Polaris Announces First Quarter Financial Results and Conference Call
May 6, 2013
VANCOUVER, British Columbia . Polaris Minerals Corporation (TSX:PLS) today reported financial results for the quarter ended March 31, 2013. All financial results are in US dollars unless otherwise noted.
Record sales of 773,000 tons in the quarter were 55% higher than the previous year, impacted in part by a new supply contract, which commenced on February 13, 2013. On a like-for-like basis, sales volumes and revenues in the quarter increased by 33% and 38% respectively compared with the prior year first quarter. The gross loss per ton was reduced by 81%, compared with the previous year.
The net loss attributable to shareholders was $1.9 million ($0.03 loss per share) in the quarter compared with a net loss of $4.3 million ($0.08 loss per share) in the comparative quarter last year.
Herb Wilson, President and CEO, commented: "Polaris is benefiting from increased demand for its Orca Quarry products brought about by improving construction activity in its served markets coupled with new supply agreements, which are increasing market share. Accompanying the positive demand factor is an underlying price improvement, which we believe will intensify over the coming months as the demand cycle demonstrates a trend of solid growth". He continued: "Underlying this confidence is the increasing consideration of declining local resources, the ultimate resolution of which will place further pressure on the price of aggregates delivered into coastal city markets."
This summary should be read in conjunction with the Company's March 31, 2013, Consolidated Financial Statements and Management's Discussion and Analysis, both of which are available at www.sedar.com as well as the Company's website, www.polarmin.com.
The Company will host a conference call on Tuesday, May 7, 2013 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/1155425/1261551
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 May 21, 2013. To access the replay, dial 1-888-390-0541 or 416-764-8677 and use access code 615661 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.
For further information, please contact:
Herb Wilson, President and CEO
Polaris Minerals Corporation
Tel: (604) 915-5000
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, 2012, 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.