Polaris announces 2013 fourth quarter and year end resultsVANCOUVER,
March 6, 2014 /CNW/ -
Polaris Minerals Corporation (TSX:PLS) today reported financial results for the fourth quarter and full year ending December 31, 2013. The financial results are in US dollars unless otherwise noted.
Revenue in the fourth quarter of 2013 was $14.1 million, generating a net profit of $339,000 and $1.7 million of cash from operations. Sales in the quarter were 1.07 million tons, an increase of 87% over the fourth quarter of 2012.
Revenue for the year ending December 31, 2013, was $44.9 million, an increase of 39% over the $32.2 million recorded in the prior year. Sales volume increased by 50% to 3.36 million tons compared with 2.24 million tons sold in 2012. The net loss attributable to shareholders for the year was $8.2 million ($0.11 loss per share) compared with a net loss of $12.2 million ($0.23 loss per share) for the year ending December 31, 2012. At December 31, 2013, the Company had working capital of $11.8 million, including $9.4 million of cash, compared with working capital of $7.2 million at the prior year end.
Selected Quarterly Data (Unaudited)
(US$000, except per share
amounts) |
2013 |
2012 |
| YTD |
Q4 |
Q3 |
Q2 |
Q1 |
YTD |
Q4 |
| Sales |
44,893 |
14,067 |
9,398 |
10,904 |
10,524 |
32,196 |
8,305 |
| Gross profit/(loss) |
24 |
1,234 |
(118) |
(503) |
(589) |
(5,288) |
(1,009) |
| Net profit/(loss) |
(8,635) |
339 |
(3,062) |
(3,824) |
(2,088) |
(13,219) |
(2,734) |
| Net profit/(loss) per share |
($0.11) |
$0.00 |
($0.03) |
($0.05) |
($0.03) |
($0.23) |
($0.05) |
Herb Wilson, President and CEO, commented: "The fourth quarter of 2013 continued the momentum gained throughout the year and demonstrated the Company's ability to generate gross and net profits, together with significant cash from operations. The Company's major customers in the San Francisco market project a continuing growth in demand in 2014, which encourages us to believe that this year will be seen as another milestone in the Company's development."
He continued: "We are on course to establish a new terminal in the Port of Long Beach during 2014, an objective that has always been a key part of the business plan. Our determination to enter this major market area is predicated on evidence of growing construction activity in southern California, particularly in the Los Angeles Basin. As demand increases in all our principle market areas, we anticipate further price growth, a trend from which we benefited throughout 2013. The further recovery in construction provides greater opportunity for us to benefit from the high quality of our aggregates and their cost-effectiveness."
This financial summary should be read in conjunction with the Company's December 31, 2013, Consolidated Financial Statements and Management's Discussion and Analysis, both of which are available on www.sedar.com.
Conference Call
The Company will host a conference call on Friday, March 7th, 2014 at 8:00 am Pacific Time. Details to access the call live are as follows:
The webcast will be archived for 90 days following the call at the above noted link. The conference call will also be recorded and available for replay at 11:00 am PDT and will be available until March 21st, 2014. To access the replay, dial 1-888-390-0541 or 416-764-8677 and use Access Code 853945 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 transportation to urban markets on the west coast of North America to meet local supply deficits. In 2007, Polaris began shipping sand and gravel from the Orca Quarry to San Francisco Bay, Vancouver, BC 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 proposed terminal in Long Beach, California, the timing, volume and pricing growth of construction aggregates, 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, 2013, 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