VANCOUVER, Nov. 5, 2013 /CNW/ - Polaris Minerals Corporation (News - Market indicators) today reported financial results for the quarter ended September 30, 2013. All financial results are in US dollars unless otherwise noted.
Sales of 687,000 tons in the third quarter generated revenue of $9.4 million, increases of 9% and 3% respectively compared with the third quarter of 2012. For the first nine months of 2013 sales were 2.3 million tons generating revenue of $30.8 million, respectively increases of 38% and 29% compared with last year. The proportionately lower increase in revenue simply reflects the effect of a large increase in 'ex-quarry' sales under a supply contract that commenced in February, 2013.
Gross loss in the quarter was $118,000 compared to $1.7 million gross loss in the same period last year. For the first nine months of 2013, the gross loss is $1.2 million compared with $4.3 million gross loss last year. The net loss attributable to shareholders in the quarter was $2.8 million ($0.04 loss per share) compared with the net loss attributable to shareholders of $3.4 million ($0.06 loss per share) in the third quarter last year. The net loss attributable to shareholders for the nine months ended September 30, 2013 was $8.3 million ($0.12 loss per share) compared with a net loss of $9.6 million ($0.18 loss per share) in the first nine months of 2012.
Herb Wilson, President and CEO, commented: "The quarter continued the positive improvements in operating performance with a substantial reduction in gross loss and an Adjusted EBITDA* of $6,000 loss compared with a $1.6 million loss in the comparable quarter last year. The Company is now experiencing a quite exceptional fourth quarter driven by increasing demand for its products and the need to replenish terminal inventories which were drawn down by approximately 160,000 tons in the third quarter to meet sales demand, following reduced July shipments."
He continued: "The net loss attributable to shareholders in the quarter was negatively impacted by $0.02 per share due to a one-off provision in respect of property taxes at our California terminal against which the Company has filed an appeal. We are now anticipating further significant sales increases next year resulting from growth in the base business boosted by major contract requirements."
This financial summary should be read in conjunction with the Company's September 30, 2013 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.
* Please refer to the Company's Management's Discussion and Analysis for the quarter for details of this non-IFRS measure.
Conference Call
The Company will host a conference call on Wednesday, November 6, 2013 at 8:00 am Pacific Time (11:00 am Eastern). Details to access the call live are as follows:
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 19th, 2013. To access the replay, dial 1-888-390-0541 or 416-764-8677 and use PIN# 760314 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, 2012, 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
For further information:
Herb Wilson, President and CEO, or
Polaris Minerals Corporation
Tel: (604) 915-5000
info@polarmin.com
