Logistec Corp (TSE:LGT.A)(TSE:LGT.B) said Tuesday that its fourth quarter profit rose 32% as revenues rose to record highs.
For the three months ending December 31, 2010, the Montreal-based marine and environmental services provider reported net income of $5.9 million, or $0.91 per share, up from $4.5 million, or $0.68 per share, in the year-ago period.
Revenue rose to $77.4 million, an increase of 16% over the fourth quarter of 2009 as both its marine and environmental services segments improved.
"Improved results were achieved in marine and environmental services, as both segments successfully capitalized on the new developments and acquisitions completed in recent years," said president and CEO Madeleine Paquin.
For the full year 2010, net income was $14.1 million, or $2.15 per share, up from $8.1 million, or $1.22 per share, in 2009. Revenue rose 22% to $261.9 million, as environmental services sales grew 34%.
"We have increased our focus and resources to develop new markets, primarily in the USA, and we are confident we can grow our U.S. exports in the coming years.
"Over the longer term, we remain confident we can continue growing our business in an economic context marked by slow and uncertain growth in North America, especially in the United States," added Paquin.
Logistec provides specialized services to marine and industrial companies in 23 ports in Eastern Canada, the Great Lakes and the US East Coast. The company's shares rose nearly 3.8% on Tuesday to trade at $21.27 as of 3:33pm EST.