VANCOUVER, March 19, 2013 /PRNewswire/ - Polaris Minerals Corporation (TSX:PLS) today reported financial results for the year ended December 31, 2012. The financial results are in US dollars unless otherwise noted. Polaris ended another year of significant sales growth with a much strengthened balance sheet and improved working capital position.
At December 31, 2012, the Company had working capital of $7.2 millioncompared with a working capital deficit of $4.4 million at the prior year end. Net debt at December 31, 2012, was $2.9 million a significant reduction from net debt of $11.9 million at the end of 2011.
Revenue in 2012 was $32.2 million, an increase of 37% over the $23.4 million recorded in the prior year, generated from a 30% increase in sales to 2.24 million tons compared with 1.73 million tons sold in 2011. Revenue in the fourth quarter of 2012 was $8.3 million generated from sales of 571,000 tons respectively increases of 19% and 13% over the fourth quarter last year. The net loss attributable to shareholders for the year was $12.2 million ($0.23 loss per share) compared with a net loss of $17.8 million ($0.33 loss per share) for the year ending December 31, 2011.
Herb Wilson, President and CEO, said: "This was a year of significant progress for the Company. Sales continued to grow strongly, the Pier B land sale was completed, and the Company refinanced and significantly reduced its debt. The fourth quarter of this year produced a substantial improvement in the Company's EBITDA metrics, which is very encouraging". He added, "Shipments in the first quarter of 2013, the winter quarter, have again increased as we continue to benefit from an increased level of construction activity in our major market in northern California coupled with a new three-year supply agreement which commenced in February. Together with our marketing partners in California, we are now focused on achieving prices that fully reflect the exceptional quality of the aggregates we supply. We anticipate a strong US construction industry recovery, led by the rapidly improving private housing sector, which will continue to improve our own performance".
This financial summary should be read in conjunction with the Company's December 31, 2012, 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 Wednesday, March 20, 2012 at 8:00 am Pacific Time. Details to access the call live are as follows:
- Via telephone by calling 1-888-390-0546 in North America or 416-764-8609
- Via webcast at: http://www.newswire.ca/en/webcast/detail/1127477/1229757
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 April 3, 2013. To access the replay, dial 1-888-390-0541 or 416-764-8677 and use access code 323120 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 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 Reports and under the heading "Risk Factors" in the Company's Annual Information Forms (AIF) 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
