BEL ==> The New Year's Winner

[mrmarket]

I remember when my parents first let me start driving, I had a ’69 Olds Delta 88. This car had a 455 engine and could really scream. I burnt rubber on miles of highway. Back then I used to think it was fun to change the oil of my car. I’d take the used motor oil and dump it on other people’s lawns. I mean what else was I supposed to do with it? I thought I was pretty clever until all these babies with big heads were being born in my neighborhood. Then I thought maybe I should put the oil someplace else.

When I drink too much beer, I also leak oil, but that’s a more natural kind of oil that does not need remediation. I drank so much on New Year’s Eve that I pissed in my refrigerator.

Today I bought BEL (Bennett Environmental) at 21.12. I will sell it in 4 to 6 weeks at 24.38. Here’s why I like BEL:

What does Bennett do? Bennett is like earthworms. They eat bad dirt and turn it into good soil. Actually they heat up the dirt to a bazillion degrees to destroy off all the bad stuff in it. High temperature thermal processing is a complete, permanent and safe solution for the treatment of contaminated soils and is recognized as the Best Demonstrated Available Technology (BDAT) by both government agencies and companies alike. Bennett has developed the Mark IV Thermal Oxidizer which permanently treats soil contaminated with chlorinated hydrocarbons with 99.9999% efficiency. If they made a better one, it would be the Mach V and Speed Racer could drive it with Spritel and Chim Chim in the trunk.

Yup, we’re talking waste management, and it ain’t the Soprano’s and Ralphie’s head in a bowling bag at the Bada – Bing club. This is north of the border waste management, where consumption of Molson Golden rules the day.

BEL is up over 210% in the last 52 weeks but is still relatively cheap with a PE of 25.8. Earnings have a really good shot of growing substantially. Remediation of contaminated sites is a growing environmental issue. The worldwide increase of environmental awareness has resulted in new laws and regulations governing all aspects of waste storage, treatment, and disposal. Recent restrictions on the disposal of untreated contaminated soil into landfills have lead to significant growth in the soil treatment market. With a strengthening economy, companies will be more willing to take care of these HUGE problems.

BEL’s soil treatment facility is permitted to treat soil contaminated with dioxins, furans, PCBs, PCP / all chlorophenols, all chlorinated pesticides (DDT, toxaphene etc.), creosote and all chlorinated and non-chlorinated hydrocarbons. This is bad bad stuff. Isn’t it great that a company has figured out a way to get rid of it? Treated soil, free of metals, is safe for reuse. Yum…I’d love to eat onions that grow in this supertreated soil. Bennett Environmental Inc. has delivered solutions to satisfied customers in the environmental industry for over 30 years.

With laws increasingly excluding the landfill option, as well as the potential future liability associated with landfills, permanent treatment has become the preferred option for impacted sites. Ever drive through Staten Island and see their landfill? Yeeeesh, who wants one of those?? BEL’s fully automated, high-capacity plant has the ability to treat up to 100,000 tonnes of contaminated soils per year. Restrictions on landfills could also mean more dirt destined for incineration.

John Bennett, who’s the founder and is still the boss, is an ex Monsanto guy who is one of the world’s leading experts on Hazmat treatment and the use of thermal oxidizers in treating hazardous material. Mr. Bennett designed and constructed the economical and highly efficient, proprietary thermal oxidation equipment used by Bennett Environmental today.
With the growing demand, BEL has constructed a new facility. As of early December, they have now completed all the weather sensitive work on the new facility in New Brunswick. (not New Brunswick, NJ – home of Rutgers football). The project is on schedule with the commissioning stage anticipated to begin in May and full operation in July 2004. This means more revenues and earnings for BEL in 2004.

The community and surrounding region have been very supportive of the project. All levels of government remain solidly behind the proposal and have never wavered in their backing, despite strong attempts by certain special interest groups to misrepresent the long-term environmental effects of the plant. That’s right, nuke the baby whales.

Currently the Company is in possession of approximately $260 M Cdn ($195M US) of contracts that are expected to ship into their facilities by the end of 2005. As announced on October 23, 2003, the Company's third quarter 2003 revenues were at record levels of $22.4M Cdn ($16.2M US), more than double the revenues from the same quarter in the prior year. The Company expects to meet full year analyst consensus targets for earnings of $1.14 Cdn or $0.80 US per share, which represents more than a 50% increase from last year. As the US Dollar drops in comparison to the Canadian dollar, owning this company makes more and more sense for US shareholders. BEL processed 23,000 tonnes of soil last quarter, so I guess good rule of thumb is that BEL’s revenue is $1,000/ton of soil processed. Wait til the new plant is running (another 100,000 tonnes)…woo hoo! The company's current purchase orders and backlogs should keep its current and planned second facility operating at near full capacity for the next few years.

Here’s what Mr. Hazmat has to say: "I am pleased with the results of the quarter. Our business is continuing to grow and our Q3 revenues and profits were equal to those of the first two quarters of this year combined. Demand for soil remediation services remains high. We have soil from 11 projects in storage awaiting treatment. Sizable shipments from at least six projects are expected by the end of the year.

One has to remember that even though these plants are, at the end of the day, good for the environment, no one wants them in their back yard. As a result, the barriers to entry for competition are HUGE and this could lead to fatter margins for BEL. The new C$20 million facility will be based in Belledune, N.B., an economically depressed town near the Quebec border. Belledune is already home to numerous industrial plants, including a lead/zinc smelter and a 450-megawatt coal-fired generating station.

This makes the math pretty easy. BEL will make $1.15 per share for 2003 and will pump it up to $2.40/share in 2004 with the increased revenues from the new plant. At the existing PE of 25.8 this propels the stock price range from $17.57 to $43.45 in 2004. These numbers are easily past my modest sell target. These earnings are backed by $$$MR. MARKET$$$’s 2004 revenue projections of 150,000 tonnes times $1,000 per tonne = $150,000,000 Cdn.

BEL’s return on equity is already 34.7% (vs. industry average of 14.9%) which reflects its big fat margins. Even more amazing is its Return on Assets (ROA) of 24.0% vs. the Industry Average of 3.3%. All this is accomplished over its Debt/Equity ratio of only 0.01. BEL’s Book Value per Share at the end of 2002 was only 1.37, meaning if they just sold their plants at book value, they’d get back most of their money on their enterprise value. This is a testament to the safety of this investment.

This ain’t no secret. Goldman Sachs owns 201,000 shares. Fidelity owns 169,000 shares. With the big earnings coming, more big boys will follow.

[IIC]

BEL...looks like a good choice after it moved at the open...Good Luck on it...IIC

[jiesen]

I'm with you on this one!

[casinoboy3]

Very nice Mr. Market, I got some this morning also. Any news on KSWS? Up about 8% today! You are HUGE!!! Do you want some boots or something? Anything you're looking for that I can send you? You are making me money. Thank you.

