VANCOUVER, May 8, 2014 /PRNewswire/ - Polaris Minerals Corporation (PLS.TO) today reported financial results for the quarter ended March 31, 2014. All financial results are in US dollars unless otherwise noted.
The net loss attributable to shareholders was $1.5 million ($0.02 loss per share) in the quarter a reduction of 19% compared with the net loss of $1.9 million ($0.03 loss per share) in the comparative quarter last year. Revenue was $8.5 million generated on sales of 632,000 tons compared with revenue of $10.5 million on sales of 773,000 tons in 2013, respectively declines of 19% and 18%. The gross loss in the quarter of $313,000 was a 47% improvement over the gross loss of $589,000 in the previous year.
Herb Wilson, President and CEO, commented: "We are pleased to see this quarter demonstrate a continuing improvement in gross margin through operating efficiency and improved selling prices. The lower tonnage sold this quarter simply reflected a more normal winter shipping schedule compared with the previous year. As expected, demand for our products in the second quarter has significantly increased and we are now engaged in an exceptional level of shipments. April set a new sales record, some 23% higher than any previous month, and this level of activity is expected to continue throughout the second quarter." He continued: "We are moving ahead with the development of the terminal in the Port of Long Beach, California, where a recovery in this major market is underway. Maintenance dredging of the ship berth has been completed and submitted construction plans await City approval."
This summary should be read in conjunction with the Company's March 31, 2014, Consolidated Financial Statements and Management's Discussion and Analysis, both of which are available at www.sedar.com as well as the Company's website, www.polarmin.com.
Conference Call
The Company will host a conference call on Friday, May 9, 2014 at 08:00 am Pacific Time (11:00 am Eastern). Details to access the call live are as follows:
- Via telephone by calling 888-390-0546 in North America or 416-764-8688 in Toronto.
Conference ID: 64664492
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 May 23rd, 2013. To access the replay, dial 1-888-390-0541 or 416-764-8677 and use access code 664492 to hear the recording.
Polaris Minerals 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 presently ships sand and gravel from the Orca Quarry principally to San Francisco Bay and Hawaii in efficient ocean-going vessels.
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 proposed terminal in Long Beach, California, the timing, volume and pricing growth of construction aggregates, 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, 2013, 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.