VANCOUVER, Nov. 7, 2014 /CNW/ - Polaris Minerals Corporation (TSX:PLS) today reported financial results for the quarter ended September 30, 2014. All financial results are in US dollars unless otherwise noted.
Sales of 1.03 million tons in the third quarter generated revenue of $13.4 million, respectively increases of 50% and 43% compared with the third quarter of 2013. Sales in the first nine months of 2014 were 2.7 million tons generating revenue of $35.2 million, respectively increases of 17% and 14% compared with last year.
Gross profit was $720,000 in the quarter compared to a gross loss on $118,000 in the same period last year. For the first nine months of 2014, the gross profit was $536,000 compared with a gross loss of $1.2 million in the same period last year. The net loss attributable to shareholders in the quarter was $2.1 million ($0.02 loss per share) compared with the net loss attributable to shareholders of $2.8 million ($0.04 loss per share) in the third quarter last year. The net loss attributable to shareholders for the nine months ended September 30, 2014 was $5.2 million ($0.06 loss per share) compared with a net loss of $8.3 million ($0.12 loss per share) in the first nine months of 2013.
Herb Wilson, President and CEO, commented: "We were encouraged by the strong sales this quarter, that again exceeded one million tons, together with average prices increased 4.4% over last year. These factors combined to produce a gross profit of $720,000 and an adjusted EBITDA* of $688,000. For the first nine months of the year both of these metrics demonstrate a substantial improvement in the Company's performance."
He continued: "The Long Beach terminal continues on track for completion this year and October marked a milestone with the final installation of the innovative ship berth. It is also pleasing to report that the long awaited dredging of the channel into Redwood City has commenced, both these developments will positively contribute to next year."
This financial summary should be read in conjunction with the Company's September 30, 2014 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. Adjusted EBITDA is a measure of cash generated from operations.
The Company will host a conference call today Monday, November 10, 2014 at 11:00 am Pacific Time (2:00 pm Eastern). Details to access the call live are as follows:
- Via telephone by calling 888-390-0546 in North America, 416-764-8688 in Toronto or 778-383-7413 in Vancouver.
Conference ID: 20140054
- Via webcast at: http://www.newswire.ca/en/webcast/detail/1429134/1587776
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 midnight on Monday, November 24th, 2014. To access the replay, dial 1-888-390-0541 or 416-764-8677 and use Passcode: 140054# 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, 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 Short Form Prospectus dated June 20, 2014, which is 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, [email protected]