Polaris announces 2009 first quarter results and conference call



    VANCOUVER, May 7 /CNW/ - Polaris Minerals Corporation (TSX:PLS) today
reported financial results for the quarter ended March 31, 2009. All financial
results are in US Dollars unless otherwise noted.
    Sales of $2.93 million in the quarter represented a 55% decrease over
sales of $6.55 million generated in the prior year period. Despite this
reduction, the loss from operations, net of stock-based compensation,
increased by only 24% to $1.78 million compared with a loss of $1.43 million
in the first quarter last year as a result of the positive effects of fuel
surcharge recovery, lower shipping fuel costs, and prudent cost control. At
March 31, 2009, the Company had cash and cash equivalents of $6.36 million,
working capital of $11.81 million and had no long term debt, having repaid its
CAD$20 million bridge loan during the quarter. $1.78 million of cash was
invested to increase product inventories in the quarter.
    The net loss for the quarter was $1.40 million ($0.03 loss per share)
compared with a net loss of $2.46 million ($0.07 loss per share) for the
quarter ending March 31, 2008. The Company had an Adjusted EBITDA loss for the
quarter of $195,000 ($0.00 loss per share) compared with $514,000 ($0.01 per
share) generated in the prior year.
    Herb Wilson, President and CEO, said: "The first quarter presented a
challenging operating environment brought about by the deepening economic
recession and unseasonably wet weather in our principal markets. Sales of
206,000 tons were 60% lower than the 521,000 tons recorded in the first
quarter of 2008, although the tonnage dispatched from the quarry was 286,000
tons. Pricing for Polaris' products presently remains stable and our cash
position is satisfactory."
    He continued. "Following tough economic times, it is the construction
industry, fuelled by public sector investment that generally leads the economy
out of recession. We are cautiously optimistic that customer demand in the
second half of the year will benefit from the economic stimulus plans and are
pleased to note that California is the first state in the nation to have
obligated over $1 billion in Recovery Act funding to nearly 80 transportation
infrastructure projects statewide. We expect to be able to see greater clarity
as we move through the year. We are pleased to confirm that in expectation of
an increase in construction activity in target markets, operating hours at the
Orca quarry are being restored, effective mid-May, to the level experienced
before the temporary reduction announced on March 2, 2009."
    This financial summary should be read in conjunction with the Company's
March 31, 2009 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 at www.polarmin.com

    Conference Call

    The Company will host a conference call at 8 am PT on Friday, May 8,
2009. Investors and other interested parties may access the teleconference
live by calling 416.644.3431 or 800.588.4490 in North America or
internationally.
    A live webcast of the conference call will be available through the link
below:
    http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2660020
    The webcast will be archived for 90 days following the call.
    The conference call will be recorded and available for replay at 10 am PT
and will be available until Friday, May 22, 2009. To access the replay, dial
416.640.1917 or 877.289.8525. The access code to hear the recording is
21305504 followed by the pound sign.

    Polaris Minerals Corporation is exclusively focused on the development of
construction aggregate quarries and marine receiving terminals on the west
coast of North America to meet growing local supply deficits of construction
aggregates in urban markets. 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, 2008, 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.





For further information:

For further information: Herb Wilson, President and CEO, Mike
Westerlund, Director, Corporate Development, Polaris Minerals Corporation,
Tel: (604) 915-5000, info@polarmin.com

Organization Profile

Polaris Minerals Corporation

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890