Wilson, Sons Reports First Quarter Revenues of USD 121.4 Million

RIO DE JANEIRO, May 14 /PRNewswire-FirstCall/ -- Wilson Sons Limited, traded at the BM&FBovespa under ticker symbol "WSON11", announces its results for the First Quarter of 2010 ("1Q10" or "Q1 2010").

Highlights

Wilson, Sons has seen mixed consolidated results for the 1Q 2010, driven by growth in revenues and volumes, but with reduced margins.

Although Brazil's domestic economy has continued to show growth, a strong Real and the global financial crisis have meant continued pressure on exporters and ship owners. This along with the reduced warehousing volume has negatively impacted margins this quarter compared to the same quarter last year.

In Q1 2010 Net Revenue grew 28.1% at Port Terminals driven by 16.4% container (TEU) volume growth and Brasco revenue growth of 47.5% compared to Q109. Towage revenues increased by 12.8% compared to the same quarter last year as the Company continues to grow its participation in special operations, while in the Offshore business, revenue grew 32.8% as a result of increases in the size of the PSV fleet to service demand from Oil & Gas.

EBITDA margin was negatively influenced by reduction in the high margin warehousing volumes, cost inflation, and a provision for labor claims.

A Capex of USD 35.2mn, as the company continues its investments in fleet expansion.

Wilson, Sons' 1Q 2010 full Earnings Release is available on line at: www.wilsonsons.com.br/ir

Company Description: Wilson, Sons, through its subsidiaries, is one of Brazil's largest providers of integrated port, maritime and logistics services. 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.

SOURCE Wilson Sons Limited

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