financial results for the quarter ended March 31, 2014 VANCOUVER, May 8, 2014 /PRNewswire/ - Polaris Minerals Corporation (TSX:PLS) today reported financial results for the quarter ended March 31, 2014. All financial results are in US dollars unless otherwise noted.
The net loss attributable to shareholders was $1.5 million ($0.02 loss per share) in the quarter a reduction of 19% compared with the net loss of $1.9 million ($0.03 loss per share) in the comparative quarter last year. Revenue was $8.5 million generated on sales of 632,000 tons compared with revenue of $10.5 million on sales of 773,000 tons in 2013, respectively declines of 19% and 18%. The gross loss in the quarter of $313,000 was a 47% improvement over the gross loss of $589,000 in the previous year.
Herb Wilson, President and CEO, commented: "We are pleased to see this quarter demonstrate a continuing improvement in gross margin through operating efficiency and improved selling prices. The lower tonnage sold this quarter simply reflected a more normal winter shipping schedule compared with the previous year. As expected, demand for our products in the second quarter has significantly increased and we are now engaged in an exceptional level of shipments. April set a new sales record, some 23% higher than any previous month, and this level of activity is expected to continue throughout the second quarter." He continued: "We are moving ahead with the development of the terminal in the Port of Long Beach, California, where a recovery in this major market is underway. Maintenance dredging of the ship berth has been completed and submitted construction plans await City approval."
This summary should be read in conjunction with the Company's March 31, 2014, 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.
Conference Call
The Company will host a conference call on Friday, May 9, 2014 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. Conference ID: 64664492 -- Via webcast at: https://www.newswire.ca/en/webcast/detail/1347263/1489637