Bennett Environmental Announces First Quarter Results.OAKVILLE, Ontario Oakville (2006 population 165,613[2]) is a town on Lake Ontario in southern Ontario, Canada, midway between Toronto (about 31 km or 19 mi away) on its eastern border and Hamilton (about 20 km or 12 mi away) from its western border. -- Bennett Environmental Bennett Environmental TSX: BEV AMEX: BEL is a Canadian company based in Oakville, Ontario. It specializes in the recovering of soils contaminated with chlorinated hydrocarbons, including PCB's and PCP's, Dioxins and Furans. Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BEV)(AMEX AMEX See: American Stock Exchange :BEL Bel (bāl, bĕl), deity of the Middle Eastern religions. The name is a cognate of that of Baal. For Bel in the Bible, see Bel and the Dragon. ) - - Loss of $3.6mm ($0.17 per share) - 6,000 tonnes in New Business orders from the US Bennett Environmental Inc. today announced operating and financial results for the three months ended March 31, 2005. The consolidated net loss for the quarter was $3.6 million ($0.17 per share) on revenues of $3.9 million, compared to a net loss $0.3 million ($0.02 per share) on revenues of $8.9 million in the first quarter of 2004. Approximately 4,200 tonnes of soil were processed at the Company's Saint Ambroise Ambroise (flourished c. 1190) was a Norman poet and chronicler of the Third Crusade, author of a work called L'Estoire de la guerre sainte, which describes in rhyming French verse the adventures of Richard Coeur de Lion as a crusader. , Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. facility and 201,000 kilograms of material were processed at the MRR MRR Model Railroader Magazine MRR Master Resale Rights MRR Maximum Rock'n'Roll (print zine) MRR Material Removal Rate MRR Monthly Recurring Revenue MRR Mean Reciprocal Rank MRR Mark Release Recapture Cornwall Cornwall, city, Canada Cornwall, industrial city (1991 pop. 47,137), SE Ont., Canada, on the St. Lawrence River. It manufactures cotton and rayon textiles, paper, chemicals, furniture, and electronic equipment. The Canadian headquarters of the St. facility. In addition, Bennett disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. of approximately 5,000 tonnes of non-hazardous soil directly from customers to landfills. Revenue for the Quebec facility was approximately $2.5 million, for the Cornwall facility was approximately $0.6 million and revenue from the disposal of non-hazardous soil was $0.8 million. In the first quarter of 2004, approximately 19,500 tonnes of soil was processed at the Quebec facility, while 256,000 kilograms of material was processed in Cornwall and the Company disposed of approximately 7,800 tonnes of non-hazardous soil directly to landfills in the first quarter of 2004. Revenue was $6.6 million from the Quebec facility, $0.9 million for the Cornwall facility and $1.4 million from the disposal of non-hazardous soil in the first quarter of 2004. Average revenue per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. for soil processing was approximately $595 per tonne in 2005, compared to $338 per tonne in 2004. Revenue per tonne recorded in 2004 included 15,900 tonnes of low value material from the Saglek project which was recorded at $264 per tonne. For the first quarter, contribution margins (defined as revenue less operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. ) were flat compared to a positive contribution of $3.2 million in the same period a year earlier. Overall contribution margins for the first quarter were negatively impacted by high transportation costs, low volumes of soil including material requiring additional processing time. Operating costs operating costs npl → gastos mpl operacionales in the first quarter of 2005 were $4.0 million compared to $5.7 million for the same period a year ago, chiefly as a result of lower volumes. Higher per ton costs were related to two main factors: transportation and low volumes. Higher fuel charges and related fuel surcharges on transportation added approximately 16% to freight costs. Lower volumes accounted for the balance of the additional costs. Administration and Business Development costs totalled $4.7 million in the first quarter of 2005 compared to $3.1 million for the same period a year earlier. Professional fees and higher insurance costs accounted for the increase. Costs associated with the class action litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , the related OSC O.S.C. n. short for Order to Show Cause. (See: Order to Show Cause) and SEC investigations increased $0.8 million compared with the first quarter of 2004. Higher insurance costs accounted for approximately $0.3 million and higher professional fees associated with accounting, auditing and accounted for approximately $0.3 million. Amortization for the first quarter of 2005 was $1.0 million compared to $0.7 million a year ago. The increase relates to the amortization of certain assets and licenses purchased from Eli-Ecologic in late 2003. In the first quarter of 2005, cash used for operating activities before changes in operating working capital amounted to $4.3 million. Cash