Bennett Environmental Inc. Announces Q1 Results
MAY 10, 2012 - 11:01 ET
FOR: BENNETT ENVIRONMENTAL INC.
OAKVILLE, ONTARIO--(Marketwire - May 10, 2012) - Bennett Environmental Inc. (TSX:BEV) (the "Company" or "BEI") today announced its results for the period ending March 31, 2012. There was no revenue for the quarter as the Saint Ambroise facility remained closed in order to accumulate a stockpile of soil inventory. Pre-tax loss was $1.4 million, after-tax loss was $1.2 million and loss per share was $0.03 on a fully diluted basis.
As at May 1, 2012, the Company had accumulated approximately 51,000 tonnes of untreated soil at the facility with approximately 2,000 tonnes currently anticipated to be received from various jobs which have been awarded but not shipped or not fully shipped. For each of these contracts awarded but not yet shipped, the tonnage amounts are approximate, and in each case there is no commitment on the part of the client with respect to the amount of material or remaining material that will be shipped under the contract, or the timing of these shipments. Actual amounts shipped may be more or less than the anticipated amounts. No current revenue related to this soil in inventory or to be shipped, has been recorded in results released to date. Revenue from this soil will be a function of the type of soil treated, pricing of the various contracts, and other factors. Revenue may vary from past revenues due to these and other variables, and the variances may be significant. Processing of the soil held in inventory commenced on May 2, 2012.
A fuller discussion is available in the Management Discussion and Analysis on http://media3.marketwire.com/docs/BennettMDAQ112.pdf.pdf and Interim Condensed Consolidated Financial Statements on http://media3.marketwire.com/docs/BennettIFSQ112.pdf.pdf.
Forward Looking Statements
Certain statements contained in this press release and in certain documents incorporated herein by reference may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "confident", "plan" and "intends" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of Bennett to differ materially from those anticipated or implied in such forward-looking statements. Bennett believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct. Given these uncertainties, readers are cautioned that forward-looking statements included in, or incorporated by reference into, this press release are not guarantees of future performance, and such forward looking statements should not be unduly relied upon. These statements speak only as of the date of this press release. Bennett undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting Bennett will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity, regulations (including those regarding importation of hazardous materials), and that there will be no unplanned material changes in its facilities, equipment, or customer or employee relations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
All of the forward-looking statements made in this Press Release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Bennett.
About Bennett Environmental Inc.
Bennett Environmental Inc. is a North American leader in high temperature treatment services for the treatment of contaminated soil and has provided thermal solutions to contamination problems throughout Canada and the U.S. 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. For information, please visit the Bennett Environmental website at: www.bennettenv.com.
Bennett Environmental Inc.