August 18, 2008
Bennett Environmental reports $2.8-million loss
OAKVILLE, Ont.
Bennett Environmental Inc. has reported a loss of $2.8 million, compared with a loss of $1.9 million a year ago, as revenue dropped sharply.
The soil cleanup specialist said the loss amounted to 10 cents per share for the three months ended June 30 compared with a loss of seven cents per share a year ago.
Sales in the quarter were $1.4 million, down from $5.3 million.
Chairman Christopher Wallace said the absence of activity at the company’s Saint Ambroise, Que. facility had a negative impact on the overall financial results.
“Due to the low level of market activity, it is imperative that we reduce our operating costs and cash outflows to ensure that we have the maximum opportunity for success, both operationally and financially when projects do occur,” the company said.
Last week, Bennett announced it had hired Blackmont Capital Corp. as its financial adviser while the company moves to “fully explore all alternatives.”
Canadian Press
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