VANCOUVER, Aug. 3, 2012 /PRNewswire/ - Polaris Minerals Corporation (TSX: PLS) today reported financial results for the quarter ended June 30, 2012. All financial results are in US dollars unless otherwise noted.
During the second quarter of 2012 the Company sold 535,000 tons with revenue of $7.7 million, increases of 19% and 29% respectively compared with the second quarter of 2011. For the first six months ending June 30, 2012 sales volume was 1.03 million tons with revenue of $14.8 million, increases of 40% and 53% respectively compared with the first half of 2011. The level of demand from the Company's major market in northern California is primarily responsible for the increases.
The net loss attributable to shareholders in the quarter reduced to $1.9 million ($0.04 loss per share) from the net loss attributable to shareholders of $5.4 million ($0.10 loss per share) in the second quarter last year. The net loss attributable to shareholders for the six months ended June 30, 2012 was $6.2 million ($0.12 loss per share) compared with a net loss of $9.1 million ($0.17 loss per share) in the first six months of 2011. Gross loss was reduced by 60% to $678,000 in this second quarter.
Herb Wilson, President and CEO, commented: "This was a very encouraging quarter in which the Company achieved significantly improved financial results with positive trends in all aspects of our performance. The increased level of sales, driven by demand from the San Francisco area market, enabled substantial reductions to be achieved in the unit costs of production and overheads. The increased demand has continued into the third quarter and we were pleased to see the recent reauthorization of the surface transportation bill in the US through 2014 which should further benefit construction output." He continued; "Liquidity continues to be a major focus. In May we were pleased to enter into a new purchase and sale agreement for the jointly-owned Pier B freehold land in the Port of Long Beach. The target for completion of this sale is the end of the third quarter when the net proceeds will be used to pay down one third of the Company's outstanding debt and provide cash for ongoing operations. As a matter of prudence, while this sale proceeds, the Company agreed with its debt holders to defer the June 30th interest installment until the sale is completed."
This financial summary should be read in conjunction with the Company's June 30, 2012 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 7, 2012 at 8:00 am Pacific 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: 17388693.
- Via webcast at: http://www.newswire.ca/en/webcast/detail/1015371/1097167
The webcast will be archived for 14 days following the call at the above noted link. The conference call will also be recorded and available for replay at 11:00 am PST and will be available until midnight on August 21, 2012. To access the replay, dial 1-855-859-2056 or 416-849-0833 and use access code 17388693 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, 2011, 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