Welcome!

News Feed Item

Polaris announces 2013 fourth quarter and year end results and conference call

VANCOUVER, March 6, 2014 /PRNewswire/ - Polaris Minerals Corporation (TSX:PLS) today reported financial results for the fourth quarter and full year ending December 31, 2013. The financial results are in US dollars unless otherwise noted.

Revenue in the fourth quarter of 2013 was $14.1 million, generating a net profit of $339,000 and $1.7 million of cash from operations.  Sales in the quarter were 1.07 million tons, an increase of 87% over the fourth quarter of 2012.

Revenue for the year ending December 31, 2013, was $44.9 million, an increase of 39% over the $32.2 million recorded in the prior year. Sales volume increased by 50% to 3.36 million tons compared with 2.24 million tons sold in 2012. The net loss attributable to shareholders for the year was $8.2 million ($0.11 loss per share) compared with a net loss of $12.2 million ($0.23 loss per share) for the year ending December 31, 2012. At December 31, 2013, the Company had working capital of $11.8 million, including $9.4 million of cash, compared with working capital of $7.2 million at the prior year end.

Selected Quarterly Data (Unaudited)

 (US$000, except per share 
amounts)
2013 2012
YTD Q4 Q3 Q2 Q1 YTD Q4
Sales  44,893  14,067 9,398 10,904 10,524 32,196 8,305
Gross profit/(loss) 24 1,234 (118) (503) (589) (5,288) (1,009)
Net profit/(loss) (8,635) 339  (3,062)  (3,824)  (2,088)  (13,219)  (2,734)
Net profit/(loss) per share ($0.11) $0.00 ($0.03) ($0.05) ($0.03) ($0.23) ($0.05)

Herb Wilson, President and CEO, commented:  "The fourth quarter of 2013 continued the momentum gained throughout the year and demonstrated the Company's ability to generate gross and net profits, together with significant cash from operations.  The Company's major customers in the San Francisco market project a continuing growth in demand in 2014, which encourages us to believe that this year will be seen as another milestone in the Company's development."

He continued: "We are on course to establish a new terminal in the Port of Long Beach during 2014, an objective that has always been a key part of the business plan.  Our determination to enter this major market area is predicated on evidence of growing construction activity in southern California, particularly in the Los Angeles Basin. As demand increases in all our principle market areas, we anticipate further price growth, a trend from which we benefited throughout 2013. The further recovery in construction provides greater opportunity for us to benefit from the high quality of our aggregates and their cost-effectiveness."

This financial summary should be read in conjunction with the Company's December 31, 2013, 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 Friday, March 7th, 2014 at 8:00 am Pacific 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 PDT and will be available until March 21st, 2014.  To access the replay, dial 1-888-390-0541 or 416-764-8677 and use Access Code 853945 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 proposed terminal in Long Beach, California, the timing, volume and pricing growth of construction aggregates, 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 Report and under the heading "Risk Factors" in the Company's Annual Information Form (AIF) in respect of its financial year-ended December 31, 2013, 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

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In the first article of this three-part series on hybrid cloud security, we discussed the Shared Responsibility Model and examined how the most common attack strategies persist, are amplified, or are mitigated as assets move from data centers to the cloud. Today, we’ll look at some of the unique security challenges that are introduced by public cloud environments. While cloud computing delivers many operational, cost-saving and security benefits, it takes place in a public, shared and on-demand ...
In his session at @ThingsExpo, Sudarshan Krishnamurthi, a Senior Manager, Business Strategy, at Cisco Systems, will discuss how IT and operational technology (OT) work together, as opposed to being in separate siloes as once was traditional. Attendees will learn how to fully leverage the power of IoT in their organization by bringing the two sides together and bridging the communication gap. He will also look at what good leadership must entail in order to accomplish this, and how IT managers ca...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...