[mrmarket]

Very nice Mr. Market, I got some this morning also. Any news on KSWS? Up about 8% today! You are HUGE!!! Do you want some boots or something? Anything you're looking for that I can send you? You are making me money. Thank you.


You are making yourself money. It has nothing to do with me.

[moemaynard]

I sold my VLGC yesterday and today it's up big...figures...anyhow, I made some good cash on it. Today I purchased BEL because I like the fact that earnings could DOUBLE this year with some luck. The only thing that bothers me is the weak volume but the dollar keeps dropping and this thing should hit $25 easy in a few months at most imho.

Thanks Ernie.

[chopper77]

What's up with this? This is why there's a 5% hit today.

I thought management said they wouldn't need any more financing.

OAKVILLE, ONTARIO--


NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION
IN THE U.S.


Bennett Environmental Inc. (TSX: BEV and AMEX: BEL) announced
today that it has entered into a bought deal financing agreement
with TD Securities Inc. as underwriter, pursuant to which TD
Securities Inc. has agreed to purchase 600,000 Units, each
consisting of one Common Share and one-half common share purchase
warrant ("Warrant") at a price of $26.00 per Unit, for gross
proceeds of $15,600,000, for resale on a private placement basis.
Each whole Warrant will entitle the holder to purchase one Common
Share at a price of $30.00 for a period of 18 months from
Closing. In addition, TD Securities Inc. has the option,
exercisable until one day prior to the closing date, to purchase
up to an additional 400,000 Units which, if exercised, would
increase the aggregate gross proceeds of the offering to
$26,000,000. The offering is scheduled to close on or about
February 3, 2004. The transaction is subject to regulatory
approval.


The net proceeds of the offering will be used for general
corporate purposes, including contributing to the construction of
the proposed facility in Belledune, New Brunswick.

[mrmarket]

What's up with this? This is why there's a 5% hit today.

I thought management said they wouldn't need any more financing.

OAKVILLE, ONTARIO--


NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION
IN THE U.S.


Bennett Environmental Inc. (TSX: BEV and AMEX: BEL) announced
today that it has entered into a bought deal financing agreement
with TD Securities Inc. as underwriter, pursuant to which TD
Securities Inc. has agreed to purchase 600,000 Units, each
consisting of one Common Share and one-half common share purchase
warrant ("Warrant") at a price of $26.00 per Unit, for gross
proceeds of $15,600,000, for resale on a private placement basis.
Each whole Warrant will entitle the holder to purchase one Common
Share at a price of $30.00 for a period of 18 months from
Closing. In addition, TD Securities Inc. has the option,
exercisable until one day prior to the closing date, to purchase
up to an additional 400,000 Units which, if exercised, would
increase the aggregate gross proceeds of the offering to
$26,000,000. The offering is scheduled to close on or about
February 3, 2004. The transaction is subject to regulatory
approval.


The net proceeds of the offering will be used for general
corporate purposes, including contributing to the construction of
the proposed facility in Belledune, New Brunswick.




If you build it, they will come.

[lindsayleeds]

When I see company news on a Yahoo board before the AP newswire, it ticks me off, as I will write BEL management and tell them today. Selling at open. While I'm sure secondaries can be good for growing companies, they tend to be bad for short term shareholders, which is what we are. My target growth is 80% a year, which means I can't sit around on my duff for months waiting for share price to increase.

I still think BEL is probably a good long term hold. I'm just not a long term holder. In both of the other companies I hold, BDY and BLTI, the 2ndary announcement was brutal to the short term price of the stock. BDY is still 30% lower at $24 from $31 pre-2ndary. BLTI's 2ndary depressed its price for several months.

I sold BDY the minute I heard of the 2ndary, and missed out on the drop from $30, to $22.85, where I bought back. And I'm not sorry. I won't be this time either.

Anyhow, that is my 2 cents.

[mrmarket]

BEL's success is going to depend on whether or not they get that 2nd plant up and running. It will turn dirt into cash.

[moemaynard]

Ok, this thing has stank it up since they announced that secondary offering. How many people are holding this? I'm wondering if there are any thoughts on a bottom. Haven't heard of any holdups on construction. I think there is concern that the severe cold weather is going to hurt dirt inventories. Management needs to address this this week if that is the case. I should have followed lindsay's lead and sold when they "announced" that offering awhile back. Its just shit the bed since.

[ytown12]

Here is info on the company from a Hedge fund manager quoted on Street Insight (Real Money) Web site :

Sold my remaining Bennett Environmental (BEL) yesterday as the fight over the next step in their incinerator approval process (obtaining their operating permit; they have their building permit) drags on. The problem is not just that the environmentalists are so good at the political game, but also that the company is unable to play the political game well enough.
One issue that makes me uncomfortable is that there is an outside chance the federal government could demand the full environmental impact assessment that the company was able to side-step with the provincial government. Furthermore, the politics is getting increasingly personal and even some company supporters are getting frustrated. Too many details to describe here, but I'm going to stay on the sidelines and see how things look as the company gets closer to obtaining the actual operating permit.

I'll also be watching to see if the stock dips based on a perception that the environmentalists are going to have their way. In the end, I still suspect the company will win and that will be an opportunity to buy in. Of course, the stock could run, but the effort required to stay on top of the politics is beginning to be a drain.

The current state of affairs is too bad as the science is not with the environmentalists. Not only does Bennett have another incinerator in Quebec that has run for years while only emitting what amounts to background level pollutants, but this new, proposed incinerator will not even take the most toxic of wastes that their Quebec plant currently does.

[stocks54]

It's first time I picked a stock recommended by Huge one and oops it went down. I am sure patience is the key here...

Regards,

[mrmarket]

It's first time I picked a stock recommended by Huge one and oops it went down. I am sure patience is the key here...

Regards,

no question...your results are clearly binary. If they can get the plant up and running, we have a gold mine. If the plant's construction is forestalled, then this stock is toast.

[stocks54]

Thank you Mr. Market

[jimlam]

When I first bought BEL on Mr. Market's posting and it began to tank, I drew an ascending rectangle on its chart, noting it could go as low as 19 intraday before hitting the bottom of the ascending channel and begin to re-ascend. It may have begun to do that today, as the bottom of the smaller descending rectangle and the bottom of ascending channel intersected intraday today with the stock closing just off its intraday low. This is usually a bullish sign. Had it pierced that intersection and not closed above it, that would surely have been troublesome. But the fundamental points posted here aside, from a purely technical standpoint, we might expect BEL to go up in the next few sessions.

[mltlawn]

http://www.globeinvestor.com/servlet/ArticleNews/story/RTGAM/20040202/wthrone30202 :shock:

[moemaynard]

Missed expectations by .02. Not good.

I am going to sell this morning if it doesn't open too far down.

Anybody else in the same boat? Too many other good opportunities to wait 4-6 months on this thing.

[moemaynard]

Missed expectations by .02. Not good.

I am going to sell this morning if it doesn't open too far down.

Anybody else in the same boat? Too many other good opportunities to wait 4-6 months on this thing.

