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SOURCE Polaris Minerals Corporation
VANCOUVER, March 19, 2013 /PRNewswire/ - Polaris Minerals Corporation (TSX:PLS) today reported financial results
for the year ended December 31, 2012. The financial results are in US
dollars unless otherwise noted. Polaris ended another year of
significant sales growth with a much strengthened balance sheet and
improved working capital position.
At December 31, 2012, the Company had working capital of $7.2 million
compared with a working capital deficit of $4.4 million at the prior
year end. Net debt at December 31, 2012, was $2.9 million a significant
reduction from net debt of $11.9 million at the end of 2011.
Revenue in 2012 was $32.2 million, an increase of 37% over the $23.4
million recorded in the prior year, generated from a 30% increase in
sales to 2.24 million tons compared with 1.73 million tons sold in
2011. Revenue in the fourth quarter of 2012 was $8.3 million generated
from sales of 571,000 tons respectively increases of 19% and 13% over
the fourth quarter last year. The net loss attributable to shareholders
for the year was $12.2 million ($0.23 loss per share) compared with a
net loss of $17.8 million ($0.33 loss per share) for the year ending
December 31, 2011.
Herb Wilson, President and CEO, said: "This was a year of significant
progress for the Company. Sales continued to grow strongly, the Pier B
land sale was completed, and the Company refinanced and significantly
reduced its debt. The fourth quarter of this year produced a
substantial improvement in the Company's EBITDA metrics, which is very
encouraging". He added, "Shipments in the first quarter of 2013, the
winter quarter, have again increased as we continue to benefit from an
increased level of construction activity in our major market in
northern California coupled with a new three-year supply agreement
which commenced in February. Together with our marketing partners in
California, we are now focused on achieving prices that fully reflect
the exceptional quality of the aggregates we supply. We anticipate a
strong US construction industry recovery, led by the rapidly improving
private housing sector, which will continue to improve our own
performance".
This financial summary should be read in conjunction with the Company's
December 31, 2012, Consolidated Financial Statements and Management's
Discussion and Analysis, both of which are available on www.sedar.com.
Conference Call
The Company will host a conference call on Wednesday, March 20, 2012 at
8:00 am Pacific Time. Details to access the call live are as follows:
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 PDT and will be available until April 3, 2013.
To access the replay, dial 1-888-390-0541 or 416-764-8677 and use
access code 323120 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
transportation to urban markets on the west coast of North America to
meet local supply deficits. In 2007, Polaris began shipping sand and
gravel from the Orca Quarry to San Francisco Bay, Vancouver, BC 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 Reports
and under the heading "Risk Factors" in the Company's Annual
Information Forms (AIF) 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.
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