used by operating working capital was approximately $1.4 million, for a net use of cash from operations of approximately $5.7 million for the quarter. The principal use of cash from operating working capital was a pre-payment of insurance premiums for the year. Cash used for accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying was principally offset by cash generated by accounts payable. At the end of the quarter, the Company had cash and equivalents of $8.2 million and working capital totalled $20.8 million. Outlook "While shipments were slow in the quarter, I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in encouraged that we secured approximately 6,000 tonnes of new U.S. orders that arrived in the first quarter or were scheduled to arrive in the early part of the second quarter from new customers", said Al Bulckaert, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "As well, I've I've Contraction of I have. I've I have I've have just returned from a site visit at the New Jersey Federal Creosote creosote (krē`əsōt), volatile, heavy, oily liquid obtained by the distillation of coal tar or wood tar. Creosote derived from beechwood tar has been used medicinally as an antiseptic and in the treatment of chronic bronchitis. project and officials there expect to commence excavation excavation In archaeology, the exposure, recording, and recovery of buried material remains. The techniques employed vary by the type of site, but all forms of archaeological excavation require great skill and careful preparation. activities in July July: see month. . We expect to receive approximately 5,000 - 10,000 tonnes of soil from Federal Creosote for the balance of 2005." Bennett expects to process 10,000 tonnes of soil in the second quarter and will shut its operations in Saint Ambroise, Quebec for the month of June June: see month. . "The Company and the Quebec Ministry of Sustainable Development Sustainable development is a socio-ecological process characterized by the fulfilment of human needs while maintaining the quality of the natural environment indefinitely. The linkage between environment and development was globally recognized in 1980, when the International Union , Environment and Parks of Quebec are continuing their discussions towards developing an action plan for Recupere Sol Sol, in Roman religion Sol (sŏl), in Roman religion, sun god. An ancient god of Mesopotamian origin, he was introduced (c.220) into Roman religion as Sol Invictus by emperor Heliogabalus. on air emissions that is acceptable for the Ministry. The Company believes that its plant will comply with the norms established by the Ministry. Discussions are progressing and the Company hopes that the discussions will be completed during the next quarter." "It's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have too early to provide a detailed outlook, but our objective for 2005 is to process approximately 50,000 tons of soil at Saint Ambroise. We are encouraged by our progress, particularly in the US market, however, there is no assurance we will reach this objective in what remains a difficult and competitive market. We look forward to discussing our plans in more detail at the Annual Meeting on May 11th, and thereafter," concluded Mr. Bulckaert. Bennett Environmental Inc. will hold its Annual General Meeting (AGM AGM annual general meeting AGM n abbr (= annual general meeting) → AG f AGM n abbr (= annual general meeting) → JHV f ) on Wednesday Wednesday: see week. , May 11th, 2005 at 4:00 PM at the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. , The Exchange Tower, 130 King Street West, Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. . At the AGM, management will discuss results for the first quarter of 2005 together with its progress and plans for 2005. A webcast of the AGM will be broadcast live on the Company's website at www.bennettenv.com on May 11th, 2005. Investors who are unable to attend the AGM in person can e-mail questions regarding the results at info@bennettenv.com up to 3:00 PM today. About Bennett Environmental Inc. Bennett Environmental Inc. is a North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. leader in high temperature treatment services for the remediation of contaminated contaminated, v 1. made radioactive by the addition of small quantities of radioactive material. 2. made contaminated by adding infective or radiographic materials. 3. an infective surface or object. soil and has provided thermal solutions to contamination problems throughout Canada and the US. Bennett Environmental's technology provides for the safe, economical and permanent solution to contaminated soil. Independent testing has consistently proven that the technology operates well within the most stringent criteria in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Bennett Environmental is listed on the Toronto Stock Exchange (Trading Symbol Trading symbol See: Ticker symbol "BEV") and the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (Trading Symbol "BEL"). FORWARD LOOKING STATEMENTS Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Bennett Environmental Inc.
