OAKVILLE, ONTARIO — (Marketwire) — 03/22/13 — BENEV Capital Inc. (TSX: BEV) (the “Company” or “BCI”) today announced its financial results for the year ended December 31, 2012 and the results for the fourth quarter 2012. Revenue for the year was $28.3 million, pre-tax income was $9.1 million, after-tax income was $9.3 million and earnings per share was $0.24 on a fully diluted basis. Revenue for the quarter was $7.8 million, pre-tax income was $1.2 million, after-tax income was $0.6 million and earnings per share was $0.02 on a fully diluted basis.
As previously announced on March 7, 2013, the Company has entered into a binding purchase and sale agreement to sell its Saint Ambroise, Quebec waste treatment plant and related assets and liabilities for $10 million, $8 million in cash at closing plus an earn out which could be as high as $2 million or more, contingent on a specific potential new contract being entered into within three years from the date of signing of the purchase agreement (which is by no means certain). In addition, the purchase price will be adjusted for working capital at closing, and for certain new soil contracts received between signing and closing. Closing is expected in the second quarter of 2013. As at March 15, 2013, the Company–s cash position was approximately $64 million.
A more detailed discussion is available in the Management Discussion and Analysis available on and Audited Consolidated Financial Statements for the years ended December 31, 2012 and 2011 available on http://media3.marketwire.com/docs/BENEVACFSYE12.pdf.
This report may contain forward-looking information that is subject to risks, uncertainties and assumptions. Such information represents our current views based on information as at the date of issuing this report. We do not intend to update this information and disclaim any legal obligation to the contrary.
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 BENEV Capital Inc. to differ materially from those anticipated or implied in such forward-looking statements. BENEV Capital Inc. 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. BENEV Capital Inc. 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 BENEV Capital Inc. 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, BENEV Capital Inc.
About BENEV Capital Inc.
BENEV Capital 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. BENEV Capital Inc.–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 BENEV Capital Inc. website at: .
These consolidated financial statements do not include accompanying notes. A complete set of audited consolidated financial statements including notes is available on .
These consolidated financial statements do not include accompanying notes. A complete set of audited consolidated financial statements including notes is available on .
These consolidated financial statements do not include accompanying notes. A complete set of audited consolidated financial statements including notes is available on .
These consolidated financial statements do not include accompanying notes. A complete set of audited consolidated financial statements including notes is available on .
Contacts:
BENEV Capital Inc.
Lawrence Haber
President and CEO
(905) 339-1540 Ext. 202