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Marketwired
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Logistec Announces Financial Results for the First Quarter of 2012

MONTREAL, QUEBEC -- (Marketwire) -- 05/09/12 -- Logistec Corporation (TSX: LGT.A)(TSX: LGT.B), a marine and environmental services provider, today announced its financial results for the first quarter ended March 31, 2012.

During the first quarter of 2012, consolidated revenue totalled $44.4 million, an increase of $3.4 million or 8.2% over the equivalent period of the previous year. The marine services segment's revenue was stable at $30.6 million whereas the environmental services segment's revenue amounted to $13.8 million, up by $3.2 million over the first quarter of 2011, as a result of increased site remediation activity and improved sales of woven hoses. The first quarter of 2012 closed with a consolidated loss attributable to owners of the Company of $1.1 million, compared with a profit of $0.1 million for the first quarter of 2011. The loss attributable to owners of the Company translated into a total basic and diluted loss per share of $(0.17), of which $(0.16) is attributable to Class A Common Shares and $(0.18) to Class B Subordinate Voting Shares.

Outlook

"The first quarter always attests to the seasonal nature of our marine and environmental services segments in that winter temperatures slow down our business and therefore affect our profitability. However, experience has shown that these results are not a reliable indicator of our performance in upcoming quarters. In an economic context that remains uncertain, we continue to capitalize on relatively stable container volumes, on reinforcing biomass handling operations at our Brunswick (GA) terminal, as well as on the solid positioning of our cargo-handling and shipping activities in connection with Quebec's Plan Nord. Furthermore, our subsidiary Sanexen benefits from a strong order backlog for its site remediation services. Finally, we also look forward to growing demand for Aqua-Pipe® technology related services, as municipalities are expected to resume their capital spending on aging water main networks," 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 23 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

(column figures are in thousands of Canadian dollars, except for number of
 shares and per share amounts)
(unaudited)
----------------------------------------------------------------------------
                                                 For the three months ended
                                                    March 31,     March 26,
                                                         2012          2011
                                                            $             $
----------------------------------------------------------------------------

Revenue                                                44,160        40,679
Interest revenue from investments in service
 contracts                                                262           363
----------------------------------------------------------------------------
Total revenue                                          44,422        41,042
----------------------------------------------------------------------------

Employee benefits expense                             (23,392)      (21,261)
Equipment and supplies expense                        (13,260)      (10,554)
Rental expense                                         (4,969)       (5,134)
Other expenses                                         (2,551)       (2,245)
Depreciation and amortization expense                  (1,967)       (1,876)
Share of profit of equity accounted investments           100           132
Other gains and losses                                   (248)         (104)
----------------------------------------------------------------------------
Operating profit (loss)                                (1,865)            -
----------------------------------------------------------------------------

Finance expense                                          (149)         (235)
Finance income                                            173           108
----------------------------------------------------------------------------
Loss before income taxes                               (1,841)         (127)

Income taxes recovery                                     477            62
----------------------------------------------------------------------------
Loss for the period                                    (1,364)          (65)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Profit (loss) attributable to:

----------------------------------------------------------------------------
Owners of the Company                                  (1,113)           77
----------------------------------------------------------------------------

Non-controlling interests                                (251)         (142)
----------------------------------------------------------------------------
Loss for the period                                    (1,364)          (65)
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Basic and diluted earnings (loss) per Class A
 Common Share (1)                                       (0.16)         0.01
Basic and diluted earnings (loss) per Class B
 Subordinate Voting Share (2)                           (0.18)         0.01
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Weighted average number of Class A shares
 outstanding, basic and diluted                     3,757,244     3,768,344
Weighted average number of Class B shares
 outstanding, basic and diluted                     2,758,717     2,772,150

(1) Class A Common Share ("Class A share")
(2) Class B Subordinate Voting Share ("Class B share")

Condensed Consolidated Interim Statements of Comprehensive Income

(column figures are in thousands of Canadian dollars, except for number of
 shares and per share amounts)
(unaudited)
----------------------------------------------------------------------------
                                                 For the three months ended
                                                   March 31,      March 26,
                                                        2012           2011
                                                           $              $
----------------------------------------------------------------------------

Loss for the period                                   (1,364)           (65)
----------------------------------------------------------------------------

Other comprehensive income (loss)
  Currency translation differences arising on
   translation of foreign operations                    (128)           (79)
  Gains on derivatives designated as cash flow
   hedges                                                 63              -
  Transfer of losses on derivatives designated
   as cash flow hedges to profit or loss                   5              -
  Income taxes relating to derivatives
   designated as cash flow hedges                        (18)             -
  Share of other comprehensive income of
   equity accounted investments
    Gains on derivatives designated as cash
     flow hedges                                           -            118
    Income taxes relating to derivatives
     designated as cash flow hedges                        -            (17)
----------------------------------------------------------------------------
  Other comprehensive income (loss) for the
   period, net of income taxes                           (78)            22

