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Marketwired
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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
jdugas@logistec.com
(514) 985-2345

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