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Bennett Environmental Inc. ("BEI") Reports Fourth Quarter and 2007 Year End Results

Market Wire, April, 2008

Bennett Environmental Inc. (TSX: BEV) (the "Company" or "BEI") today announced its financial results for the year ended December 31, 2007 and the results for the fourth quarter 2007.

In commenting on the results for 2007, Christopher Wallace, Chairman of the Company indicated that "While we as shareholders and directors need to see more improvement in the results of the Company there are clear indications that management has made significant progress throughout 2007. The resolution of historic issues obscures the improvement in current results. As the Company puts those issues behind it, its management will be free to focus more on revenue generating activities. The costs of the Company should now start to reflect the cost of current operations as opposed to past actions and mistakes. As I review the plans of our management I am confident that the correct steps are being taken and that the Company has been positioned to maximize its opportunities for future success." Commenting on statements within the MD&A, where management states "Certain conditions and events exist that cast substantial doubt on the Company's ability to continue as a going concern", Mr. Wallace stated "The Company's statements have had this going concern note since the third quarter of 2006. Management has been able to maintain sufficient cash to keep operations going through this period by careful cost control and liquidity management. As stated in the MD&A, management believes that if the Company achieves its strategies, it should have sufficient cash and working capital to fund operations beyond the fourth quarter of 2008."

Commenting on the overall market conditions the Company faces today, Jack Shaw President and CEO noted that the Ontario government had made provisions in its recent budget to provide funding for a major site remediation project in London, Ontario. This $56 million budget allocation would appear to confirm the Ontario government's commitment to environmental quality and may signify a general increase in activity for remediation work of this nature, spurred on by announced changes to federal regulations which are expected to take effect at the end of the second quarter of 2008. "Our excellent team is ready to manage the increased activity these changes are expected to create, we have the technology in place and we have demonstrated consistently an ability to deal with this type and level of activity. Our reduced cost base coupled with the elimination of many historical litigation and investigatory issues will allow us to focus on capturing new business and then performing the resulting work with a view to maximizing profitability for our shareholders."

Financial Results

Fourth Quarter 2007

For the fourth quarter the Company had an after tax loss of $10.5 million ($0.39 per share) compared to an after tax loss of $18.6 million ($0.86 per share) for the same period last year. Revenue for the fourth quarter 2007 was $7.7 million compared to $2.5 million for the same period last year. The Adjusted Loss for the fourth quarter 2007 compared to the same period in 2006 is shown below;


----------------------------------------------------------------------------
                                                 Q4 2007            Q4 2006
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                                             (all figures millions of Cdn $)
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Sales                                                7.7                2.5
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Loss for the Year                                   10.5               18.6
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Impairment Charge                                   (1.7)             (13.3)
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Write Off of Long-term
 Receivable                                         (5.0)
----------------------------------------------------------------------------
Department of Justice
 Investigation Contingency                         (2.75)
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Total                                              (9.45)             (13.3)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Adjusted Loss                                       1.05                5.5
----------------------------------------------------------------------------

These items for the fourth quarter 2007 have all been previously announced; the impairment charge relates to the Company's Kirkland Lake and Cornwall assets in 2007, in 2006 the charge relates to Belledune, the 2007 long term receivable write down relates to the claim with Defence Construction Canada.

 

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