[evilarya]

Bel is still looking nice to move up, the only question is when im guessing maybe another 2 months or so. GGI on the other hand is the one im worried about.

[Michaelk005]

Nows the time for me to jump into BEL. Looking at the chart, the recent drop in price shook some people to sell, now its time for it to rebound to about $22. This is when the smart traders buy..

[stenzrob]

I respectfully disagree. BEL is dropping consistently since the last report on persistent heavy volume. The time to buy, if you are confident about the fundamentals, is after the selling volume dries up. My opinion is based only on price and volume, I know almost nothing about BEL's fundamentals.

[mimo_100]

The previous inter-day low for BEL was 17.20 on Feb 13.

It will be interesting to see if this low will hold up ---- so far it has.
Also, the downside volume seems to be drying up -- recognizing what Stenz said above :D

[mrmarket]

For what it's worth:

Westminster Securities Reiterates 'Strong Buy' Rating, Six-Month Price Target of $28.80 and 12-Month Price Target of $35.10 On Bennett Environmental
Friday February 20, 12:40 pm ET


ATLANTA, Feb. 20 /PRNewswire/ -- Westminster Securities Corporation is reiterating its investment and risk ratings on Toronto, Ontario-based Bennett Environmental Inc. (American Stock Exchange: BEL; Toronto Stock Exchange: BEV, Frankfurt (Germany): BEW) with a "Strong Buy" investment rating, a six-month Target Price of $28.80, a 12-month Target Price of $35.10, and a risk rating of "High" over both time periods.
According to Westminster analyst Will Lyons, "We are not aware of any fundamental reasons for the recent weakness in BEL's share price. In our opinion, the current price represents a significant buying opportunity in light of the company's most recent earnings release and conference call on 2/12/04, in which management indicated a number of positive developments."

Included in those developments are the following:

- BEL processed 75,000 metric tons of contaminated soil in 2003, a number
that management expects will rise to 120,000 - 140,000 metric tons in
2004

- The company is currently bidding on or preparing to bid on 700,000 tons
of new soil remediation projects, in addition to having discussions
with Canada's Department of National Defense regarding the next phase
of the massive Saglek radar site decommissioning project.

- Construction of the company's second soil processing facility in
Belledune, New Brunswick is 65% complete and on schedule for commercial
operation beginning early in the second half of 2004.

- Soil processing has continued at near maximum capacity during the
current winter months due to the additional soil storage capacity BEL
built in 2003

- Subject to regulatory approval, we expect the authorized throughput at
the company's existing soil processing facility at St. Ambroise,
Ontario will increase 11 percent this year


Our current forecast is for BEL's fully-taxed, fully-diluted US GAAP earnings to rise to US$1.17 and US$1.83 in fiscal years 2004 and 2005, respectively, based on management's most recent public guidance.

Bennett Environmental Inc. is one of North America's largest pollution abatement companies, specializing in the removal and permanent destruction of a wide range of industrial and other organic pollutants from soil using the company's proprietary high-temperature Mark IV process.

BEL is not an investment banking client of Westminster Securities Corporation and Westminster Securities Corporation does not make a market in BEL shares.

[Michaelk005]

Im loving it, picked me up few hundred shares...

[stocks54]

Not a good way to start your week!!! I might buy some more....

[vish]

Well, I was curious what others had to say about the steep drop in this one today. I'm holding my shares, but it looks like the 15 percent gain is going to take a lot longer than expected (down almost 4 bucks today alone).

To quote from their press release, "The Company has just been advised by two of its larger customers of the likelihood of significant delays in shipments of soil from their sites. The delays are due to site preparation activities on the customers' sites that are not yet completed and are holding up the excavation and shipment of contaminated soil. These delays were unforeseen by the customers and were expected to be completed in late March and early April. As a result, the Company will incur an unscheduled shutdown that could last for several weeks, possibly until May or until shipments resume from these or other sites. Depending on the duration of the shutdown, this is expected to negatively impact the achievability of the full year earnings estimate."

So...what's Mr. Market and everyone else going to do with this one?

Vish

[moemaynard]

If you can't keep 1 plant running with enough soil, how do you plan on keeping 2 running? Their management is very poor. People who have been in the stock for awhile tell me that every year they come in below their earnings forecast. How many times does a company need to miss expectations before they alter them? I find it hard to believe that they knew nothing of this latest at the time of their last conf call where they emphatically denied accusations that there were inventory concerns among large holders. I specifically remember John Bennett saying that "we are definately not expecting to run out of inventory".....what a bunch of BS.

Management needs to shed some light on future contracts and announce some new ones. If Belldune is delayed further than June/July its going to get even uglier imho.

Holding my shares at $16.43

[mrmarket]

If there are no more "whoops" to be reported, then BEL is now a tremendous value.

If the problems are only a delay in processing inventory, and they can use the downtime effectively to perform maintenance, the actual earnings hit won't be significant.

[mr.yuk]

Respectfully, your hugeness, those are two BIG IF's!!
Down 40% now..ouch..
anyone buying more?

[evilarya]

The issue isnt the delay but rather whats going to happen with Belledune. It's not out of the scope of possibility that the residents win their appeal and belledune gets shut down, if that happens then this stock is going to be trash for a while considering all the money that went into the plant already.

[moemaynard]

[quote="evilarya"]The issue isnt the delay but rather whats going to happen with Belledune.......quote]


I respectfully beg to differ. The issue today is this "delay". It has to make you wonder what is going on at these sites and also about why aren't they bringing in soil from other contracts. The biggest thing is that Bennett's management is at an all time low right now with regard to respect.

R E S P E C T and legitimacy is a serious matter.

Belledune is going to come on line, I don't doubt that.

[ytown12]

Here is some info on Bel from a Hedge Fund manager that writes for realmoney.com. He follows the stock and was long the stock until a few weeks ago :

-------------------------------------------------------------------------------

"Around $12 where it is trading now is it a fair price for one incinerator operating somewhere near full capacity ? a goal they may yet achieve, but it's hard to believe they could do it consistently given today's announcement."

"One potential problem I see is that management is still projecting that their second incinerator will get its operating permit by Q3 of this year. That's no slam dunk and could lead to yet another downside surprise. They're dealing with a local zoning challenge that does not appear to be going away easy and although they may prevail, and they could prevail at any time, the timing is uncertain and it's definitely a mess."

"Now with all that said, I'm likely to watch the situation a little closer. If they get the first incinerator up and running again, build up a new backlog of dirt and the cloud over the second incinerator begins to clear, then the stock has plenty of upside."

---------------------------------------------------------------------------------

So some short term negatives but could be a long-term buying opp in the near future...

ytown12

[mltlawn]

I think it will take longer than 6 weeks :roll:

[mrmarket]

The stock is pretty cheap for a one plant operation. I'm happy to sit on it.

