.3 million for the first quarter of 2017, while revenue from the environmental services segment amounted to US$18.8 million, down by US$0.7 million, or 3.4% from the first quarter of 2016.

According to Logistec, the decline in revenue in the marine services segment stems primarily from the loss of the Saint John (NB) container terminal concession and, to a lesser degree, from reduced break-bulk cargo volumes. The slight revenue decrease in the environmental services segment was due to lower Aqua-Pipe activity, partially offset by an increase in site remediation revenue. The first quarter of 2017 closed with a consolidated loss attributable to owners of the company of US$1.5 million, compared to a loss of $0.1 million for the first quarter of 2016. The loss attributable to owners of the company translated to a total basic and diluted loss per share of US$0.12, of which US$0.12 was attributable to Class A Common Shares and US$0.13 was attributable to Class B Subordinate Voting Shares.

“We are disappointed in our first quarter results, but are confident in the year ahead. In cargo handling, we have worked diligently to replace the revenue from our lost concession in Saint John (NB), and are pleased to have closed on two new projects during the quarter. These projects, along with a better outlook for bulk and container business, should help us resume our growth momentum in the cargo handling business. The start at Sanexen has been difficult, as we are preparing for a strong year in a season where there is little activity. Furthermore, this has been exacerbated by a challenging contract we are dealing with in Europe. Our backlog is strong for both Aqua-Pipe rehabilitation and site remediation, and we are optimistic about our financial performance in 2017,” indicated Madeleine Paquin, President and CEO of Logistec Corp.

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