Wilson, Sons Reports Record Quarterly Revenues of USD 153.5M for 3Q10

RIO DE JANEIRO, Nov. 12, 2010 /PRNewswire-FirstCall/ -- Wilson Sons Limited ("WSON11"), announces its results for the Third Quarter of 2010 ("3Q10" or "Q3 2010") and year to date 2010 ("YTD").

Highlights

Wilson, Sons' record revenues reflect continuing demand for our port, maritime, and logistics platform. Brazilian exporters continue to suffer from the strength of the Real currency, but cabotage and imports have driven volumes for all of our services in the quarter. This is certainly evidence of the strength and consistency of the Company's business model.

Net revenues increased 18.4% to USD 153.5M compared to 3Q09 (YTD up 19.5%), with volumes increasing in Towage, Logistics, and Shipping Agency. The Company saw impressive revenue growth at Brasco, 85.4% up compared to 3Q09 (YTD up 84.0%), largely as a result of new contracts and increase in auxiliary services. Quarterly EBITDA margin benefited from a better pricing mix in the container terminals business and improved full-to-empty mix as a result of more imports.

In 3Q10 the company re-categorised to the Result on Disposal of Investment account, a one-off entry of USD 10.4M which had been included for 2Q10 in the Shipyard's Revenues, Operating Profit, and EBITDA. This amount is related to the formation of the Wilson, Sons Ultratug (WSUT) joint venture and was re-categorised to better reflect the overall nature of the transaction and facilitate understanding of the Company's operating results. The re-categorisation has no impact on net income, however, net revenues, operating profit and EBITDA are USD 10.4M lower in 3Q10 and higher in 2Q10 than they would otherwise have been.

Wilson, Sons' full 3Q 2010 Earnings Release is available online at: www.wilsonsons.com.br/ir

About Wilson, Sons

Wilson Sons Limited, through its subsidiaries, is one of Brazil's largest providers of integrated port and maritime logistics and supply chain 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

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