Bennett Environmental Announces Q4 and Full Year Results; Revenues and Profits Significantly Increase From Prior Year.Business Editors OAKVILLE Oakville, town (1991 pop. 114,670), Ont., Canada, on Lake Ontario, between Toronto and Hamilton. A major component of the local economy is the Ford Motor Co plant, one of the largest auto plants in Canada. , Ontario--(BUSINESS WIRE)--Feb. 12, 2004 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., a North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. leader in the high temperature treatment 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. soils, announces Q4 revenue of $21,984,054 and profits of $6,397,078 or $0.36 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share ($0.27 US). Compared to the same quarter last year, the Company boosted its revenues and profits from $18,807,941 and $5,456,360 respectively as the Company's treatment facilities continue to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale . Full year revenue of $69,806,526 and profits of $19,372,261 increased significantly from $48,103,845 and $12,542,851 respectively from the prior year. For the full year, revenues increased by 45% and profits were up by 54%. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $1.11 ($0.83 US) in 2003, versus $0.73 ($0.47 US) for last year. Mr. John Bennett
John Bennett may refer to:
loonie dollar - the basic monetary unit in many countries; equal to 100 cents . We received new contracts and are currently executing on many large soil remediation contracts that will be continuing throughout 2004. The integration into our business of Material Resource Recovery is now complete, after its acquisition in late 2002. This company has made a significant financial contribution to earnings in 2003 and just as importantly, has broadened our service offering to include PCB PCB: see polychlorinated biphenyl. PCB in full polychlorinated biphenyl Any of a class of highly stable organic compounds prepared by the reaction of chlorine with biphenyl, a two-ring compound. contaminated construction debris debris /de·bris/ (de-bre´) fragments of devitalized tissue or foreign matter. In dentistry, soft foreign material loosely attached to a tooth surface. , metal, wood and PCB ballasts and transformers. Our recent acquisition of ELI Eli (ē`lī), in the Bible, high priest and judge of Israel, teacher of the boy Samuel. 1. (language) ELI - An early system on the IBM 705 and IBM 650. [Listed in CACM 2(5):16 (May 1959)]. 2. Ecologic e·col·o·gy n. pl. e·col·o·gies 1. a. The science of the relationships between organisms and their environments. Also called bionomics. b. The relationship between organisms and their environment. International Inc. on November 30, 2003 will again broaden our services to include the non-thermal treatment of ozone depleting gases and hazardous liquids as we continue our commitment to finding alternative solutions for the elimination of hazardous products from the environment." Mr. Bennett added, "Demand for treatment services remains high and to meet this demand, our plans are to continue to maximize production at our Saint Ambroise facility and to open our new treatment plant in Belledune, New Brunswick Belledune (2006 population: 1,711) is a Canadian village in Gloucester County, New Brunswick. Located on Chaleur Bay, the village was amalgamated in 1994 with the community of Jacquet River. . Construction on the Belledune plant is progressing on schedule and is more than 65% complete. Following successful source testing and an operational permit, full production is anticipated by mid-year 2004." Danny Ponn, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Bennett Environmental Inc. added, "The plant at Saint Ambroise, Quebec continues to operate well and treated approximately 24,000 tonnes, a new record, during the quarter. This year we processed approximately 75,000 tonnes at the Saint Ambroise facility, another record." Results of Operations The Company's operating costs operating costs npl → gastos mpl operacionales of $10,775,516 for the fourth quarter were higher than the $7,165,403 for the same period last year and reflect the higher plant utilization in the quarter in addition to costs used to generate non-processing revenues. In total, 24,000 tonnes of soil was processed in the quarter compared to 16,000 tonnes for the same period last year. Total production in 2003 was approximately 75,000 tonnes versus 55,000 tonnes in 2002. Administrative and Business Development costs of $2,336,658 for the quarter were lower than $3,140,399 from the same period last year due to the timing of a management incentive accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. in Q4 2002, however, on a full year basis, the Administration and Business Development expenses of $7,887,987 were slightly higher than the $7,787,483 incurred last year. Amortization was $1,800,326 for the year and reflects the increase in depreciation for the new storage facility constructed at the Saint Ambroise plant in mid 2003. Included in Other Income is a gain of $1,316,936. This is due to an accelerated payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. in the take or pay agreement with IT Corporation due to a court approved settlement of debt owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de IT Corp. Normally this amount would have been included in earnings each quarter until December 2005. Overall in 2003, 34% of sales were to customers domiciled dom·i·cile n. 1. A residence; a home. 2. One's legal residence. v. dom·i·ciled, dom·i·cil·ing, dom·i·ciles v.tr. 1. