VANCOUVER, March 21, 2012 /CNW/ - Polaris Minerals Corporation (TSX: PLS) today reported financial results
for the year ended December 31, 2011, in accordance with International
Financial Reporting Standards (IFRS). All financial results are in US
dollars unless otherwise noted.
Revenue in 2011 was $23.4 million an increase of 30% over the $18.0
million recorded in the prior year. This was generated on sales of 1.73
million tons of sand and gravel compared with 1.28 million tons sold in
2010, an increase of 35%. Sales in the fourth quarter of 2011 were
506,000 tons, more than double the 178,000 tons sold in the fourth
quarter last year. Sales during the first quarter of 2012, the winter
quarter, are significantly higher than in the same period last year.
The net loss attributable to shareholders for the year was $17.8 million
($0.33 loss per share) compared with a net loss of $13.1 million ($0.25
loss per share) for the year ending December 31, 2010. A revised fair
value estimate of the Company's jointly-owned freehold land in the Port
of Long Beach resulted in a loss of $2.1 million being recognized
compared to the profit of $2.1 million recognized in the previous year,
thus representing a difference in net losses of $0.08 per share between
the two years. The net loss recorded in 2011 was also impacted by a
non-recurring loss of $2.2 million ($0.04 loss per share) arising from
the sale of two non-core assets with the cash proceeds being used for
working capital. At the year end cash on hand was $1.63 million.
Herb Wilson, President and CEO, said: "The strong increase in sales
reported for 2011 commenced in the second half of the year, gained
momentum during the fourth quarter and is continuing into 2012 with
increased demand from both the public and private sectors and the
realization of an average selling price increase. Management believes
that the first half of 2011 represented the bottom of this severe
recessionary cycle and is now looking forward to a period of recovery
during which selling prices are expected to strengthen. We expect to
meet contracted shipping volumes in 2012 and therefore avoid penalty
payments that have affected previous years". He added, "We are
benefitting from an increased level of construction activity in our
major market around San Francisco Bay, including the commencement of
supplies to three additional ready mixed concrete manufacturers.