[Michaelk005]

I picked up some shares at $12.04

[evilarya]

I agree somewhat with what you're saying Moe and also disagree. With the announcement of the large budget set aside just for cleaning up the environment in Canada wouldn't it be logical to assume that in the very near future a good chunk of that money could head toward BEL or do you think that even that is iffy. I see it going two ways, BEL approaches the $7.69 52 week low and they are unable to sustain their inventory and the stock hovers in the single digits for quite some time, and then Belledune comes online and it should have a decent jump. Now the combination of both plants in operation shouldnt their EPS essentially double and the stock price as well? Anyways im going to wait to see if the stock rises in the coming weeks and if it doesnt Im going to sell and come back once I see a rising trend, what do you guys think.

[mrmarket]

Don't look now, but BEL is up over 25% this year, vs. S&P 500 2.6%

[scifos]

Too bad you bought in Jan 04 instead of Jan 2005.

[jiesen]

If anyone still cares about BEL, here's a copy of my notes from the CC today. Much of it is left out, and there are more than a few errors in the transcription. But if anyone wants listen to it with these notes on-hand, and maybe correct my mistakes or make it a bit more complete... I didn't take the necessary time to make it pretty at all.

Anyway, it sounds to me that if they get even half of the contracts signed over the next 6 months that they are projecting, BEL should be well on its way back to profitability. I wouldn't count them out at all. Also, insurance may cover much of the legal cost they're currently incurring.




12000 tons by 2004? Down by 8000?? Lost some due to permit delays.

12000 in stock or in transit



Sweeny: Elevated Dioxins/Furans

Bennett: Disputes results- 3rd party experts support company;s position

Feb 9, Ministry officials asked for plan to address issues while remaining viable.



ISO 14001 in 2004. At Belledune begin compliance testing- get operating permit in 3rd qrtr.



Danny Faun taking over VP of Operations, writing tech reports for tarponds. Develop MRR at cornwall- PCB debris. Geenral MRR manager- developing H2 gasification process, developing new markets for technology… etc.



Wendy Ford is corp controller



Andy: (CFO) Al said that we lost $8.3M. Saglak counted for 4.2M of loss. Additional charge of 0.5M depreciation.



4th Qrtr severance for Vancouver office 0.8M, legal costs 1.3M Forex=1.1M loss. Dec qrtr 2003 income was 6.6M on 22M sales.

18M loss total in 04. rev 24.3M



Saglak- 1st time primary contractor. LT contract method, requires projections on qrtrly basis.



New sales:

Esp in US market.

Work in progress…

Got new contracts for 6000

PO for +- 30000 for 2005 (10000 is new client business)

Wants to process 30000 tons this year.

Bids on 1.2M tons. ½ is from US. Focused development effort.



Trying to improve win rates for contracts.

Destroying pesticides/dioxins is niche market



Creosote project 100,000 tons? Manville wants to develop for residential use, needs higher removal of soil. May have update in Q2.



Management is improving across the board, in sales, management, customer relationships.



Sounds pretty optimistic about returning to profitability.







Q&A

What were Q4 costs for Saglak?



Operating permits in Quebec?

Met with ministry, developing a plan. Ministry is not issuing any type of order. Were expecting results in Nov 1st.



New Brusnwick, looking for permit in September now?

Thought it’d be in Q3, but it took time to finish building, and to receive approvals by govt. But now we’re ready to get started, takes ~100 days to get agreement.





Jason Stankowski

1st Question: Pipeline- 60,000 tons, is that goal for this year? No, right now we have it in the pipeline, but not confident yet about it.



Is the 600,000 tons in Canada- besides Sidney Tar Ponds? Yes, all of it is! Processing will probably be in 2007



2-3 reasonable size jobs 50k-60k each. 40-50 other jobs (smaller size)



6 months will give indications of many of the 1.2M tons up for bid.





Mentioned large jobs of 300-400k tons.





What is quarterly number of tons needed to break even?

BE tonnage is 10-12k tons/qtr 60k/year is cash break even with capex included.



Profitability- difficult to say with litigation questions.

Litigation expense is tough to track- there are contingencies, but will be ongoing for at least a few quarters.

4.4M in capex is for finishing Belledune, and for facility soil cooling in Quebec.

3M forward capex.



John Chu



Pipeline: US bids are large or small? All small jobs. 1000 tons could be too small in US? Bennett is good for niche small jobs, ones that nobody else can treat. They’ll treat anything at a profitable price. Bidding is competitive. 2003 margins will not be repeated. 500/ton Canadian$. Further in US, the transportation costs are higher, and margins are lower. They want market share, so working in Alabama at lower margin than usual, just to show that they can do it. More dirt is on the way.



6000 now, 5000 more coming.



Why open plant now? Certain jobs have to be finished by March to get paid. Continuous flow through 2nd quarter. Want to get employees back to work soon, to avoid attrition.



Contracts other than Saglak being pursued.



Several projects due-line projects?

57 projects worth 175M (dollars?) -- some are Bennett type, some not.



In past, exchange rate has affected earnings. Is bidding process changing to neutralize risk? Only thing they can do is hedge cash. Can pursue hedging strategies to lock in exchange rate…



Kent Green:



Fixed price contract- are you going to do them? Saglak was overall profitable. Wont shy away from the projects, but will do them differently.



Will you not do % completeion, or did you estimate the % wrong? We had some expectations of revenue that was to come in, didn’t materialize.

It wasn’t that the govt changed the parameters? It was company problem? Yeah.



Delay in startup of Quebec plant? Expecting 12000 tons storage… but? We processed 9000 tons, expected 4400 tons but that slipped to next quarter. Got 5000 ton order, but lost it at last minute to competitor, due to permitting issues. US govt(?) took more than the usual 3-6 weeks, went past customer deadline. Trying to collapse lead-time to 0, so we can get the dirt over the border without a problem in the future. Shouldn’t happen again.



When is Belledune due to come online? Starting compliance testing, submitting data, hoping for permit in Q2-3. May start up at end of year, but won’t do it until there is sufficient pipeline- at least 80% rate. 175k-200k $/qrtr burning money for idle plant.



What’s a DEW line project? Early warning- the old radar?

Several projects- met with president of DCC. 20 projects along the DEW line. 50k tons is bid on the DEW line within 60k(600?k) tons.

Expect some soil in July? Where is it? Are they rebidding the 100k tonnage, is it ours? EPA said 25000 tons is thermal. 25k will be dug in July in Creosote. One edge of shopping mall. We still are due the 25k.



Legal fees are fairly high for litigation. Insurance policy has 250k deductible. They do have a claim into the Insuance company, but they haven’t heard yet what’ll be covered. Some should be recovered, but so far none is being recovered. They have 90 days, which is coming soon, to tell them what’s covered.



14.3M is net? Gross is 19M? Accts receivable is 14M Gross is 19M difference is reserves. 4.9M claim includes 1.6M govt money holdback from DC, which should get recovered. How much is 30 day / over 30 day money? 10M is related to defense contract Canada. Of 6M remaining 1.6 is holdbacks, rest are receivable. Most collected in 2005 already.



