VANCOUVER, Nov. 14, 2011 /PRNewswire/ - Polaris Minerals Corporation (TSX:PLS) today reported financial results for the quarter ended September 30, 2011. All financial results are in US dollars unless otherwise noted.
Sales volume in the third quarter of 2011 was 484,000 tons, a 27% increase over the prior year period. Revenue of $6.77 million in the quarter was 23% higher than the third quarter of last year. The level of demand from northern California is continuing to rise through the fourth quarter, in sharp contrast to last year.
The loss attributable to shareholders in the quarter was $3.5 million ($0.07 loss per share) compared with a loss of $3.2 million ($0.06 loss per share) in the third quarter last year. The loss attributable to shareholders for the nine months ended September 30, 2011 was $12.6 million ($0.24 loss per share) compared with a loss of $12.4 million ($0.23 loss per share) in the first nine months of 2010. Cash used in operations in the quarter was $696,000 a 59% reduction compared with the prior year period. The sale this quarter of a non-core asset realized CAD$1.2 million of cash into treasury.
Herb Wilson, President and CEO, commented: "The quarter benefitted from continuing sales increases which improved production efficiency and significantly reduced both operating losses and the cash used in operations. Sales in the fourth quarter will considerably exceed the equivalent period last year and will be further enhanced by the commencement of supplies in November to a major new customer as part of a long-term contract negotiated by our strategic alliance partner". He continued; "The Company has secured an extension to its CAD$5 million bridge loan which will now mature on February 29, 2012. This action is intended to provide time to finalize current efforts to establish a long-term solution to liquidity and enable the advancement of terminal developments in southern California".
This financial summary should be read in conjunction with the Company's September 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, November 15, 2011 at 8:00 am Pacific Standard 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: 26822943.
- Via webcast at: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3740440
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 PST and will be available until November 29, 2011. To access the replay, dial 1-855-859-2056 or 416-849-0833 and use access code 26822943 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