VANCOUVER, Aug. 7, 2015 /PRNewswire/ - Polaris Materials Corporation (TSX:PLS) ("Polaris" or the "Company") today reported financial results for the quarter ended June 30, 2015. All financial results are in US dollars unless otherwise noted.
The Company had a gross profit of $1.05 million ($1.57/ton) in the second quarter compared with a gross profit of $129,000 ($0.13/ton) in the prior year quarter. For the six months ended June 30, 2015, the gross profit was $1.7 million compared with a gross loss of $0.2 million reported for the first half of 2014. Sales in the second quarter were 668,000 tons with revenue of $10.3 million, respectively 35% and 22% below the same quarter of last year. For the six months ended June 30, 2015, sales of 1.4 million tons and revenue of $20.8 million were in line with the outlook provided by the Company on June 9, being respectively decreases of 16% and 4% compared with the prior year period.
The net loss attributable to shareholders was $0.8 million ($0.01 loss per share) in the quarter compared with a net loss of $1.6 million ($0.02 loss per share) in the comparable 2014 quarter. The net loss attributable to shareholders for the six months ended June 30, 2015 was $0.8 million ($0.01 loss per share) compared with a net loss of $3.2 million ($0.04 loss per share) in the first half of 2014.
Herb Wilson, President and CEO, commented: "We were pleased to report a record gross profit per ton in the quarter which demonstrated the continuing improvement in margins. Cash generated from operations of $1.43 million marked the first quarter in which the Company was effectively self-sustaining while investing capital in the new Long Beach terminal and improvements at Orca Quarry. Margin improvement was achieved through increased realized net prices and cost control despite the dip in quarterly sales volume which was not a reflection of a change in the markets. Demand remains strong and we anticipate volume increases in the remaining quarters of 2015. The outlook for US construction activity appears very positive with further growth anticipated in the commercial and housing sectors; we are also very encouraged by the bi-partisan support in Washington for a long-term Highway Bill." He continued: "We were pleased to unload the first Panamax shipment at the new Long Beach terminal in July and are now working with potential customers to enable them to secure ready mixed concrete supplies to major contracts where the high quality of Orca aggregate can produce cost effective design solutions as clearly evidenced in northern California."
This summary should be read in conjunction with the Company's June 30, 2015, Consolidated Financial Statements and the accompanying Management's Discussion and Analysis, which are available at www.sedar.com and also the Company's website, www.polarismaterials.com
The Company will host a conference call on Monday, August 10th, 2015, at 11:00 am Pacific Time (2:00 pm Eastern). Details to access the call live are as follows:
- Via telephone by calling 1-888-390-0546 in North America or 416-764-8688 in Toronto.
- Via webcast at: http://cnw.ca/ll4mY
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 2:00 pm PST and will be available until August 24th, 2015. To access the replay, dial 1-888-390-0541 or 416-764-8677 and use access code 877707# to hear the recording.
Polaris Materials Corporation is exclusively focused on the production of construction aggregates and the development of quarries in British Columbia together with the operation and development of receiving port terminals in markets on the Pacific coasts of North America. Polaris ships sand and gravel from the Orca Quarry, in self-discharging ocean-going vessels, to markets in San Francisco Bay, Long Beach 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, including maximizing sales opportunities with third parties, sales volumes from its main Strategic Alliance Partner and selling prices, the outlook for the remainder of the year, costs of production, the pursuit of supplies for major projects and infrastructure, the San Francisco and east Bay markets, capital and operating expenditures, expected timing of shipments, 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 in the Company's continuous disclosure documents 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 Materials Corporation