Wilson, Sons Reports 1Q12 Results

May 15, 2012, 18:07 ET from Wilson Sons Limited

RIO DE JANEIRO, May 15, 2012 /PRNewswire/ -- Wilson Sons Limited ("WSON11") announces its results for the First Quarter of 2012 ("1Q12").


The Company recorded Net Revenues of USD 157.2M, in line with 1Q11 figures. There was, however, healthy increase in Towage (up 34,9%) and Offshore (up 12,5%), due to better pricing and an increase in the number of vessels in operation.

The quarter saw a decrease of 28.3% in YoY EBITDA mainly due to the end of the Petrobras public port operations in Rio de Janeiro in October 2011 and represented approximately 30% of Brasco's 1Q11 EBITDA, and to the negative impact of the Long-Term Incentive Plan, which had been positive in 1Q11 and was negative in 1Q12, therefore recording a net variation of US$ -11.1M. Furthermore, the Logistics business discontinued 10 low-margin operations, and the Salvador port terminal was constrained by its on-going expansion works.

The new Guaruja II shipyard, the new Offshore and Towage vessels, and Tecon Salvador's expansion works are the major contributors to the quarterly CAPEX of USD 43.0M.

"2012 is a year to celebrate the expansion of Tecon Salvador and Guaruja II Shipyard: the first will increase the present capacity from 300,000 to 530,000 TEU per year; the second will increase the processed steel capacity from 4,500 to 10,000 tons per year", said Cezar Baiao, CEO of Operations in Brazil.

Currently, the Company has 3 tugboats and 5 PSVs in different phases of construction at the Guaruja Shipyard. The strategy to increase and renew its fleet is part of the Company's desire to meet the demand in the oil & gas industry and international trade flow.

Wilson, Sons' full 1Q 2012 Earnings Release is available online at: www.wilsonsons.com.br/ir

IR Contacts: 
Michael Connell
Eduardo Valenca
George Kassab
+55 21 2126-4107

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About Wilson, Sons

Wilson Sons Limited, through its subsidiaries, is one of Brazil's largest providers of integrated port and maritime logistics solutions. With a business track record of over 170 years, the Company has developed an extensive national network and provides a comprehensive set of services related to domestic and international trade, as well as to the oil and gas industry. Its principal operating activities are divided into the following lines of business: Port Terminals, Towage, Logistics, Shipping Agency, Offshore, and Shipyards. For more information, please visit our website at www.wilsonsons.com.br/ir

SOURCE Wilson Sons Limited