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Press release from Marketwire

Bennett Environmental Inc. ("BEI") Reports Fourth Quarter and 2011 Year End Results

Wednesday, March 28, 2012

Bennett Environmental Inc. ("BEI") Reports Fourth Quarter and 2011 Year End Results15:36 EDT Wednesday, March 28, 2012OAKVILLE, ONTARIO--(Marketwire - March 28, 2012) - Bennett Environmental Inc. (TSX:BEV) (the "Company" or "BEI") today announced its financial results for the year ended December 31, 2011 and the results for the fourth quarter 2011. There was no revenue for the year as the Saint Ambroise facility remained closed in order to accumulate soil inventory. Pre-tax loss was $9.6 million, after-tax loss was $9.3 million and loss per share was $0.24 on a fully diluted basis. There was no revenue for the quarter, net loss was $1.6 million and loss per share was $0.04 on a fully diluted basis.A fuller discussion is available in the Management Discussion and Analysis available on http://media3.marketwire.com/docs/BennettMDAQ411.pdf and Audited Consolidated Financial Statements for the years ended December 31, 2011 and 2010 available on http://media3.marketwire.com/docs/BennettACFSYE11.pdf.This report may contain forward-looking information that is subject to risks, uncertainties and assumptions. Such information represents our current views based on information as at the date of issuing this report. We do not intend to update this information and disclaim any legal obligation to the contrary.Forward Looking StatementsCertain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "confident", "plan" and "intends" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. BEI believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. BEI undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.About Bennett Environmental Inc.Bennett Environmental Inc. is a North American leader in high temperature treatment services for the treatment of contaminated soil and has provided thermal solutions to contamination problems throughout Canada and the U.S. Bennett Environmental's technology provides for the safe, economical and permanent solution to contaminated soil. Independent testing has consistently proven that the technology operates well within the most stringent criteria in North America. For information, please visit the Bennett Environmental website at: www.bennettenv.com.BENNETT ENVIRONMENTAL INC.Consolidated Balance Sheet (Expressed in Canadian dollars) (Unaudited)December 31,December 31,20112010AssetsCurrent assets:Cash and cash equivalents (note 4)$58,720,802$64,993,643Restricted cash (note 4)1,515,10510,649Amounts receivable (note 5)92,023321,906Holdbacks receivable (note 5)--Holdback receivable (note 6)300,000-Deferred costs3,163,009661,925Prepaid expenses and other374,043561,401Assets classified as held for sale (note 6)- 2,675,53264,164,98269,225,056Property, plant and equipment (note 7)8,774,8269,523,502Assets under finance lease (note 8)491,040522,237Deferred tax assets (note 9)--$73,430,848$79,270,795Liabilities and Shareholders' EquityCurrent liabilities:Accounts payable and accrued liabilities (note 10)$ 1,471,704$ 2,850,241Current tax liabilities333,000583,962Liabilities related to assets held for sale (note 6)242,666 618,020Deferred revenue (note 11)9,438,6692,445,369Provisions (note 12)139,551695,827Current portion of long-term liabilities (note13)79,0002,230,194Current portion of finance lease obligations (note 14) 122,565 182,83811,827,1559,606,451Long-term liabilities (note 13)731,193741,633Long-term portion of finance lease obligations (note 14) 32,642155,206Shareholders' equity:Share capital (note 15)96,969,87993,364,040Contributed surplus (note 16)4,873,8274,846,334Share purchase warrants (note 17)2,721,1312,721,131Accumulated deficit(43,724,979)(32,164,000)Total equity60,839,85868,767,505$73,430,848$79,270,795Contingencies (note 29)Subsequent events (notes 12(b), 29(b),(c) and 30)These consolidated financial statements do not include accompanying notes. A complete set of audited consolidated financial statements including notes is available on http://media3.marketwire.com/docs/BennettACFSYE11.pdf.BENNETT ENVIRONMENTAL INC.Consolidated Statements of Operations and Comprehensive Income (Loss) (Expressed in Canadian dollars)(Unaudited)Three months endedTwelve months endedDecember 31,December 31,2011 201020112010Sales$ -$-$ -$32,668,014Expenses:Operating costs430,712618,2641,571,8908,495,640Administration and business development1,066,9601,859,0335,349,0696,035,433Management/board restructuring costs--2,501,440-Amortization221,828261,762882,9711,043,658Loss on disposal of assets held for sale--18,286-1,719,5002,739,05910,323,65615,574,731Results from operating activities(1,719,500)(2,739,059)(10,323,656)17,093,283Results from operating activitiesFinance income200,625271,147918,309494,969Finance costs(78,659)(297,833)(151,815)(962,873)Net finance income (costs)121,966(26,686)766,494(467,904)Income (loss) before income taxes(1,597,534)(2,765,745)(9,557,162)16,625,379Income taxes (recovery):Current(18,789)149,344(247,564)(1,685,426)Future---3,915,650(18,789)149,344(247,564)2,230,224Net income for the period being comprehensive income (loss)$ (1,578,745)$ (2,915,089)$ (9,309,598)$ 14,395,155(Loss) earnings per common shareBasic$(0.04)$(0.08)$(0.24)$0.42Diluted(0.04)(0.08)(0.24)0.41These consolidated financial statements do not include accompanying notes. A complete set of audited consolidated financial statements including notes is available on http://media3.marketwire.com/docs/BennettACFSYE11.pdf.BENNETT ENVIRONMENTAL INC.Consolidated Statement of Changes in Equity(Expressed in Canadian dollars)For the year ended December 31, 2010(Unaudited)Attributable to equity holders of the CompanyShare capitalContributedsurplusSharepurchasewarrantsAccumulateddeficitTotalequityBalance at January 1, 2010$71,949,963$4,244,554$429,056$(46,559,155)$30,064,418Comprehensive income for the period---14,395,15514,395,155Equity-based compensation-317,974--317,974Share options exercised241,220(98,721)--142,499Warrants exercised1,314,656-(429,056)-885,600Shares issued in connection with public offering closing May 7, 201022,213,117---22,213,117Share-based costs(2,354,916)---(2,354,916)Fair value of compensation options issued in connection with share and warrant offering closing May 7, 2010 - 483,992 - - 483,992Excess fair value of warrants issued on over-allotment closing May 21, 2010 over consideration received - (110,656) - - (110,656)Fair value of compensation options issued in connection with over-allotment closing May 21, 2010-9,191--9,191Warrants issued in connection with public offering closing May 7 and May 21, 2010 net of issue costs--2,721,131-2,721,131Balance at December 31, 2010$93,364,040$4,846,334$2,721,131$(32,164,000)$68,767,505These consolidated financial statements do not include accompanying notes. A complete set of audited consolidated financial statements including notes is available on http://media3.marketwire.com/docs/BennettACFSYE11.pdf.BENNETT ENVIRONMENTAL INC.Consolidated Statement of Changes in Equity (continued)(Expressed in Canadian dollars)For the year ended December 31, 2011(Unaudited)Attributable to equity holders of the CompanyShare capitalContributedsurplusSharepurchasewarrantsAccumulateddeficitTotalequityBalance at January 1, 2011$93,364,040$4,846,334$2,721,131$(32,164,000)$68,767,505Comprehensive loss for the period---(9,309,598)(9,309,598)Equity-based compensation-482,008--482,008Conversion from equity-settled to cash-settled stock option plan (note 16)-(791,617)-(2,251,381)(3,042,998)Conversion from cash-settled to equity-settled stock option plan (note 16)-407,111--407,111Share options exercised3,605,839(70,009)--3,535,830Balance at December 31, 2011$96,969,879$4,873,827$2,721,131$(43,724,979)$60,839,858These consolidated financial statements do not include accompanying notes. A complete set of audited consolidated financial statements including notes is available on http://media3.marketwire.com/docs/BennettACFSYE11.pdf.BENNETT ENVIRONMENTAL INC.Consolidated Statements of Cash Flows (Expressed in Canadian dollars) (Unaudited)December 31,December 31,20112010Cash flows provided by (used in) operating activities:Net income (loss) for the period$(9,309,598)$14,395,155Adjustments for:Amortization882,9711,043,658Foreign exchange gains related to U.S. Department of Justice accrual(5,300)(124,613)Unwinding of discount on provision75,045178,589Share-based compensation626,953317,974Income tax expense (recovery)(247,564)3,915,650Loss on disposal of assets held for sale18,286-Gain on sale of property, plant and equipment(1,671)-Change in amounts receivable229,8839,893,861Change in holdbacks receivable(300,000)3,029,363Change in prepaid expenses and other187,358(115,297)Change in deferred costs(2,501,084)(661,925)Change in accounts payable and accrued liabilities(555,647)(2,519,069)Changes in liabilities related to assets held for sale(375,356)142,488Change in provisions(556,276)75,003Change in deferred revenue6,993,300(4,841,528)Change in current tax payable(3,398)(1,503,117)Repayment of long-term liabilities(2,231,379)(280,200)Net cash provided by (used in) operating activities(7,073,477)22,945,992Cash flows from investing activitiesProceeds from sale of property, plant and equipment4,25030,000Proceeds from sale of assets held for sale1,834,356-Acquisition of property, plant and equipment(105,677)(251,158)Change in restricted cash(1,504,456)855,269Net cash provided by (used in) investing activities228,473634,111Cash flows from financing activitiesProceeds from exercise of warrants-885,600Proceeds from exercise of share options755,000142,500Proceeds from shares and warrants due to public offering, net of costs - 22,961,859Payment of finance lease liabilities(182,837)(221,878)Net cash provided by financing activities572,16323,768,081Net increase (decrease) in cash and cash equivalents(6,272,841)47,348,184Cash and cash equivalents at beginning of period64,993,64317,645,459Cash and cash equivalents at end of period$58,720,802$64,993,643These consolidated financial statements do not include accompanying notes. A complete set of audited consolidated financial statements including notes is available on http://media3.marketwire.com/docs/BennettACFSYE11.pdf.FOR FURTHER INFORMATION PLEASE CONTACT: Lawrence HaberBennett Environmental Inc.President and CEO(905) 339-1540 Ext. 202www.bennettenv.com