VANCOUVER, May 7 /PRNewswire-FirstCall/ - Polaris Minerals Corporation (TSX:PLS) today reported financial results for the quarter ended March 31, 2010. All financial results are in US dollars unless otherwise noted.
Revenue of $4.88 million in the quarter was an increase of 67% over revenue of $2.93 million in the prior year period. The net loss in the quarter of $6.5 million ($0.12 loss per share) included a one-off charge of $6.0 million for restructuring the Company's long term shipping contracts and compared with a loss of $1.4 million ($0.03 loss per share) in the first quarter last year.
At March 31, 2010, the Company had working capital of $9.3 million including cash of $3.7 million. The Adjusted EBITDA loss for the quarter was $878,000 ($0.02 loss per share) compared with $200,000 ($0.00 per share) generated in the prior year.
Herb Wilson, President and CEO, commented: "The restructuring of the long term shipping contracts was an essential step that now enables the Company to go forward confidently. This amended agreement reflects current growth plans and a continuing positive relationship with our exclusive shipper. The acquisition of the leasehold site held under option in the Port of Long Beach, is proceeding well and as a consequence, we are advancing the sale of the freehold land owned jointly with our strategic alliance partner in the same port. The net result should be a significant return of cash to treasury and an enhanced opportunity to develop into southern California."
He added: "It was gratifying to see the increased sales volume in the first quarter although the much anticipated uplift in demand through stimulus-funded infrastructure programs has yet to impact significantly. We are well placed to meet an increase in demand and, in common with this industry, continue to anticipate growth commencing in the second half of the year."
This financial summary should be read in conjunction with the Company's March 31, 2010 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 at 8:00 am PDT on Monday, May 10th, 2010. Investors and other interested parties may access the teleconference live by calling 888-231-8191 in North America or 647-427-7450 internationally.
A live webcast of the conference call will be available through the following link and will be archived for 90 days following the call: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3058440.
The conference call will be recorded and available for replay at 11:00 am PDT and will be available until May 24, 2010. To access the replay, dial 1-800-642-1687. The access code to hear the recording is 72190922.
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, 2009, 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