Toronto-Marsulex Inc. reported net earnings from continuing operations of C$9.4 million ($.28 per basic share) on sales of $76.1 million for the third quarter ending Sept. 30, 2010, compared to the year-ago $7.7 million ($.23 per share) on sales of $67.8 million. “All of our businesses performed well,” said Marsulex President and CEO Laurie Tugman. “Inclusive of the Stablex business, EBITDA was the second highest on record ($21.8 million), surpassed only by the second quarter of 2009.” Year-ago EBITDA was $18.3 million. Prior to the quarter’s end, Marsulex sold its Stablex unit to U.S. Ecology for $80 million. Marsulex estimates an after tax gain of about $17 million subject to normal closing and adjustments. Proceeds from the sale will be used to repay outstanding debt. “The sale was a result of the previously announced broad-based strategic review,” said Tugman. “The overall strategic review is ongoing and no timetable has been set for its completion and there can be no assurances that the process will result in any further transactions.” Nine-month net earnings from continuing operations were off 21.8 percent to $21.5 million ($.65 per share) on sales of $203.2 million, compared to the year-ago $27.5 million ($.84 per share) on sales of $210.1 million. Nine-month EBITDA was down to $55 million from the year-ago $62.6 million.
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