LT Debt is increasing…? Theres a note, its related to severance- 18mo- longer. Only encumberance is letters of credit for 1.3M outstanding, which is cash-collateralized.

[mxa]

Hey from a cheap bastard's standpoint Big Elephant Lickers [BEL] is trading below book. Unless they are really stupid - I mean unbelievably stupid with their assets, this is a good buy.

[mrmarket]

At $2.80/share, we are definitely on the right track!


================================================== ========

Bennett Announces Second Quarter Results
Wednesday July 27, 8:24 pm ET


OAKVILLE, Ontario--(BUSINESS WIRE)--July 27, 2005--Bennett Environmental Inc. (TSX:BEV - News; AMEX:BEL - News) -
- Revenue increases to $6.2 million

- 8,800 tonnes processed/ lower per tonne costs

- Net loss cut to $1.4 million

- New business orders total 8,000 tonnes

Bennett Environmental today announced financial and operating results for the three and six months ended June 30, 2005.

The following table summarizes financial data for the six most recently completed quarters, expressed in Canadian dollars (millions), except per share data:

---------------------------------------------------------------------
2005 2004
---------------------------------------------------------------------
Q2 Q1 Q4 Q3 Q2 Q1
---------------------------------------------------------------------
Net Sales 6.2 3.9 4.5 8.0 3.9 8.9
---------------------------------------------------------------------
Net Income/(Loss) (1.4) (3.6) (8.3) (7.8) (2.2) (0.3)
---------------------------------------------------------------------
Earnings Per Share
- Basic (0.07) (0.17) (0.45) (0.43) (0.12) (0.02)
---------------------------------------------------------------------
Earnings Per Share
- Diluted (0.07) (0.17) (0.45) (0.43) (0.12) (0.02)
---------------------------------------------------------------------


Sales for the quarter were $6.2 million compared to $3.9 million a year earlier. Approximately 8,800 tonnes of soil were processed at the Company's Quebec facility (2004: 4,000 tonnes) and approximately 207,000 kilograms was processed at the Cornwall facility (2004: 200,000 kilograms). Bennett also sent approximately 1,300 tonnes of non-hazardous material to non-Company owned landfill sites. Sales for the Quebec facility were approximately $5.1million and sales for the Cornwall facility were approximately $0.9 million. Sales from land- filling non-hazardous material were $0.2 million.

[billyjoe]

BEL is up 25% in the past 2 weeks. I've got enough cheap shares to make it interesting. If Mr. Market pulls this one out imagine the posts on this and other sites. That's entertainment!
I know there's 32 other companies in pollution control , but when the "dirty" dirt starts coming in how many are directly in competion with BEL and have the facilities in place?


billyjoe

[billyjoe]

BEL got me again. Stopped out at 3. Someone will make money on this stock, but it won't be me.


billyjoe

[jiesen]

sorry to hear that, billyjoe. someone must have seen your stop sitting there, because it looks like you were robbed!

[New-born baby]

BEL got me again. Stopped out at 3. Someone will make money on this stock, but it won't be me.
billyjoe

Sorry about BEL's ugly bite. But I personally have a 10% rule with penny stocks, and any stock trading below $5 is a penny stock in my book. If you get 10%+ profit, take it. No doubt it is going to trade down again and you can rebuy at lower prices.

Just my worthless opinion. But best to you, BillyJoe.

[spikefader]

Bummer dude!

Had an expanding channel long today too. Nice intraday pattern. I like Bel long as a result.

[jiesen]

They got off with a slap on the wrist for that Creosote boondoggle:


http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh1592 8_2005-08-31_16-53-57_n31206922_newsml

Now they can get back to focusing on the dirt!

Go BEL! I think today might be the last day we see it trade in the $2's.

UPDATE 1-Bennett Environmental to settle U.S. class action
Wed Aug 31, 2005 12:53 PM ET
(Adds details. In U.S. dollars unless noted)
TORONTO, Aug 31 (Reuters) - Bennett Environmental Inc. (BEV.TO: Quote (http://www.investor.reuters.com/FullQuote.aspx?ticker=BEV.TO&target=%2fstocks%2fquickinfo%2ffullquote), Profile (http://www.investor.reuters.com/CompanyOverview.aspx?ticker=BEV.TO), Research (http://www.investor.reuters.com/StockReports.aspx?ticker=BEV.TO)) has reached an agreement in principle to settle a U.S. securities class action lawsuit, the soil treatment company said on Wednesday.

The firm said the suit will be settled for $9.75 million, which will be paid primarily by its insurers, with a contribution of $750,000 from the company.


The Oakville, Ontario-based company said the claims in the suit, which was pending in the United States District Court for the Southern District of New York, will be dismissed with no admission of wrongdoing.

The proposed settlement is still subject to negotiating definitive settlement documents and final court approval.

The case dates back to 2004 when a number of class action suits were filed over Bennett's disclosure of an unfavorably revised contract for a key U.S. cleanup site in New Jersey. The revised contract slashed soil shipments and reduced the company's contract backlog, sending its stock tumbling.

[spikefader]

Go BEL! I think today might be the last day we see it trade in the $2's.

Today it's right at channel short resistance. Hopefully the news will bust that.

[billyjoe]

How far north would they ship that nasty soil from New Orleans?



billyjoe

[Websman]

Today it's right at channel short resistance. Hopefully the news will bust that.

Hmmm...time to go long on BEL??? Man, just think of how much Vulcan cash one could make if this Vulcan thing went back to twenty Vulcan dollars!
"Vulcan A" Dude!
(Sorry for the obscenities...I got excited)

[New-born baby]

Hmmm...time to go long on BEL??? Man, just think of how much Vulcan cash one could make if this Vulcan thing went back to twenty Vulcan dollars!
"Vulcan A" Dude!
(Sorry for the obscenities...I got excited)
Webs,
BEL is not a bullish chart. You've put your money in all the right places of late, but this one . . . you can do better.

[Websman]

Webs,
BEL is not a bullish chart. You've put your money in all the right places of late, but this one . . . you can do better.

Yes...I knew that..lol

BEL would be worth keeping an eye on though.

[jiesen]

Good news for BEL. No more problems from the tree-huggers, for now anyway.

BEL's issues:
1) Shareholder Lawsuit (Check)
2) Environmental Regulations (Check)
3) Getting the contracts needed to open the second plant (Priceless)

Could this be the makings of a fantastic turnaround story? Stay tuned...

http://biz.yahoo.com/prnews/050916/to230.html?.v=12



Minister of the Environment Will Not Seek Leave to Appeal the Supreme Court of Canada on Bennett's Belledune Facility
Friday September 16, 5:28 pm ET

OAKVILLE, ON, Sept. 16 /PRNewswire-FirstCall/ - Bennett Environmental announced today that The Honourable Stephane Dion, Minister of the Environment and the Minister responsible for the Canadian Environmental Assessment Agency, has accepted the July 19, 2005 Federal Court of Appeal decision, which upheld a lower court order setting aside the Federal Government's referral of the Bennett Environmental High-Temperature Thermal Oxidizer to a federal environmental assessment review panel.

