VANCOUVER, Nov. 5, 2012 /PRNewswire/ - Polaris Minerals Corporation (TSX:PLS) today reported financial results for the quarter ended September 30, 2012. All financial results are in US dollars unless otherwise noted.
During the third quarter of 2012 the Company sold 632,000 tons with revenue of $9.1 million, increases of 31% and 35% respectively compared with the third quarter of 2011. For the first nine months ending September 30, 2012 sales were 1.67 million tons generating revenues of $23.9 million, increases of 36% and 45% respectively compared with the first nine months of 2011. The level of demand from the Company's major market in northern California continues to be primarily responsible for these increases.
The net loss attributable to shareholders in the quarter was $3.4 million ($0.06 loss per share) compared with the net loss attributable to shareholders of $3.5 million ($0.07 loss per share) in the third quarter last year. The net loss attributable to shareholders for the nine months ended September 30, 2012 was $9.6 million ($0.18 loss per share) compared with a net loss of $12.6 million ($0.24 loss per share) in the first nine months of 2011.
Herb Wilson, President and CEO, commented: "The further significant increase in sales volume was again driven by the strong demand in the San Francisco area market where the Company benefits from wide recognition of the quality of its products. The gross loss per ton has been reduced by 38% in the first nine months of this year compared with the same period in 2011. It should be noted that the quarter was impacted by a one-off increase in shipping costs due to the introduction of the North American Emission Control Area on August 1st, a regulation which imposed substantially lower fuel sulphur levels for coastal shipping. The Company will recover the increase in subsequent quarters through cost pass-through agreements with customers. A coalition of short-sea shippers, and other adversely affected parties, is seeking to have the regulation modified based upon independent scientific analysis. The Company strongly supports this action which will enable the same positive environmental benefits for coastlines to be achieved without sacrificing the considerable benefits of coastal marine transportation." He continued; "Liquidity continues to be the most significant management issue. We are pleased to have made substantial positive progress during the quarter on the sale of the jointly-owned Pier B freehold land in the Port of Long Beach and expect closing to occur by the end of November at which time the net proceeds will be used to pay down one third of the Company's outstanding debt and provide cash for ongoing operations."
This financial summary should be read in conjunction with the Company's September 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, November 6, 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: 59563062.
- Via webcast at: http://www.newswire.ca/en/webcast/detail/1060117/1152481
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 November 20, 2012. To access the replay, dial 1-855-859-2056 or 416-849-0833 and use access code 59563062 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