VANCOUVER, Aug. 1, 2013 /CNW/ - Polaris Minerals Corporation (TSX: PLS) today reported financial results for the quarter ended June 30, 2013. All financial results are in US dollars unless otherwise noted.
Sales of 836,000 tons in the quarter represented a 56% increase over the same quarter of last year and a new quarterly high that generated revenue of $10.9 million, an increase of 42% over the prior year. For the six months ended June 30, 2013 sales were 1,609,000 tons, which was also a 56% increase over the comparative period, and revenue was $21.4 million a 45% increase over last year. The Company generated positive cash from operations in the quarter of $0.6 million and successfully completed an equity financing that enabled it to fully repay its outstanding debt with all accrued interest.
The net loss attributable to shareholders was $3.5 million ($0.05 loss per share) in the quarter compared with a net loss of $1.9 million ($0.04 loss per share) in the comparable 2012 quarter. The net loss in this quarter was impacted by $1.8 million of charges principally relating to the final repayment of the Company's long-term debt. The second quarter of 2012 had the positive benefit of a $0.6 million non-recurring income tax recovery. The net loss attributable to shareholders for the six months ended June 30, 2013 was $5.4 million ($0.09 loss per share) compared with a net loss of $6.2 million ($0.12 loss per share) in the first half of 2012.
Herb Wilson, President and CEO, commented: "The second quarter marked a new record in terms of sales volume and was supported by the positive generation of cash from operations. We were pleased to secure additional financing that enabled the Company to fully repay its debt and be able to eliminate the future burden of servicing the 12% interest rate that it carried. The Company is now well financed to continue its business plan in respect of market expansion and we see further improvements in pricing and costs that will positively impact the third quarter." He continued: "Revenue this quarter increased by 42% compared with last year, while cost of goods sold increased only 37%, which contributed to the generation of positive cash flow from operations and significant improvements in all per ton financial measures."
This summary should be read in conjunction with the Company's June 30, 2013, Consolidated Financial Statements and Management's Discussion and Analysis, which are available at www.sedar.com and also the Company's website, www.polarmin.com.
Conference Call
The Company will host a conference call on Friday, August 2nd, 2013, at 08:00 am Pacific Time (11:00 am Eastern). Details to access the call live are as follows:
Webcast
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 16th, 2013. To access the replay, dial 1-888-390-0541 or 416-764-8677 and use access code 910461 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
Polaris Minerals Corporation
Tel: (604) 915-5000
info@polarmin.com
