Polaris Materials Provides Annual Business Update And Outlook
January 19, 2015
VANCOUVER, British Columbia - Polaris Materials Corporation (TSX:PLS) today reports that shipments from the Orca Quarry during the year ended December 31, 2014 were a new record for the Company at 3.45 million tons, a 4% increase over the prior year when shipments totaled 3.33 million tons. 54 vessels were loaded compared with 46 in the previous year, the lower average load size in 2014 reflecting the use of a small vessel dedicated to supplying a one off major contract in Northern California.
Herb Wilson, President and CEO commented: "The record volume shipped during 2014 was encouraging, however, the fourth quarter experienced adverse seasonal weather that impacted construction output, unlike the previous two years when the weather had been very favorable. Heavy rainfall events were experienced in both the San Francisco and Long Beach areas late in the year. At the new Long Beach terminal the ship and material handling installations are substantially complete, but the rains have delayed the final stages of site development, principally surfacing and utilities works." He continued: "Indications of requirements for 2015, from our long-term contracted customers, together with expectations for Long Beach, suggest a further increase in sales volume in 2015 in the order of 15% to 20%, which would represent another milestone year. The Company now has a much greater focus on selling prices and continuing improvement in the US economy, together with the imminent completion of two fixed price contracts, is enabling average selling prices to be increased during the first quarter of 2015."
Polaris Materials Corporation produces high quality sand and gravel at the Orca Quarry in British Columbia for shipment to major urban markets on the Pacific coasts of North America including North and South California, Hawaii, Alaska and Vancouver, in order to meet growing supply deficits. The Company continues to pursue additional suitable aggregate resources for development.
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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, increases in sales volumes and selling prices, 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.