----------------------------------------------------------------------------
Total comprehensive loss for the period               (1,442)           (43)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Total comprehensive income (loss) attributable
 to:

Owners of the Company                                 (1,191)            99
Non-controlling interests                               (251)          (142)
----------------------------------------------------------------------------
Total comprehensive loss for the period               (1,442)           (43)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Condensed Consolidated Interim Statements of Financial Position

(column figures are in thousands of Canadian dollars, except for number of
 shares and per share amounts)
(unaudited)
----------------------------------------------------------------------------
                                                        As at        As at
                                                     March 31, December 31,
                                                          2012         2011
                                                             $            $
----------------------------------------------------------------------------

Assets
Current assets
  Cash and cash equivalents                              4,007        8,888
  Investments in service contracts                      11,866       13,065
  Trade and other receivables                           31,050       45,007
  Current income tax assets                              4,561        2,559
  Prepaid expenses                                       3,260        2,854
  Inventories                                            4,138        3,922
----------------------------------------------------------------------------
                                                        58,882       76,295

Equity accounted investments                            32,942       32,726
Property, plant and equipment                           48,605       47,730
Goodwill                                                10,686       10,686
Other intangible assets                                  1,791        1,934
Other non-current assets                                 1,943        1,927
Post-employment benefit assets                             754          779
Non-current financial assets                             5,153        5,265
Deferred income tax assets                               7,794        7,773
----------------------------------------------------------------------------
Total assets                                           168,550      185,115
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Liabilities
Current liabilities
  Short-term bank loans                                    553            -
  Trade and other payables                              17,375       27,020
  Deferred revenue                                         758          819
  Current income tax liabilities                            67        1,907
  Dividends payable                                        594          594
  Current portion of long-term debt                      2,419        2,499
  Provisions                                               556          488
----------------------------------------------------------------------------
                                                        22,322       33,327

Long-term debt                                           8,864       11,873
Provisions                                                 150          148
Deferred income tax liabilities                          3,440        3,440
Post-employment benefit obligations                     11,396       11,475
Non-current financial liabilities                        2,229        2,624
----------------------------------------------------------------------------
Total liabilities                                       48,401       62,887
----------------------------------------------------------------------------


Equity
Share capital                                           15,142       15,149

Retained earnings                                       99,253      100,996
Accumulated other comprehensive loss                      (383)        (305)
----------------------------------------------------------------------------
Equity attributable to owners of the Company           114,012      115,840

Non-controlling interests                                6,137        6,388
----------------------------------------------------------------------------
Total equity                                           120,149      122,228
----------------------------------------------------------------------------

Total liabilities and equity                           168,550      185,115
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Condensed Consolidated Interim Statements of Changes in Equity

(column figures are in thousands of Canadian dollars, except for number of
shares and per share amounts)
(unaudited)
----------------------------------------------------------------------------
                               Attributable to owners of the Company
                        ---------------------------------------------------
                                      Accumulated other
                                     comprehensive loss
                                  ----------------------
                                                Foreign
                            Share Cash flow    currency  Retained
                          capital    hedges translation  earnings     Total
                                $         $           $         $         $
----------------------------------------------------------------------------

Balance as at January 1,
 2012                      15,149       (52)       (253)  100,996   115,840
----------------------------------------------------------------------------

Loss for the period             -         -           -    (1,113)   (1,113)

Other comprehensive
 income
  Currency translation
   differences arising
   on translation of
   foreign operations           -         -        (128)        -      (128)
  Cash flow hedges, net
   of income taxes              -        50           -         -        50
----------------------------------------------------------------------------
Total comprehensive
 income (loss) for the
 period                         -        50        (128)   (1,113)   (1,191)
----------------------------------------------------------------------------

Repurchase and
 conversion of Class A
 shares                         -         -           -        (8)       (8)
Repurchase and
 conversion of Class B
 shares                        (7)        -           -       (28)      (35)
Dividends on Class A
 shares                         -         -           -      (329)     (329)
Dividends on Class B
 shares                         -         -           -      (265)     (265)
----------------------------------------------------------------------------
Balance as at March 31,
 2012                      15,142        (2)       (381)   99,253   114,012
----------------------------------------------------------------------------
----------------------------------------------------------------------------

-----------------------------------------------------




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

Balance as at January 1,
 2012                            6,388        122,228
------------------------------------------------------

Loss for the period               (251)        (1,364)

Other comprehensive
 income
  Currency translation
   differences arising
   on translation of
   foreign operations                -           (128)
  Cash flow hedges, net
   of income taxes                   -             50
------------------------------------------------------
Total comprehensive
 income (loss) for the
 period                           (251)        (1,442)
------------------------------------------------------