Al Bulckaert, President and CEO of Bennett Environmental Inc. commented that he is "extremely pleased with the Minister's decision and is looking forward to working with both the Federal and New Brunswick Governments to demonstrate that Bennett's thermal oxidizer meets the rigorous protection standards established by the regulators in those jurisdictions". The subject of the decision is the facility in Belledune, New Brunswick which arose as a result of the public's concerns regarding whether there were likely to be any trans-boundary environmental effects as a result of the operation of the facility. A study group of federal officials had previously concluded that any such effects were unlikely.

[mrmarket]

now all we need is some dirty dirt.

[New-born baby]

now all we need is some dirty dirt.

Webs! Webs! . . . . WWWWWEEEEEEEBBBBBBBBSSSSSSSSSSS!
Where is that stinkin' Vulcan when you need him?

IT IS TIME WEBS! Can you hear me? IT IS TIME TO BUY BEL, WEBS!
WWWWWEEEEEBBBBBBBSSSSSSSSSSSS!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!

http://img69.imageshack.us/img69/4973/chart16yw.th.gif (http://img69.imageshack.us/img69/4973/chart16yw.gif)

[Runner]

I think BEL does look interesting here. I’d like to see a retest pop off 2.80. Another Waste company that caught my attention is WSII it also looks interesting.

[Lyehopper]

I think BEL does look interesting here. I’d like to see a retest pop off 2.80. Another Waste company that caught my attention is WSII it also looks interesting.

Take a look at ECOL guys.

[dmk112]

Take a look at ECOL guys.

What do you like about it? Looks pretty ugly to me on the daily and the weekly... likely move to the downside IMHO

[Lyehopper]

What do you like about it? Looks pretty ugly to me on the daily and the weekly... likely move to the downside IMHO

Look at ECOL's fundamentals, contracts, etc. They are nailing down the business and showing real growth. Check out the directors. They are agressivly going after some "dirty military" sites too. http://www.americanecology.com/directors_profile.asp

I understand BEL bid this contract and failed (it was right down BEL's ally, but they could not get-r-done)... http://www.americanecology.com/news/2005/press_06_05.asp#060805

ECOL's share price is very near it's all-time high (compare a 3 year chart), can't say that about BEL.

I agree that technically ECOL may need a little more time to base .... But Ugly? .... Anyway .... If you like this space ECOL is worth some serious research.

What do you see bullish in BEL's chart / prospects?

[Karel]

Is BEL still alive? It would seem so...

http://biz.yahoo.com/bw/051102/25609.html?.v=1

Regards,

Karel

[jiesen]

Wow, Karel. Nice call, there. I just wish that I'd waited until you posted that to add to my BEL position. At least I'm feeling better about holding on through the worst of it all.

[Lyehopper]

Look at ECOL's fundamentals, contracts, etc. They are nailing down the business and showing real growth. Check out the directors. They are agressivly going after some "dirty military" sites too. http://www.americanecology.com/directors_profile.asp

I understand BEL bid this contract and failed (it was right down BEL's ally, but they could not get-r-done)... http://www.americanecology.com/news/2005/press_06_05.asp#060805

ECOL's share price is very near it's all-time high (compare a 3 year chart), can't say that about BEL.

I agree that technically ECOL may need a little more time to base .... But Ugly? .... Anyway .... If you like this space ECOL is worth some serious research.

What do you see bullish in BEL's chart / prospects?

Bought ECOL again today.... Tested the 61.8% retracement line twice now and bounced off it nicely today and on 800% above average volume on NO news. I like ECOL again here. comments?

[Runner]

Lye, here is my 2cents on ECOL. Looks like a double bottom pattern forming here. Problem is the stock is in a downtrend and it trades wide and loose. It is under performing the sub sector My moving averages are all pointing down. I’d pass on it but who knows maybe it will work out for you!
http://img512.imageshack.us/img512/5420/ecol4vr.png (http://imageshack.us)

[spikefader]

Man, every time I see that BEL weekly chart I'm reminded that one should never underestimate the power of a gap down on high volume.

[jiesen]

http://biz.yahoo.com/bw/051223/20051223005145.html?.v=1

14400 tons treated, not bad. Shutdown for a month (routine), not too bad. Second plant will be tested for possibly coming online next year. Pretty good, just as long as they come up with the dirt. Show us the dirt, BEL!

Update Bennett Environmental
Friday December 23, 10:21 am ET

OAKVILLE, Ontario--(BUSINESS WIRE)--Dec. 23, 2005--Bennett Environmental Inc. (TSX:BEV (http://finance.yahoo.com/q?s=bev.to&d=t) - News (http://finance.yahoo.com/q/h?s=bev.to); AMEX:BEL (http://finance.yahoo.com/q?s=bel&d=t) - News (http://finance.yahoo.com/q/h?s=bel)) announced today that during the final quarter of 2005 Recupere Sol Inc. ("RSI"), Saint Ambroise, Quebec, processed approximately 14,400 tonnes of material and has approximately 7500 tonnes of material in storage awaiting processing in Q1 of 2006.

Al Bulckaert, Bennett's President and CEO remarked that "he is pleased with the amount of production that took place at RSI in Q4". RSI is now taking a maintenance shutdown that will continue until the last week of January, 2006. During that time RSI will undertake routine maintenance that can only take place when the plant is not operating.

Bennett Belledune, which has 6,000 tonnes of contaminated material in storage, is still trying to obtain approximately 1,000 tonnes of contaminated material that is sufficiently contaminated with PAHs. This level of contamination is required so that the facility can undergo its rigorous compliance test. Further, the Company believes that by waiting until Spring 2006 the proposed costs of the compliance test will be reduced, as many of the input costs required for the compliance test will be better priced than are at the present time.

(I thought this belonged here rather than the BEL tech talk thread- Karel?)

[jiesen]

Making a big move today...

http://finance.yahoo.com/q/bc?s=BEL&t=5d

[mrmarket]

Look at that little monkey (BEL) go.....

[Adam]

jiesen,

Big move for this one today. I like the update on the activites of the company. Obviously they provide treatment for these soil. Being in the environmental business I understand the treatments and reasoning behind behind different methods. The only thing that is a little odd to me are the volumes. Is this a small facility just getting started? From the reported soil volume it sounds like it is. I only say that because we move about 5000 tons plus per week. We either recycle (which is expensive) or reuse it as landfill cover. PAH's are a different animal though. Usualy much more expensive to deal with, which means lots of money if the facility works out....

Looked some more into it....Thermal treatment is so far the best final solution to the destruction of certian contaminents. They speak of this facility but I didn't get the location.

To give some comparisons:

Dispose of soils via landfill reuse- $12-18/ton tipping (limited contamination acceptance) Very limited PAH and PCB's Also there is liability involved when landfilling.

