Polaris Minerals Corp. (TSX:PLS) announced its results for the second quarter of 2014, commenting that its sales amounted to 1.02 million tons, while revenue came to US$13.25 million; respectively, those are increases of 22 and 21 percent compared to the year-ago period. Q2 gross profit came to $129,000, up from a gross loss of $503,000 in Q2 2013.
The company owns interests in the Orca quarry, the California-based Richmond Terminal and Eagle Rock quarry project.
As quoted in the press release:
The net loss attributable to shareholders was $1.6 million ($0.02 loss per share) in the quarter compared with a net loss of $3.5 million ($0.05 loss per share) in the comparable 2013 quarter. The net loss attributable to shareholders for the six months ended June 30, 2014 was $3.2 million ($0.04 loss per share) compared with a net loss of $5.4 million ($0.09 loss per share) in the first half of 2013.
Herb Wilson, president and CEO of Polaris, commented:
This is the second quarter in which the Company’s sales have exceeded one million tons and financial measures showed a strong improvement over the comparable quarter of last year. The base business in Northern California remains strong and a major contract, that had been expected to start in March, is just getting underway, therefore we are anticipating a busy second half of the year. Unfortunately, the delayed start to the major contract impacted the committed shipping schedule in the quarter and cash used in operations of $395,000 included an exceptional charge of $465,000 for deadfreight which was one half of the total incurred as these costs are being shared with the Company’s strategic alliance partner.
Construction of the new Long Beach terminal is advancing following receipt in July of the necessary building permit for the ship berthing work and we continue to develop relationships with potential end users following an extensive test program of the Orca aggregate in Southern California.