Mercator Transport announces 2009-2010 third quarter results

LAVAL, QC, March 31 /CNW Telbec/ - Mercator Transport Group Corporation ("Mercator Transport") (TSX VENTURE: GMT), announces its financial results for the three-month period ended January 31, 2010.

    
    Financial Highlights
    Selected Consolidated Results

    -------------------------------------------------------------------------
    (in thousands
     of Canadian
     dollars,
     amounts
     per share            Q3              Q3       2009-2010       2008-2009
     excepted)     2009-2010       2008-2009  (9-month total) (9-month total)
    -------------------------------------------------------------------------
    Revenue            9,416           6,818          20,545          19,834
    -------------------------------------------------------------------------
    EBITDA(1)             12              22             202             341
    -------------------------------------------------------------------------
    Net Profit
     (Net Loss)          (61)            (37)              2             112
    -------------------------------------------------------------------------
    Net Profit
     (Net Loss)
     per share,
     non-diluted      (0.002)         (0.001)          0.000           0.004
    -------------------------------------------------------------------------
    

Mercator Transport's sales reached $9,416,000 for the third quarter of 2009-2010, an increase of $2,598,000 or 38.1% compared to $6,818,000 for the same period a year earlier, the highest sales reported since the corporation's creation.

This increase is accounted for by the new revenues generated by the integration, ongoing since the second quarter of the current year, of the activities of the French corporation S.A.S. Trans Orient Services to Mercator Transport, as well as the new activities of Mercator Transport in Ghana, which began November 1, 2009.

Mercator Transport generated EBITDA(1) of $12,000 in the third quarter of 2009-2010, compared to $22,000 for the third quarter of 2008-2009. EBITDA(1) thus remains positive, despite non-recurrent expenses of $169,000 related to the inauguration of places of business in France and Ghana.

These expenses also contributed to the net loss of $61,000 ($0.002 per share) reported for the third quarter of 2009-2010, compared to a net loss of $37,000 ($0.001 per share) for the same period a year earlier.

"The offices of Mercator Transport in France and Ghana, inaugurated as part of our development strategy, are generating new revenue, allowing us to exceed past revenue, despite the slowdown in some North American activities witnessed since the beginning of the year," said Mr. Jean-Pierre Apélian, President and CEO.

For further information, please refer to Mercator Transport's management discussion and analysis and quarterly unaudited financial statements, available at www.sedar.com.

About Mercator Transport

Mercator Transport specializes in freight forwarding, international logistics and distribution. Based in Montreal (Canada), with offices in the United States, France, Ghana and Kenya, Mercator Transport offers value-added services in global supply chain management, and designs tailor-made solutions. Customer intimacy and commitment differentiates Mercator Transport in its ability to implement customers' requirements.

Neither TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    
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    (1) Non-GAAP measure, as defined in Mercator Transport's MD&A.
    

%SEDAR: 00020866EF

For further information: Mr. Patrick Bazinet, Director and Interim CFO, Investor relations, [phone], [email protected]