Polaris Announces 2012 Year End Results And Conference Call
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 million compared 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
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