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. where billings to these customers are in US dollars. The 20% increase in the value of the Canadian dollar relative to US currency experienced throughout 2003 has negatively impacted sales revenues, margins and earnings. The Company believes that the exchange rates have stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. at around $1.00 Can equals $0.76 US and no further significant variations are foreseen fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. in the near future. Cash balances of $12,586,353 have increased by $113,909 from the prior quarter and have decreased by $6,681,286 from the same period last year. The Company invested $3,516,569 in permitting activities during the year and has purchased $11,316,302 in new capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) , including approximately $4.0 million for the addition of a new storage facility at the Saint Ambroise plant and $5.8 million for the construction of the new Belledune, New Brunswick plant. 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 of $29,012,175 has increased by $16,506,230 and reflects a high level of $19.0 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc work completed for the Government of Canada The Government of Canada is the federal government of Canada. The powers and structure of the federal government are set out in the Constitution of Canada. In modern Canadian use, the term "government" (or "federal government") refers broadly to the cabinet of the day and as part of the negotiated payment schedule negotiated payment schedule Negotiated fee schedule, see there on the Saglek Labrador project. This amount will be paid over the next three quarters. The Company is confident in achieving the analyst E.P.S. consensus of $1.45 to $1.55 for 2004 recognizing that due to the recent financing that was completed on February 3, 2004, the fully diluted shares outstanding including warrants now stands at 19.0M. About Bennett Environmental Inc. Bennett Environmental Inc. is a North American leader in high temperature treatment services for the remediation of contaminated soil and has provided thermal solutions to contamination problems throughout Canada and the US. Bennett Environmental's proprietary 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 Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (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 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. "). For information, please visit the Bennett Environmental website at www.bennettenv.com, or contact John Bennett at the Vancouver office (604) 681-8828 or Rick Stern at the Oakville office (905) 339-1540. Note for Investors: This news release includes statements about expected future events and/or financial results that are forward looking in nature and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbour for 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. provisions contained in the Private 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. Reform Act of 1995. The Company cautions that actual performance will be affected by a number of various factors, many of which are beyond the Company's control. Discussions of the various factors that may affect future results are contained in the Company's filings with the Securities and Exchange Commission and Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. .
BENNETT ENVIRONMENTAL INC.
Consolidated Balance Sheets
(Expressed in Canadian dollars)
December 31, 2003 and 2002
--------------------------------------------------------------------
--------------------------------------------------------------------
2003 2002
--------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 12,586,353 $ 19,267,639
Accounts receivable 29,012,175 12,505,945
Work-in-progress 151,893 411,051
Prepaid expenses and other 2,154,983 1,177,214
-------------------------------
43,905,404 33,361,849
Investment 568,193 851,395
Capital assets, net of amortization 23,779,384 14,263,408
Other assets, net of amortization 6,777,953 3,261,384
Goodwill 646,638 646,638
-------------------------------
$ 75,677,572 $ 52,384,674
-------------------------------
-------------------------------
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued
liabilities $ 9,964,937 $ 7,882,670
Income taxes payable 2,961,632 5,862,523
Deferred revenue 814,409 95,428
Current portion of long-term debt 4,601 1,315,023
-------------------------------
13,745,579 15,155,642
Future income tax liability 2,616,861 895,738
Long-term debt 417,143 829,434
Shareholders' equity
Share capital 27,903,869 23,882,001
(Common shares outstanding
17,145,789 (2002 - 16,508,739))
Retained Earnings (Deficit) 30,994,120 11,621,859
-------------------------------
58,897,989 35,503,860
$ 75,677,572 $ 52,384,674
-------------------------------
-------------------------------
BENNETT ENVIRONMENTAL INC.