Repurchase and
 conversion of Class A
 shares                              -             (8)
Repurchase and
 conversion of Class B
 shares                              -            (35)
Dividends on Class A
 shares                              -           (329)
Dividends on Class B
 shares                              -           (265)
------------------------------------------------------
Balance as at March 31,
 2012                            6,137        120,149
------------------------------------------------------
------------------------------------------------------

----------------------------------------------------------------------------
                                Attributable to owners of the Company
                         --------------------------------------------------
                                      Accumulated other
                                     comprehensive loss
                                   ---------------------
                                                Foreign
                             Share Cash flow   currency  Retained
                           capital    hedgestranslation  earnings     Total
                                 $         $          $         $         $
----------------------------------------------------------------------------

Balance as at January 1,
 2011                       15,130         -       (367)   90,702   105,465
----------------------------------------------------------------------------

Profit (loss) for the
 period                          -         -          -        77        77

Other comprehensive
 income
  Currency translation
   differences arising on
   translation of foreign
   operations                    -         -        (79)        -       (79)
  Share of cash flow
   hedges of equity
   accounted investments,
   net of income taxes           -       101          -         -       101
----------------------------------------------------------------------------
Total comprehensive
 income (loss) for the
 period                          -       101        (79)       77        99
----------------------------------------------------------------------------

Repurchase and conversion
 of Class A shares              (4)        -          -       (35)      (39)
Repurchase and conversion
 of Class B shares             (20)        -          -       (99)     (119)
Dividends on Class A
 shares                          -         -          -      (321)     (321)
Dividends on Class B
 shares                          -         -          -      (260)     (260)
----------------------------------------------------------------------------
Balance as at March 26,
 2011                       15,106       101       (446)   90,064   104,825
----------------------------------------------------------------------------
----------------------------------------------------------------------------


-------------------------------------------------------




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

Balance as at January 1,
 2011                             4,392        109,857
-------------------------------------------------------

Profit (loss) for the
 period                            (142)           (65)

Other comprehensive
 income
  Currency translation
   differences arising on
   translation of foreign
   operations                         -            (79)
  Share of cash flow
   hedges of equity
   accounted investments,
   net of income taxes                -            101
-------------------------------------------------------
Total comprehensive
 income (loss) for the
 period                            (142)           (43)
-------------------------------------------------------

Repurchase and conversion
 of Class A shares                    -            (39)
Repurchase and conversion
 of Class B shares                    -           (119)
Dividends on Class A
 shares                               -           (321)
Dividends on Class B
 shares                               -           (260)
-------------------------------------------------------
Balance as at March 26,
 2011                             4,250        109,075
-------------------------------------------------------
-------------------------------------------------------

Condensed Consolidated Interim Statements of Cash Flows

(column figures are in thousands of Canadian dollars, except for number of
 shares and per share amounts)
(unaudited)
----------------------------------------------------------------------------
                                                 For the three months ended
                                                   March 31,     March 26,
                                                        2012           2011
                                                           $              $
----------------------------------------------------------------------------

Operating activities
  Loss for the period                                 (1,364)           (65)
  Items not affecting cash and cash
   equivalents                                         1,461          2,182
----------------------------------------------------------------------------
  Cash generated from operations                          97          2,117
  Contributions to defined benefit retirement
   plans                                                (325)          (271)
  Settlement of provisions                              (162)           (53)
  Changes in non-cash working capital items            3,421            240
  Income taxes paid                                   (3,333)        (2,708)
----------------------------------------------------------------------------
                                                        (302)          (675)
----------------------------------------------------------------------------

Financing activities
  Net change in short-term bank loans                    553             92
  Repayment of long-term debt                         (3,078)          (451)
  Interest paid                                         (199)          (200)
  Repurchase of Class A shares                            (8)           (39)
  Repurchase of Class B shares                           (35)          (119)
  Dividends paid on Class A shares                      (329)          (321)
  Dividends paid on Class B shares                      (265)          (261)
----------------------------------------------------------------------------
                                                      (3,361)        (1,299)
----------------------------------------------------------------------------

Investing activities
  Customer repayment of investments in service
   contracts                                           1,199          1,098
  Interest received                                      354            458
  Disposal of other non-current assets                    16              -
  Acquisition of property, plant and equipment        (2,666)        (1,477)
  Proceeds from disposal of property, plant
   and equipment                                          24             50
  Acquisition of intangible assets                       (66)             -
  Acquisition of other non-current assets               (125)             -
----------------------------------------------------------------------------
                                                      (1,264)           129
----------------------------------------------------------------------------

Net change in cash and cash equivalents               (4,927)        (1,845)
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                 46             (2)
----------------------------------------------------------------------------
Cash and cash equivalents (1), end of period           4,007          6,535
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Additional information

Acquisition of property, plant and equipment
 included in trade and other payables                    404            103
----------------------------------------------------------------------------

(1)Comprised of cash on hand and in banks

Contacts:
Jean-Claude Dugas CA
Vice-President, Finance
Logistec Corporation
jdugas@logistec.com
(514) 985-2345

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