Encapsulating- $23.00/ton Tipping fee. No liability. Limited acceptance. No PAH's or PCB's

So where's that leave us??? Thermal Destruction...The current preffered method of complete disposal.

I tried to get an address of one of the thermal facilities but couldn't find it. Currently we use Mid-Atlantic Recycling Technologies (MART III) for our thermal destruction. This may be a Bennett owned facility but I doubt it. They have a pile over 100,000 tons waiting for recycling. (not PAH's) The facility is discusting unless they cleaned it up from the last time I was there. There's nothing like driving through a two foot deep lake of contaminated slop just to dump on the huge pile. If it is owned by Bennett I can find out real easy whether their operations are up to par. No good buisness person would takeover a facility and continue to run it like that.

Pricing $40.00/ton tipping fee!!! Down side is as fuel prices rise so does the cost of running the plant and the fees have been heavily increasing.

Now pricing for disposal of PCB and PAH's is much higher. If they concentrate on those type contaminents then the competition will be less and in turn can get more premium.
If contamination levels are to high half the time we have to ship it to Canada where the disposal and distruction laws are more lax. A local effective alternative would be welcomed. From the website it looks like they have many locations. Being of concern of mine in many ways, I will continue to contact the company and visit their facility if they have one in our area of operations(Tri-state).

[jiesen]

Adam,

I believe they operate 3 facilities in total, but only one generates a significant revenue currently. They're all in Canada, and the Belledune, New Brunswick facility was just recently built, but so far there hasn't been enough business to get it up and running. I think that the two significant plants (including the new one) focus mainly on PCB remediation, because the margins are higher. The problem with BEL has been one large contract that was supposed to be enough dirt for 2 plants turning out to be a dud. However, they're out scoping the market for more business, and if they land it, the second plant could be up and humming soon. If this happens, the stock should really take off. Sorry I'm not much more help right now, but I have to get going... I'll take another look later.

jiesen,

Big move for this one today. I like the update on the activites of the company. Obviously they provide treatment for these soil. Being in the environmental business I understand the treatments and reasoning behind behind different methods. The only thing that is a little odd to me are the volumes. Is this a small facility just getting started? From the reported soil volume it sounds like it is. I only say that because we move about 5000 tons plus per week. We either recycle (which is expensive) or reuse it as landfill cover. PAH's are a different animal though. Usualy much more expensive to deal with, which means lots of money if the facility works out....

Looked some more into it....Thermal treatment is so far the best final solution to the destruction of certian contaminents. They speak of this facility but I didn't get the location.

To give some comparisons:

Dispose of soils via landfill reuse- $12-18/ton tipping (limited contamination acceptance) Very limited PAH and PCB's Also there is liability involved when landfilling.

Encapsulating- $23.00/ton Tipping fee. No liability. Limited acceptance. No PAH's or PCB's

So where's that leave us??? Thermal Destruction...The current preffered method of complete disposal.

I tried to get an address of one of the thermal facilities but couldn't find it. Currently we use Mid-Atlantic Recycling Technologies (MART III) for our thermal destruction. This may be a Bennett owned facility but I doubt it. They have a pile over 100,000 tons waiting for recycling. (not PAH's) The facility is discusting unless they cleaned it up from the last time I was there. There's nothing like driving through a two foot deep lake of contaminated slop just to dump on the huge pile. If it is owned by Bennett I can find out real easy whether their operations are up to par. No good buisness person would takeover a facility and continue to run it like that.

Pricing $40.00/ton tipping fee!!! Down side is as fuel prices rise so does the cost of running the plant and the fees have been heavily increasing.

Now pricing for disposal of PCB and PAH's is much higher. If they concentrate on those type contaminents then the competition will be less and in turn can get more premium.
If contamination levels are to high half the time we have to ship it to Canada where the disposal and distruction laws are more lax. A local effective alternative would be welcomed. From the website it looks like they have many locations. Being of concern of mine in many ways, I will continue to contact the company and visit their facility if they have one in our area of operations(Tri-state).

[Lyehopper]

I know you fellas are mostly interested in $$MM$$'s BEL in the "dirty dirt bidnez".... I've got it on my daily screen now too and I might even pick me up a bucket of shares..... but.... please keep an eye on ECOL if you like this space. It has EXPLOSIVE potential.

[Websman]

I know you fellas are mostly interested in $$MM$$'s BEL in the "dirty dirt bidnez".... I've got it on my daily screen now too and I might even pick me up a bucket of shares..... but.... please keep an eye on ECOL if you like this space. It has EXPLOSIVE potential.

ECOL is a screaming buy in the VTP. BUY,BUY,BUY!!!! BWAAAAAHAHAHAAAAA!!!

[gerihearne]

been following all the interest here in BEL .. up over 7% ... wondering: what are senior members thinking about a good exit price?
When will the bell-bottom out? (excuse the flash back :) )
________
Ducati 750 Imola (http://www.cyclechaos.com/wiki/Ducati_750_Imola)

[Adam]

Tanks jiesen,

They will have plenty of waste for their facilities if they hit the right people. I have PCB projects that don't go anywhere because there's not many options. There is still the biggest problem. Transport of soils and contaminated material. Half the cost goes to getting it to Canada. I can probably find them their 1000 tons of PAH soils (depending on contamination levels) with a few phone calls this week.....lol....But then you got to get it to them. Unfortunately, I gaurantee the reason the operate the facilities in Canada is because the environmentalists think it's bad and the environmental laws are so strict in the US. They bury stuff in Canada that they won't even let you burn in NJ. I'm in NJ and we have the tightest env laws, but thats the buisness i'm in and if it weren't for those laws I might be washing dishes.

[mrmarket]

Oh BEL..I love thee very well!

[mrmarket]

Come on and ring that BEL! ding ding ding!!

[mrmarket]

or should I say kah-ching kah-ching kah -ching

[Websman]

or should I say kah-ching kah-ching kah -ching

You are truly huge! BEL will skyrocket soon.

[Websman]

You are truly huge! BEL will skyrocket soon.

What am I talking about? This MF is skyrocketing now!

[Lyehopper]

What am I talking about? This MF is skyrocketing now!
Hey! and it's over $5 now too!!!!.... Maybe the anti-below-$5 fellas will pile on it now.

[mrmarket]

When it was $21/share, I thought it was cheap. If their business model gets to where it was 2 years ago, without all the legal BS, this one will be a screamer.

[gerihearne]

When it was $21/share, I thought it was cheap. If their business model gets to where it was 2 years ago, without all the legal BS, this one will be a screamer.


You can ring my bell, ell, ell, ring my bell !!!

[Karel]

Hey! and it's over $5 now too!!!!.... Maybe the anti-below-$5 fellas will pile on it now.OK, I'll bite, I added some at 2.80. Whenever I suggest that some kind of price limit (I prefer a dollar volume limit) is applied to the POTW, it is purely for reasons that apply to the competition only, never to trading. Everyone who has half a mind and a bare minimum of reading skills knows this, and that the same is true for other advocates of some kind of limit. Most of these advocates just think the POTW would improve from such limits, but are quite happy to contend anyway. Lye, Rob, you do an excellent job.