Consolidated Statement of Operations and Retained Earnings (Deficit)
Expressed in Canadian dollars)
Year ended December 31, 2003 and 2002
--------------------------------------------------------------------
--------------------------------------------------------------------
12 months 12 months 3 months 3 months
31-Dec-03 31-Dec-02 31-Dec-03 31-Dec-02
--------------------------------------------------------------------
(unaudited) (unaudited)
Sales $69,806,526 $48,103,845 $21,984,054 $18,807,941
Interest and
other income 2,464,363 1,749,799 1,921,017 1,218,706
-------------------------------------------------
72,270,889 49,853,644 23,905,071 20,026,647
Expenses
Operating costs 32,419,935 20,228,636 10,775,516 7,165,403
Administration
and business
development 7,887,987 7,787,483 2,336,658 3,140,399
Amortization 1,800,326 1,398,449 287,287 472,250
Interest expenses 156,675 214,934 70,390 68,006
-------------------------------------------------
42,264,923 29,629,502 13,469,851 10,846,058
-------------------------------------------------
Earnings before
income taxes 30,005,966 20,224,143 10,435,220 9,180,589
Income tax expense
Current 8,912,582 7,115,875 2,622,019 3,085,814
Future 1,721,123 565,417 1,416,123 638,415
-------------------------------------------------
10,633,705 7,681,292 4,038,142 3,724,229
Net earnings 19,372,261 12,542,851 6,397,078 5,456,360
Retained Earnings
(Deficit),
beginning of
period 11,621,859 (144,818) 24,597,042 6,147,386
Shares purchased
in excess of
assigned value - (776,174) - 18,113
-------------------------------------------------
Retained Earnings
(Deficit), end of
period $30,994,120 $11,621,859 $30,994,120 $11,621,859
-------------------------------------------------
-------------------------------------------------
Basic earning per
share $ 1.15 $ 0.78 $ 0.38 $ 0.33
-------------------------------------------------
-------------------------------------------------
Fully diluted
earnings per
share $ 1.11 $ 0.73 $ 0.36 $ 0.31
-------------------------------------------------
-------------------------------------------------
BENNETT ENVIRONMENTAL INC.
Consolidated Statement of Cash Flows
(Expressed in Canadian dollars)
Years ended December 31, 2003 and 2002
--------------------------------------------------------------------
--------------------------------------------------------------------
12 months 12 months 3 months 3 months
2003 2002 31-Dec-03 31-Dec-02
--------------------------------------------------------------------
(unaudited) (unaudited)
CASH PROVIDED BY
(USED IN):
Operations
Net earnings $19,372,261 $12,542,851 $ 6,397,078 $ 5,456,360
Items not
involving cash
Unrealized
foreign
exchange gain - 304,074 - 304,074
Loan settlement (1,316,936) 106,390 (1,316,936) 106,390
Amortization 1,800,326 1,398,449 287,287 472,250
Equity
investment
loss 133,202 13,605 133,202 13,605
Loss of
disposal
of assets - 54,731 - 54,731
Stock-based
compensation - 18,113 - -
Future income
taxes 1,721,123 (181,787) 1,416,123 (108,789)
------------------------------------------------
21,709,976 14,256,426 6,916,754 6,298,621
Change in non-cash
operating working
capital
Partial redemption
of equity
investment 150,000 - 150,000 -
Accounts
receivable (16,506,230) (1,646,264) (2,519,562) 958,980
Work-in-progress 259,158 1,292,006 221,628 967,175
Prepaid expenses
and other (977,769) (1,023,992) (627,801) (440,772)
Accounts payable
and accrued
liabilities 2,801,250 3,800,318 3,738,234 2,597,743
Income taxes
payable (2,900,891) 4,769,942 (1,245,460) 2,660,593
------------------------------------------------
(17,174,482) 7,192,010 (282,961) 6,743,719
Financing Activities
Repayments of
long-term debt (805,777) (1,956,988) (174,246) (1,547,106)
Note payable 400,000 - 400,000 -
Share capital,
issued for cash 4,021,868 3,160,136 2,384,663 413,475
Repurchase of
share capital - (892,671) - -
------------------------------------------------
3,616,091 310,477 2,610,417 (1,133,631)
Investing Activities
Investments - (740,000) - -
Purchase of
capital assets (11,316,302) (3,708,341) (7,063,195) (2,071,357)
Increase in
permitting costs (3,516,569) (1,310,556) (2,067,106) (356,429)
MRR acquisition,
net of cash
received of
$289,164 - 227,543 - 227,543
------------------------------------------------
(14,832,871) (5,531,354) (9,130,301) (2,200,243)
Increase (Decrease)
in cash and cash
equivalents (6,681,286) 16,227,559 113,909 9,708,466
Cash and cash
equivalents,
beginning of
period 19,267,639 3,040,080 12,472,444 9,559,173
------------------------------------------------
Cash and cash
equivalents, end
of period $12,586,353 $19,267,639 $12,586,353 $19,267,639
------------------------------------------------
------------------------------------------------
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion