SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the
Securities Exchange Act of 1934
For the month of October , 2003
Bennett Environmental Inc.
Suite 208, 1540 Cornwall Road, Oakville ON L6J 7W5
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F o | Form 40-F x |
Please note that pursuant to Rule 12g3-2(d)(1), this registrant, being registered under Section 12, is not eligible for exemption under Rule 12g3-2(b). Accordingly, the following two questions are not relevant to this registrant and are therefore left blank.
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o | No o |
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82- .
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Bennett Environmental Inc. (Registrant) |
||||
Date: October 24, 2003 | By: | /s/ John Bennett
[Print] Name: John Bennett Title: Chief Executive Officer |
For Immediate Release |
Bennett Environmental Invites You
to Join Its
Third Quarter 2003 Results Investor Call
Oakville, Ontario, October 16, 2003 Bennett Environmental Inc., a North American leader in the high temperature treatment of contaminated soils, invites you to listen to its conference call via a live teleconference on Thursday, October 23rd, 2003 at 16:00 Eastern Time. In conjunction with Bennett Environmentals third quarter 2003 earnings release, senior management will discuss the quarters financial and operating results.
Date: | Thursday, October 23rd, 2003 | |
Time: | 16:00 Eastern Time | |
Dial In Number: | 1-888-359-6744 |
If you are unable to participate in the live teleconference, a rebroadcast will be made available on Bennett Environmentals website at:
http://www.bennettenv.com/cgi/investor
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 Environmentals 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.
Bennett Environmental is listed on the Toronto Stock Exchange (Trading Symbol BEV) and the American Stock Exchange (Trading Symbol BEL). 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.
Bennett Environmental | Page 1 of 1 | |
Press Release | PR 124 2003 10 16 |
For Immediate Release |
Bennett Environmental Announces Q3 Results
Revenues and Profits Significantly Increase From Prior Quarters
Oakville, Ontario, October 23, 2003 Bennett Environmental Inc., a North American leader in the high temperature treatment of contaminated soils, announces Q3 revenue of $22,402,772 and net after tax profits of $6,796,616 or $0.39 per fully diluted share ($0.28 US). Compared to the same quarter last year, the Company more than doubled its revenues and nearly tripled its profits from $9,057,125 and $2,306,240 respectively as the Companys treatment facilities continue to increase capacity utilization. On a year to date basis, revenues of $47,822,472 have generated profit of $12,975,183 or $0.74 ($0.52 US) per fully diluted share. Demand for the Companys services remains high with good visibility on shipments well into next year. Construction on the new plant in Belledune, New Brunswick is underway and on schedule with full production expected by mid-year 2004.
I am pleased with the results of the quarter. Our business is continuing to grow and our Q3 revenues and profits were equal to those of the first two quarters of this year combined, said Mr. John Bennett, Chief Executive Officer of Bennett Environmental Inc. Demand for soil remediation services remains high. We have soil from 11 projects in storage awaiting treatment. Sizable shipments from at least six projects are expected by the end of the year. This is the first quarter that we are operating using the newly constructed storage facility. Currently there are nearly 25,000 tonnes in storage, which should ensure high plant utilization in Q4. Given expectations for customer shipments for the balance of this year, we should be utilizing our full storage capacity of 40,000 tonnes by the end of the year. This should mitigate any seasonal issues of delayed shipments over the weather sensitive first half of 2004.
Danny Ponn, Chief Operating Officer of Bennett Environmental Inc. added, The plant at Saint Ambroise, Quebec continues to operate well. We set a new record in the quarter by treating approximately 23,000 tonnes.
The Company announced on September 9, 2003 that after a thorough and comprehensive review of its permit application, the Government of New Brunswick had approved construction of a new thermal oxidation soil treatment facility. The plant will be a key partner in the Renviro environmental industrial park located near Belledune in northeastern New Brunswick. The proposed facility will be capable of treating 100,000 tonnes of hydrocarbon and creosote impacted soil. It will use the same proprietary, state of the art technology, which has been safely and successfully employed for six years at Bennetts facility in Saint Ambroise, Quebec. Construction on the new plant is well underway and the foundations are nearing completion. Design and tendering for the equipment is progressing on schedule and the facility is on track for start-up and commissioning in Spring 2004. Following successful source testing, an operational permit and full production is expected by mid-year 2004.
Bennett Environmental | Page 1 of 6 | |
Press Release | PR 125 2003 10 23 |
For Immediate Release |
Results of Operations
Bennett Environmental had a Q3 profit of $6,796,616 or $0.39 per fully diluted share versus a profit of $2,306,240 or $0.13 per share in the corresponding period last year. Revenues were $22,402,772 in the quarter versus $9,057,125 for Q3 2002. On a year to date basis, revenues of $47,822,472 have generated profit of $12,975,183 or $0.74 ($0.52 US) per fully diluted share. Compared to the first nine months of last year, revenues of $29,295,904 generated profit of $7,086,491 or $0.41 per share.
The Companys operating costs of $9,966,464 for the third quarter, were higher than the $3,889,954 for the same period last year and reflect the higher plant utilization in the quarter. In total, 23,000 tonnes of soil was processed in the quarter compared to 11,000 tonnes for the same period last year. So far nearly 52,000 tonnes have been thermally treated this year. Administrative and business development costs of $1,647,182 for the quarter were in line with $1,689,207 from the same period last year.
The Companys cash position has increased in the quarter by $1,967,262 to $12,472,444. Compared to the same period last year, cash reserves have increased by $2,913,271 from $9,559,173 at September 30, 2002. In the quarter, cash provided from Operations of $7,717,446 was offset by increases in working capital and investing activities. Receivables of $26,492,613 reflect a high level of $16,694,305 due from the Government of Canada as part of the negotiated payment schedule on the Saglek Labrador project. This amount will be paid over the next three quarters. The Companys net working capital position at September 30, 2003 has increased to $28,395,756 from the net working capital position of $18,206,207 at December 31, 2002. During the quarter the Company invested $1,695,832 in permitting and construction activities associated with the Belledune, New Brunswick plant.
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 Environmentals 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.
Bennett Environmental is listed on the Toronto Stock Exchange (Trading Symbol BEV) and the American Stock Exchange (Trading Symbol BEL). 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
Bennett Environmental | Page 2 of 6 | |
Press Release | PR 125 2003 10 23 |
For Immediate Release |
the protection of the safe harbour for forward-looking statements provisions contained in the Private 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 Companys control. Discussions of the various factors that may affect future results are contained in the Companys filings with the Securities and Exchange Commission and Ontario Securities Commission.
Bennett Environmental | Page 3 of 6 | |
Press Release | PR 125 2003 10 23 |
For Immediate Release |
BENNETT ENVIRONMENTAL INC.
Consolidated Balance Sheets
(Expressed in Canadian dollars)
As at September 30, 2003 with comparative figures
As at December 31, 2002
September 30 | December 31 | ||||||||
2003 | 2002 | ||||||||
(unaudited) | |||||||||
Assets |
|||||||||
Current assets |
|||||||||
Cash and cash equivalents |
$ | 12,472,444 | $ | 19,267,639 | |||||
Accounts receivable |
26,492,613 | 12,505,945 | |||||||
Work-in-progress |
373,521 | 411,051 | |||||||
Prepaid expenses and other |
1,527,182 | 1,177,214 | |||||||
40,865,760 | 33,361,849 | ||||||||
Investments |
851,395 | 851,395 | |||||||
Property Plant and Equipment |
17,003,476 | 14,263,408 | |||||||
Other assets |
4,710,847 | 3,261,384 | |||||||
Goodwill |
646,638 | 646,638 | |||||||
$ | 64,078,116 | $ | 52,384,674 | ||||||
Liabilities and Shareholders Equity |
|||||||||
Current liabilities |
|||||||||
Accounts payable and accrued liabilities |
$ | 7,041,112 | $ | 7,978,096 | |||||
Income taxes payable |
4,207,092 | 5,862,523 | |||||||
Current portion of long-term debt |
1,221,800 | 1,315,023 | |||||||
12,470,004 | 15,155,642 | ||||||||
Future income tax liability |
1,200,738 | 895,738 | |||||||
Long-term debt |
291,126 | 829,434 | |||||||
Shareholders equity |
|||||||||
Share capital |
25,519,206 | 23,882,001 | |||||||
(Common shares outstanding 16,880,539
(2002 16,508,739)) |
|||||||||
Retained Earnings |
24,597,042 | 11,621,859 | |||||||
50,116,248 | 35,503,860 | ||||||||
$ | 64,078,116 | $ | 52,384,674 | ||||||
Bennett Environmental | Page 4 of 6 | |
Press Release | PR 125 2003 10 23 |
For Immediate Release |
BENNETT ENVIRONMENTAL INC.
Consolidated Statement of Operations and Retained Earnings (Deficit)
(Expressed in Canadian dollars)
For the Nine-Month Period Ended September 30, 2003 with
comparative figures for the Nine-Month Period Ended September 30, 2002, and the Three-Month Period
Ended September 30, 2003 with the comparative figures for the Three-Month Period Ended September 30, 2002
9 months | 3 months | ||||||||||||||||
September 30, 2003 | September 30, 2002 | September 30, 2003 | September 30, 2002 | ||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Sales |
$ | 47,822,472 | $ | 29,295,904 | $ | 22,402,772 | $ | 9,057,125 | |||||||||
Interest and other income |
543,346 | 531,093 | 209,515 | 152,285 | |||||||||||||
48,365,818 | 29,826,997 | 22,612,287 | 9,209,410 | ||||||||||||||
Expenses |
|||||||||||||||||
Operating costs |
21,644,419 | 13,063,232 | 9,966,464 | 3,889,954 | |||||||||||||
Administration and business development |
5,127,769 | 4,647,084 | 1,647,182 | 1,689,207 | |||||||||||||
Amortization |
1,513,039 | 926,199 | 665,830 | 316,412 | |||||||||||||
Foreign exchange |
423,560 | | (57,759 | ) | (386,128 | ) | |||||||||||
Interest expense |
86,285 | 146,928 | 35,364 | 25,709 | |||||||||||||
28,795,072 | 18,783,443 | 12,257,081 | 5,535,154 | ||||||||||||||
Earnings before income taxes |
19,570,746 | 11,043,554 | 10,355,206 | 3,674,256 | |||||||||||||
Income tax expense (recovery) |
|||||||||||||||||
Current |
6,290,563 | 4,030,061 | 3,303,590 | 1,649,156 | |||||||||||||
Future |
305,000 | (72,998 | ) | 255,000 | (281,140 | ) | |||||||||||
6,595,563 | 3,957,063 | 3,558,590 | 1,368,016 | ||||||||||||||
Net earnings |
12,975,183 | 7,086,491 | 6,796,616 | 2,306,240 | |||||||||||||
Retained Earnings (Deficit), beginning of period |
11,621,859 | (144,817 | ) | 17,800,426 | 4,635,433 | ||||||||||||
Shares purchased in excess of assigned value |
| (794,287 | ) | | (794,287 | ) | |||||||||||
Retained Earnings, end of period |
$ | 24,597,042 | $ | 6,147,386 | $ | 24,597,042 | $ | 6,147,386 | |||||||||
Basic earning per share |
$ | 0.78 | $ | 0.44 | $ | 0.40 | $ | 0.14 | |||||||||
Fully diluted earnings per share |
$ | 0.74 | $ | 0.41 | $ | 0.39 | $ | 0.13 | |||||||||
Bennett Environmental | Page 5 of 6 | |
Press Release | PR 125 2003 10 23 |
For Immediate Release |
BENNETT ENVIRONMENTAL INC.
Consolidated Statement of Cash Flows
(Expressed in Canadian dollars)
For the Nine-Month Period Ended September 30, 2003 with
comparative figures for
the Nine-Month Period Ended September 30, 2002, and the
Three-Month Period
Ended September 30, 2003 with the comparative figures for the
Three-Month
Period Ended September 30, 2002
9 months | 3 months | |||||||||||||||||
September 30, 2003 | September 30, 2002 | September 30, 2003 | September 30, 2002 | |||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||
CASH PROVIDED BY (USED IN): |
||||||||||||||||||
Operations |
||||||||||||||||||
Net earnings |
$ | 12,975,183 | $ | 7,086,491 | $ | 6,796,616 | $ | 2,306,240 | ||||||||||
Items not involving cash |
||||||||||||||||||
Amortization |
1,513,039 | 926,199 | 665,830 | 316,412 | ||||||||||||||
Stock-based compensation |
| 18,113 | | | ||||||||||||||
Shares issued for services rendered |
2,840 | | | | ||||||||||||||
Future income taxes |
305,000 | (72,998 | ) | 255,000 | (281,140 | ) | ||||||||||||
14,796,062 | 7,957,805 | 7,717,446 | 2,341,512 | |||||||||||||||
Change in non-cash operating working capital |
||||||||||||||||||
Accounts receivable |
(13,986,668 | ) | (2,605,244 | ) | (10,328,977 | ) | (7,449,961 | ) | ||||||||||
Work-in-progress |
37,530 | 324,831 | (105,822 | ) | (1,274,419 | ) | ||||||||||||
Prepaid expenses and other |
(349,968 | ) | (583,220 | ) | 913,672 | (110,422 | ) | |||||||||||
Accounts payable and accrued liabilities |
(936,984 | ) | 847,188 | 1,274,482 | 2,618,009 | |||||||||||||
Income taxes payable |
(1,655,431 | ) | 2,109,349 | 3,343,176 | 1,335,121 | |||||||||||||
(16,891,521 | ) | 92,904 | (4,903,469 | ) | (4,881,672 | ) | ||||||||||||
Financing Activities |
||||||||||||||||||
Repayments of long-term debt |
(631,531 | ) | (409,882 | ) | (108,408 | ) | (1,390 | ) | ||||||||||
Share capital, issued for cash |
1,634,365 | 2,746,661 | 957,525 | 154,067 | ||||||||||||||
Repurchase of share capital |
| (892,671 | ) | | (892,671 | ) | ||||||||||||
1,002,834 | 1,444,108 | 849,117 | (739,994 | ) | ||||||||||||||
Investing Activities |
||||||||||||||||||
Investments |
| (440,000 | ) | | | |||||||||||||
Purchase of capital assets |
(4,253,107 | ) | (1,281,596 | ) | (802,640 | ) | (548,544 | ) | ||||||||||
Increase in other assets |
(1,449,463 | ) | (1,254,128 | ) | (893,192 | ) | (296,504 | ) | ||||||||||
(5,702,570 | ) | (2,975,724 | ) | (1,695,832 | ) | (845,048 | ) | |||||||||||
Increase (Decrease) in cash and cash equivalents |
(6,795,195 | ) | 6,519,093 | 1,967,262 | (4,125,202 | ) | ||||||||||||
Cash and cash equivalents, beginning of period |
19,267,639 | 3,040,080 | 10,505,182 | 13,684,375 | ||||||||||||||
Cash and cash equivalents, end of period |
$ | 12,472,444 | $ | 9,559,173 | $ | 12,472,444 | $ | 9,559,173 | ||||||||||
Bennett Environmental | Page 6 of 6 | |
Press Release | PR 125 2003 10 23 |