Oh no, I start rhyming. :(

Regards,

Karel

[jiesen]

easy come, easy go?

[mrmarket]

easy come, easy go?


no way, jose...we're going to 25.

[billyjoe]

Mr.Market,
If 25 is the right number I'll take the blame in advance for the cracks
in your concrete driveway caused by my humongous Hummer filled with coin. Remaining available space all taken up by cheese wheels and choice steaks. Can you draw an arrow to point me to the unloading area?

billyjoe

[mrmarket]

Billyjoe...it all makes sense. This company was fairly valued at 18 just before it released its plans to build Belledune and double its revenue potential.

Then all the lawsuits, environmental hoopla and political circus threw up a smokescreen and scared away investors.

Blow all that away and your left with a company that hauls in dirt and spits out cash. Put the plants at full capacity, and the associated earnings make a share price of even 25 very cheap.

Do the math...it's worth the wait, in my opinion.

[billyjoe]

Mr.Market,
This must be one of those special situation stocks. I still say at the time you picked it, it appeared to be one of your strongest candidates ever.

billyjoe

[jiesen]

what's going on over there? can't they find any dirty dirt?

[Lyehopper]

what's going on over there? can't they find any dirty dirt?
Buy ECOL!!!!.... Buy ECOL!!!!.... They've got plenty!

[jiesen]

damn, Lye, that was a good call!

http://finance.yahoo.com/q/bc?t=5d&s=ECOL&l=on&z=m&q=l&c=bel

[mrmarket]

Maybe I drank too much beer at today's golf outing, but for the life of me I can't understand BEL's press release. Anyone want to translate?

[Karel]

Let me have a try at it:

"In 2003, we not only cooked contaminated soil, but also our books, to make 2003 look even better than it should have done. As a result, 2004 looked even worse than it should have done. We have straightened things out. And Q4 from 2005 looked a bit worse than Q3, because we were saddled with an unfavorable contract. We have that one out of the way now. Expect things to pick up this quarter."

That is not too bad, although I would have like a bit more positive news on the income side. We now have optimism for the rest of this year. But a turnaround job can't be a smooth ride either. I think most investors will be quite ready to wait for the Q1 reports now.

Regards,

Karel

[billyjoe]

Karel,
That's a good report. If Lay and Skilling had you working for them they wouldn't be going to the big house.

billyjoe

[mrmarket]

Bennett Environmental Inc. Update
Tuesday July 11, 5:05 pm ET


OAKVILLE, ONTARIO--(MARKET WIRE)--Jul 11, 2006 -- Bennett Environmental Inc. (TSX:BEV.TO - News)(AMEX:BEL - News) announced today that its facility in St. Ambroise Quebec will be shutdown until it has adequate soils to process in a cost efficient manner. The shutdown is expected to last until September 1, 2006.

[jiesen]

http://biz.yahoo.com/iw/060706/0141907.html

Bennett Environmental Inc. Accepts Resignation of President and CEO and Offers Thanks for a Job Well Done

yeah, thanks for inking all of those sales contracts you promised us...

[BobS]

Articles in todays' New York Times and USA Today reveal "hundreds of waste sites are contaminated with trichloroethylene, and that many communities are exposed to the chemical, with associated health (cancer) risks." For more detail, click on the below:

http://www.nytimes.com/aponline/us/AP-EPA-Contaminant-Risks.html#

Major soil cleanups could be mandated.

[mrmarket]

just burn that dirt...BEL is worth holding and waiting for the day of reckoning..

[mystiky]

Ernie,

Congrads on 83 in a row, but I think BEL is done...for good...

---------------------------------------
Friday October 6, 5:05 PM EDT

Bennett Environmental Inc. (CA:BEV) (BEL) announced today that it will re-open its soil facility, Recupere Sol Inc. ("RSI"), Saint Ambroise, Quebec, on October 16, 2006. The facility will process soils that it has accumulated and any soils that arrive while the facility is in operation and once those soils have been processed, the facility will take another shutdown, until such time as it has adequate inventoried soils to process with economies of scale.

Further, due to weaker than anticipated market conditions, the Company no longer anticipates that it will process the quantities of soil as described in its press release of August 4, 2006. The nature of the hazardous soil remediation business is such that deliveries are highly variable and subject to numerous factors outside of the Company's direct influence. In light of this unpredictable nature of the industry and in accordance with the practice of many public companies in Canada, the Company announced today that, effective immediately, it will no longer issue financial or other guidance in advance of the release of its quarterly or annual financial results to shareholders. The Company will, however, inform shareholders from time to time of material developments. The Company also withdraws all financial or other guidance relating to the 2006 fiscal year or any interim period therein, provided by the Company in previously issued press releases, conference calls or other means of guidance and investors are advised not to rely on any such financial or other guidance.
---------------

[Karel]

After its delisting on the AMEX, BEL now lingers on the US market as a pink sheet: BEVFF. The Toronto quotes might be more enlightening:
http://www.stockhouse.com/comp_info.asp?symbol=BEV&table=list&conversion=1&advanced=1&DisplayCurrency=US
(interestingly, this site has a conversion option, so I asked for the quote in USD!)

Regards,

Karel

[jiesen]

BEVFF is up over 50% today... (a whole lot of good that does me.) I wonder what's going on.

[IIC]

BEVFF is up over 50% today... (a whole lot of good that does me.) I wonder what's going on.

Speaking of BEL...I still have our original pix of the year in the Contest from a couple of years ago in a Stockcharts folder...Maybe one day I'll post the current prices

[mrmarket]

Does this company still exist? I always liked their product idea...but they were the poster boy for mismanagement. What a train wreck.

[jiesen]

Just sold my BEL (now BEVFF.PK) for $1.1/shr. It was up 40%+ today, and I couldn't pass that up, especially after seeing it trade for 0.07 earlier this year. Cutting my loss at 95% is certainly better than still being down 99%...

Good riddance to ya, Bennett!

[billyjoe]

I forgot about those guys. Did they ever clean up that pile of crap in Canada that was goin to make them billions? Or are they still delayed by paperwork.

------------billy

[jiesen]

I forgot about those guys. Did they ever clean up that pile of crap in Canada that was goin to make them billions? Or are they still delayed by paperwork.

------------billy

I have no idea. News has been very scant on this company since going .PK, which is one of the reasons I've sold it. Last I heard, though, a few months ago they did get the dirt machine back up and running to process some dirt.

[billyjoe]

I have no idea. News has been very scant on this company since going .PK, which is one of the reasons I've sold it. Last I heard, though, a few months ago they did get the dirt machine back up and running to process some dirt.

Jiesen,
Good, I've got a place in the backyard where nothing grows. Maybe they could sell small portable models for individuals to clean up their own toxic waste sites.

-----------billy

[mrmarket]

This stock is actually screaming now...who would have thunk?