VANCOUVER, Aug. 3, 2012 /CNW/ - Polaris Minerals Corporation (TSX: PLS) today reported financial results
for the quarter ended June 30, 2012. All financial results are in US
dollars unless otherwise noted.
During the second quarter of 2012 the Company sold 535,000 tons with
revenue of $7.7 million, increases of 19% and 29% respectively compared
with the second quarter of 2011. For the first six months ending June
30, 2012 sales volume was 1.03 million tons with revenue of $14.8
million, increases of 40% and 53% respectively compared with the first
half of 2011. The level of demand from the Company's major market in
northern California is primarily responsible for the increases.
The net loss attributable to shareholders in the quarter reduced to $1.9
million ($0.04 loss per share) from the net loss attributable to
shareholders of $5.4 million ($0.10 loss per share) in the second
quarter last year. The net loss attributable to shareholders for the
six months ended June 30, 2012 was $6.2 million ($0.12 loss per share)
compared with a net loss of $9.1 million ($0.17 loss per share) in the
first six months of 2011. Gross loss was reduced by 60% to $678,000 in
this second quarter.
Herb Wilson, President and CEO, commented: "This was a very encouraging
quarter in which the Company achieved significantly improved financial
results with positive trends in all aspects of our performance. The
increased level of sales, driven by demand from the San Francisco area
market, enabled substantial reductions to be achieved in the unit costs
of production and overheads. The increased demand has continued into
the third quarter and we were pleased to see the recent reauthorization
of the surface transportation bill in the US through 2014 which should
further benefit construction output." He continued; "Liquidity
continues to be a major focus. In May we were pleased to enter into a
new purchase and sale agreement for the jointly-owned Pier B freehold
land in the Port of Long Beach. The target for completion of this sale
is the end of the third quarter when the net proceeds will be used to
pay down one third of the Company's outstanding debt and provide cash
for ongoing operations. As a matter of prudence, while this sale
proceeds, the Company agreed with its debt holders to defer the June
30th interest installment until the sale is completed."
This financial summary should be read in conjunction with the Company's
June 30, 2012 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.
Conference Call
The Company will host a conference call Tuesday, August 7, 2012 at 8:00
am Pacific Time. Details to access the call live are as follows:
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Via telephone by calling (888)-231-8191 in North America or
(647)-427-7450 internationally. The Conference ID number is: 17388693.
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Via webcast at: http://www.newswire.ca/en/webcast/detail/1015371/1097167
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 11:00 am PST and will be available until midnight on
August 21, 2012. To access the replay, dial 1-855-859-2056 or
416-849-0833 and use access code 17388693 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, 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, 2011, 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.
SOURCE: Polaris Minerals Corporation