November 7, 2012
During the third quarter of 2012, Polaris Minerals sold 632,000 tons with revenue of $9.1 million, increases of 31 percent and 35 percent, respectively, compared with the third quarter of 2011. For the first nine months ending September 30, 2012, sales were 1.67 million tons generating revenues of $23.9 million, increases of 36 percent and 45 percent, respectively, compared with the first nine months of 2011. The level of demand from the company’s major market in northern California continues to be primarily responsible for these increases.
The net loss attributable to shareholders in the quarter was $3.4 million ($0.06 loss per share) compared with the net loss attributable to shareholders of $3.5 million ($0.07 loss per share) in the third quarter last year, according to the Polaris third-quarter results report. The net loss attributable to shareholders for the nine months ended September 30, 2012 was $9.6 million ($0.18 loss per share) compared with a net loss of $12.6 million ($0.24 loss per share) in the first nine months of 2011.
“The further significant increase in sales volume was again driven by the strong demand in the San Francisco area market where the company benefits from wide recognition of the quality of its products,” Herb Wilson, Polaris Minerals president and CEO, said in a press statement. “The gross loss per ton has been reduced by 38 percent in the first nine months of this year compared with the same period in 2011. It should be noted that the quarter was impacted by a one-off increase in shipping costs due to the introduction of the North American Emission Control Area on August 1, a regulation which imposed substantially lower fuel sulfur levels for coastal shipping. The company will recover the increase in subsequent quarters through cost pass-through agreements with customers.”