November 15, 2011
Vancouver-based Polaris Minerals Corporation is reporting financial results for the quarter ended September 30, 2011. (All financial results are in US dollars unless otherwise noted.)
Sales volume in the third quarter of 2011 was 484,000 tons, a 27 percent increase over the prior year period. Revenue of $6.77 million in the quarter was 23 percent higher than the third quarter of last year. The level of demand from northern California is continuing to rise through the fourth quarter, in sharp contrast to last year.
The loss attributable to shareholders in the quarter was $3.5 million ($0.07 loss per share) compared with a loss of $3.2 million ($0.06 loss per share) in the third quarter last year. The loss attributable to shareholders for the nine months ended September 30, 2011 was $12.6 million ($0.24 loss per share) compared with a loss of $12.4 million ($0.23 loss per share) in the first nine months of 2010. Cash used in operations in the quarter was $696,000 a 59 percent reduction compared with the prior year period. The sale this quarter of a non-core asset realized CAD$1.2 million of cash into treasury.
Herb Wilson, President and CEO, commented: “The quarter benefitted from continuing sales increases which improved production efficiency and significantly reduced both operating losses and the cash used in operations. Sales in the fourth quarter will considerably exceed the equivalent period last year and will be further enhanced by the commencement of supplies in November to a major new customer as part of a long-term contract negotiated by our strategic alliance partner”. He continued; “The Company has secured an extension to its CAD$5 million bridge loan which will now mature on February 29, 2012. This action is intended to provide time to finalize current efforts to establish a long-term solution to liquidity and enable the advancement of terminal developments in southern California”.
This financial summary should be read in conjunction with the Company’s September 30, 2011 Consolidated Financial Statements and Management’s Discussion and Analysis, both of which are available on www.sedar.com as well as the Company’s website, www.polarmin.com.
The Company will host a conference call Tuesday, November 15, 2011 at 8:00 am Pacific Standard 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 PST and will be available until November 29, 2011. To access the replay, dial 1-855-859-2056 or 416-849-0833 and use access code 26822943 to hear the recording.