VANCOUVER, May 8, 2012 /CNW/ - Polaris Minerals Corporation (TSX: PLS) today reported financial results
for the quarter ended March 31, 2012. All financial results are in US
dollars unless otherwise noted.
Sales of 498,000 tons were 72% higher than the first quarter of 2011.
Revenue for the quarter was $7.1 million, an increase of 91% over the
prior year period. The cost of goods sold, net of shipping fuel
surcharges, increased by 48%, a 14% reduction per ton compared with the
first quarter of 2011.
The net loss attributable to shareholders was $4.3 million ($0.08 loss
per share) in the quarter compared with a net loss of $3.7 million
($0.07 loss per share) in the comparative quarter last year. The loss
in the quarter included a $0.8 million loss arising from the settlement
of the Company's loan with its exclusive shipping contractor. EBITDA
for the quarter improved by 29% to negative $1.26 million.
Herb Wilson, President and CEO, commented: "The strong increases in
sales and revenue this quarter, coupled with the significant reduction
in the unit cost of goods sold, are a continuation of the positive
trends we saw emerging during the second half of last year. Demand is
continuing to increase in our principal market in northern California
through higher levels of privately funded building and construction,
and bolstered by the state's announcement in April of more than $8
billion of infrastructure projects in the greater San Francisco Bay
area. Price increases were achieved on a proportion of our sales in
January which has been followed by further increases effective from the
beginning of May. This combination of volume and price advances marks a
significant and welcome change in the business climate."
He continued: "The Company's bridge loan and all outstanding debt was
repaid in the quarter and consolidated into a single CAD$15 million
issue of senior secured notes.