Polaris Announces 2012 Year End Results; Shares Dropped 7% Tuesday
Polaris Minerals Corporation (PLS.TO), which dropped 7% Tuesday, said 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.
Polaris 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.
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