VANCOUVER, Nov. 5, 2012 /CNW/ - Polaris Minerals Corporation (TSX:PLS) today reported financial results for the quarter ended September 30, 2012. All financial results are in US dollars unless otherwise noted.
During the third quarter of 2012 the Company sold 632,000 tons with revenue of $9.1 million, increases of 31% and 35% 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% and 45% 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. 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.
Herb Wilson, President and CEO, commented: "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. The gross loss per ton has been reduced by 38% 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 1st, a regulation which imposed substantially lower fuel sulphur levels for coastal shipping. The Company will recover the increase in subsequent quarters through cost pass-through agreements with customers. A coalition of short-sea shippers, and other adversely affected parties, is seeking to have the regulation modified based upon independent scientific analysis. The Company strongly supports this action which will enable the same positive environmental benefits for coastlines to be achieved without sacrificing the considerable benefits of coastal marine transportation." He continued; "Liquidity continues to be the most significant management issue. We are pleased to have made substantial positive progress during the quarter on the sale of the jointly-owned Pier B freehold land in the Port of Long Beach and expect closing to occur by the end of November at which time the net proceeds will be used to pay down one third of the Company's outstanding debt and provide cash for ongoing operations."
This financial summary should be read in conjunction with the Company's September 30, 2012 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.