Consolidated Balance Sheet
(Unaudited)
(Expressed in Canadian dollars)
As at March 31, 2005 with comparative figures
as at December 31, 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
March 31, 2005 December 31, 2004
---------------------------------------------------------------------
ASSETS
Current Assets:
Cash and cash equivalents $ 8,209,686 $ 15,180,060
Accounts receivable 14,160,365 14,316,648
Deferred costs 1,117,837 331,709
Income tax receivable 3,526,819 3,417,204
Note receivable 315,000 315,000
Prepaid expenses and other 2,633,783 1,199,871
---------------------------------
Total Current Assets 29,963,490 34,760,492
Future income tax asset 2,665,086 891,826
Property, plant and equipment 49,214,744 48,920,377
Other Assets 4,701,964 4,793,069
Goodwill 646,638 646,638
---------------------------------
$ 87,191,922 $ 90,012,402
---------------------------------
---------------------------------
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities:
Accounts payable and accrued
liabilities $ 7,000,945 $ 6,646,005
Deferred revenue 1,073,220 661,557
Current portion long-term debt 1,093,405 1,218,405
---------------------------------
9,167,570 8,525,967
Long-term debt 1,483,045 1,483,045
Shareholders' Equity:
Share capital 67,637,008 67,644,681
(Common shares outstanding
21,415,940 (2004 - 21,415,940)
Contributed surplus 1,755,591 1,595,205
Retained Earnings 7,148,708 10,763,504
---------------------------------
76,541,307 80,003,390
---------------------------------
$ 87,191,922 $ 90,012,402
---------------------------------
---------------------------------
Bennett Environmental Inc.
Consolidated Statement of Operations and Retained Earnings
(Unaudited)
(Expressed in Canadian dolars)
For the Three-Month Period Ended March 31, 2005 with comparative
figures for the Three-Month Period Ended March 31, 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
3 months ended 3 months ended
March 31, 2005 March 31, 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
Sales $ 3,916,979 $ 8,942,184
Expenses:
Operating costs 3,979,258 5,682,943
Administration and business
development 4,676,292 3,081,986
Amortization 970,245 657,337
Foreign exchange (42,868) (3,688)
Interest expense 6,019 25,568
---------------------------------
9,588,946 9,444,146
---------------------------------
Loss before undernoted (5,671,967) (501,962)
Interest and other income 174,294 120,879
---------------------------------
Loss before income taxes (5,497,673) (381,083)
Income tax expense (recovery)
Current (109,617) 57,765
Future (1,773,260) (104,005)
---------------------------------
(1,882,877) (46,240)
---------------------------------
Loss for the period (3,614,796) (334,843)
Retained Earnings, beginning
of period 10,763,504 29,298,743
---------------------------------
Retained Earnings, end of period $ 7,148,708 $ 28,963,900
---------------------------------
---------------------------------
Basic earnings per share (0.17) (0.02)
---------------------------------
---------------------------------
Fully diluted earnings per share (0.17) (0.02)
---------------------------------
---------------------------------
Bennett Environmental Inc.
Consolidated Statement of Cash Flows
(Unaudited)
(Expressed in Canadian dollars)
For the Three-Month Period Ended March 31, 2005 with comparative
figures for the Three-Month Period Ended March 31, 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
3 months ended 3 months ended
March 31, 2005 March 31, 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
Cash provided by (used in):
Operations:
Loss for the period ($3,614,796) ($334,843)
Items not involving cash:
Amortization 970,245 657,337
Gain on disposal of capital assets (5,507) -
Stock-based compensation 160,386 169,059
Loss on investments - 33,299
Future income taxes (1,773,260) (104,005)
Changes in operating working capital:
Accounts receivable 156,283 2,905,210
Deferred Costs (786,128) 56,960
Prepaid expenses and other (1,433,912) (1,083,359)
Accounts payable and accrued
liabilities 354,942 (4,157,175)
Income taxes receivable (109,617) (2,818,232)
Deferred revenue 411,663 (721,088)
(5,669,701) (5,396,837)
Investments:
Proceeds on disposal of property, 8,000 -
plant and equipment
Purchase of property, plant and
equipment (1,091,077) (9,400,698)
Increase in license, permits and
other assets (84,923) (405,673)
----------------------------
(1,168,000) (9,806,371)
Financing:
Repayments of long-term debt (125,000) (106,776)
Share capital issued for cash net
of costs (7,673) 25,955,202
----------------------------
(132,673) 25,848,426
----------------------------
Increase (decrease) in cash and
cash equivalents (6,970,374) 10,645,218
Cash and cash equivalents,
beginning of period 15,180,060 12,586,353
----------------------------
Cash and cash equivalents, end of
period $8,209,686 $23,231,571
----------------------------
----------------------------
Bennett Environmental Inc. (TSX:BEV) (AMEX:BEL) |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion