VANCOUVER, Aug. 7, 2014 /CNW/ - Polaris Minerals Corporation (TSX:PLS) today reported financial results for the quarter ended June 30, 2014. All financial results are in US dollars unless otherwise noted.
Sales of 1.02 million tons and revenue of $13.25 million in the quarter respectively represented increases of 22% and 21% over the same quarter of last year. For the six months ended June 30, 2014, sales were 1.65 million tons, an increase of 3% over the comparative period and revenue was $21.8 million a 2% increase over last year. Gross profit in the quarter was $129,000 compared with a gross loss of $503,000 in the second quarter of 2013. For the six months ended June 30, 2014, the gross loss was $184,000 compared with a gross loss of $1,092,000 in the prior year period.
The net loss attributable to shareholders was $1.6 million ($0.02 loss per share) in the quarter compared with a net loss of $3.5 million ($0.05 loss per share) in the comparable 2013 quarter. The net loss attributable to shareholders for the six months ended June 30, 2014 was $3.2 million ($0.04 loss per share) compared with a net loss of $5.4 million ($0.09 loss per share) in the first half of 2013.
Herb Wilson, President and CEO, commented: "This is the second quarter in which the Company's sales have exceeded one million tons and financial measures showed a strong improvement over the comparable quarter of last year. The base business in Northern California remains strong and a major contract, that had been expected to start in March, is just getting underway, therefore we are anticipating a busy second half of the year. Unfortunately, the delayed start to the major contract impacted the committed shipping schedule in the quarter and cash used in operations of $395,000 included an exceptional charge of $465,000 for deadfreight which was one half of the total incurred as these costs are being shared with the Company's strategic alliance partner". He continued: "Construction of the new Long Beach terminal is advancing following receipt in July of the necessary building permit for the ship berthing work and we continue to develop relationships with potential end users following an extensive test program of the Orca aggregate in Southern California".
This summary should be read in conjunction with the Company's June 30, 2014, Consolidated Financial Statements and the accompanying Management's Discussion and Analysis, which are available at www.sedar.com and also the Company's website, www.polarmin.com.
The Company will host a conference call on Friday, August 8th, 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.
- Via webcast at: http://www.newswire.ca/en/webcast/detail/1391430/1543946
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 22nd, 2014. To access the replay, dial 1-888-390-0541 or 416-764-8677 and use access code 015095 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, Polaris Minerals Corporation, Tel: (604) 915-5000, [email protected]