VANCOUVER, Aug. 15, 2011 /PRNewswire/ - Polaris Minerals Corporation (TSX: PLS) today reported financial results for the quarter ended June 30, 2011. All financial results are in US dollars unless otherwise noted.
Sales volumes in the second quarter of 2011 were 448,000 tons, a 30% increase over the prior year period. Revenue of $5.95 million in the quarter was 26% higher than the second quarter of last year. Indicative orders for the second half of the year suggest that sales for the full year of 2011 will be approximately 40% higher than last year due to increased demand in northern California, particularly in the San Francisco and San Jose areas.
The loss attributable to shareholders in the quarter was $5.4 million ($0.10 loss per share) compared with a loss of $3.3 million ($0.06 loss per share) in the second quarter last year. The loss attributable to shareholders for the six months ended June 30, 2011 was $9.1 million ($0.17 loss per share) compared with a loss of $9.3 million ($0.17 loss per share) in the first six months of 2010. The loss in the quarter included a one-time charge of $2.1 million arising from the early repayment of a loan note, which was received in June, providing $2.35 million of cash into treasury.
Herb Wilson, President and CEO, commented: "We have been pleased to see the accelerating demand for our products during the second quarter, being primarily a result of increasing levels of expenditure on major infrastructure projects, which are set to continue through the second half of 2011 and into 2012. We have been able to add additional shipments during the remainder of the year to meet the increasing demand and ensure a satisfactory level of inventories in the Bay terminals." He continued; "During the quarter, the Company realized cash from the sale of a non-core asset made necessary by slow progress on the sale of the Pier B land in the Port of Long Beach, CA. Interest continues to be expressed in the Pier B property and we are confident that a satisfactory sale will eventually be achieved, although timing is still difficult to predict. In the meanwhile, short term cash resources and liquidity remain management's primary focus."
This financial summary should be read in conjunction with the Company's June 30, 2011 Consolidated Financial Statements and Management's Discussion and Analysis, both of which are available on www.sedar.com as well as the Company's website, www.polarmin.com.
The Company will host a conference call Tuesday, August 16, 2011 at 8:00 am Pacific Daylight Time. Details to access the call live are as follows:
- Via telephone by calling 888-231-8191 in North America or 647-427-7450 internationally. The Conference ID number is : 91437512.
- Via webcast at: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3627580
The webcast will be archived for 90 days following the call at the above noted link. The conference call will also be recorded and available for replay at 11:00 am PDT and will be available until August 30, 2011. To access the replay, dial 1-855-859-2056 or 416-849-0833 and use access code 91437512 to hear the recording.
Polaris Minerals Corporation is exclusively focused on the development of quarries and the production of construction aggregates in British Columbia for marine transport to urban markets on the Pacific coasts of North America to meet growing local supply deficits. In 2007, Polaris began shipping sand and gravel from the Orca Quarry to San Francisco Bay, Vancouver and Hawaii.
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. These statements and information appear in this document and include estimates, forecasts, information and statements as to management's expectations with respect to, among other things the future financial or operating performance of the Company, costs and timing of the development of the construction aggregate quarry, the timing and amount of estimated future production, costs of production, capital and operating expenditures, requirements for additional capital, government regulation of quarrying operations, environmental risks, reclamation expenses, and title disputes. Often, but not always, forward-looking statements and information can be identified by the use of words such as "may", "will", "should", "plans", "expects", "intends", "anticipates", "believes", "budget", and "scheduled" or the negative thereof or variations thereon or similar terminology. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that any such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risks and Uncertainties" in the Company's Annual Report and under the heading "Risk Factors" in the Company's Annual Information Form (AIF) in respect of its financial year-ended December 31, 2010, both of which are filed with Canadian regulators on SEDAR (www.sedar.com). The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
SOURCE Polaris Minerals Corporation