Athabasca Minerals Earns Record $0.171 EPS for Fiscal 2012
20 Mars 2013 - 2:01PM
Marketwired Canada
Athabasca Minerals Inc. (the "Corporation" or "Athabasca") (TSX VENTURE:ABM) is
pleased to announce the filing of its Q4 financial results for the three months
and year-ended November 30, 2012. During the fiscal year ended November 30,
2012, Athabasca:
-- Net income of $4,710,409 during fiscal 2012, an increase of $1,929,618
or 69.4% over fiscal 2011 net income of $2,780,791;
-- experienced a 36.9% increase in tonneage from the Susan Lake pit;
-- opened three Corporate owned aggregate operations;
-- began operating its own crushing spread for processing of aggregates;
and
-- made significant steps related to its Firebag property frac sand
deposit.
In conjunction with these major accomplishments, the Corporation generated
record revenue and earnings, the Susan Lake pit recorded the second largest
amount of annual aggregate demand in its history, and the Corporation received
cash proceeds exceeding $600,000 from its work camp land use agreement. In
addition, a new potential aggregate source has been discovered north of the
Susan Lake pit, where the Corporation has identified a deposit containing
granite and dolomite with the potential to supply oil sands and infrastructure
projects in the Fort McMurray area.
The Corporation reports operating and financial results as follows:
-- Aggregate tonnes sold during Q4 2012 were 7.3% greater than during Q4
2011 (3,124,134 vs. 2,911,686 tonnes);
-- Revenue in the amount of $4,301,229 compared with $3,390,705 during Q4
2011, an increase of 26.9%;
-- Net income of $1,160,601 during Q4 2012, a decrease of $149,300 or 11.4%
under Q4 2011 net income of $1,309,901;
-- 2012 fiscal year tonnes sold were 10,936,767 compared to 7,758,612
tonnes in fiscal 2011.
"A profitable fourth quarter completed Athabasca's highly successful fiscal
2012. During the past year the Corporation has grown significantly, has
restructured its bank financing, and made capital investments which will allow
for increased future activity. In addition, we have advanced the Firebag
property frac sand deposit, and continue to evaluate and explore industrial
minerals critical to the oil sands and infrastructure projects in Western
Canada. The tempo for aggregate demand was seen to decelerate over the course of
fiscal 2012. Entering fiscal 2013, Q1 aggregate tonneage sales at Susan Lake
were less than its Q1 record set in 2012, but were still well above its Q1 2011
level. We feel the experience gained during the early operations at the Kearl
pit have allowed us to further develop plans for future operations at the pit.
We anticipate increased production of commercial grade aggregate and
improvements in efficiencies as we move forward towards achieving daily
operations," reported Dom Kriangkum, President & CEO.
During the fourth quarter Athabasca experienced higher than normal aggregate
operating expenses due primarily to unexpected challenges with opening the
Corporate owned and operated aggregate pit at Kearl. The operating expenses of
$1,328,540 were 102.1% above that in Q4 2011. Expenses were higher than expected
primarily due to challenges experienced bringing the Kearl pit into production
that were enhanced due to the winter conditions that were experienced. After a
work stoppage lasting a few months, crushing activity at Kearl pit has recently
resumed. Although start up costs have exceeded initial estimates, the relative
cost of aggregate operations at Corporate owned pits is expected to be
advantageous over sub-contracting the crushing as increased aggregate production
and efficiency improvements are realized.
Firebag property frac sand update
The Corporation made application in March 2013 to the Alberta Government for an
80 acre parcel of land contained on a portion of the Corporation's existing
12,800 hectare mineral lease referred to as the Firebag property, in conjunction
with an earlier land package application near Fort McMurray, adjacent to a
regional rail line. With this application, the Corporation intends to develop
this initial 80 acre parcel for mining of frac sand, and haul for processing at
the land package under application.
The Corporation intends to later develop a larger area of an additional 500
acres which will require an EIA as frac sand depletes from the initial 80 acre
parcel. In addition, the Corporation has commissioned an NI 43-101 report
covering a total of 500 acres at the Firebag property frac sand deposit.
The Firebag property covers a total area of 12,800 hectares on which Athabasca
holds a 100% interest in mineral leases, is accessible via Highway 63 and is
near water and power sources. Independent testing has confirmed that the silica
sand contained in this region is suitable for use in hydraulic fracing for the
oil and gas industry. The Alberta Government granted the Corporation Alberta
Metallic and Industrial Minerals Leases covering the 12,800 hectares in August
2011.
Q4 (Three months ended November 30)
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Q4 November Q4 November
30, 2012 30, 2011
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Aggregate management fees $ 3,311,716 $ 3,390,705
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Net aggregate sales $ 989,513 $ nil
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Total revenue $ 4,301,229 $ 3,390,705
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3,124,134 2,911,686
Total aggregate tonnes sold tonnes tonnes
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Net income from aggregate operations $ 612,729 $ 997,013
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Net income (including lodging land use
agreement) $ 1,160,601 $ 1,309,901
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Basic income per common share $ 0.042 $ 0.048
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Year-ended November 30
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2012 2011
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Aggregate management fees $ 11,682,347 $ 8,691,784
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Net aggregate sales $ 3,040,328 $ nil
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Total revenue $ 14,722,675 $ 8,691,784
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10,936,767 7,758,612
Total aggregate tonnes sold tonnes tonnes
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Net income from aggregate operations $ 3,692,390 $ 2,274,712
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Net income (including lodging land use
agreement) $ 4,710,409 $ 2,780,791
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Basic income per common share $ 0.171 $ 0.103
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The complete financial statements for Athabasca for the year-ended November 30,
2012 and Management's Discussion & Analysis for the same period are available
for viewing on the Corporation's website at www.athabascaminerals.com
(http://www.athabascaminerals.com) and on SEDAR at www.sedar.com
(http://www.sedar.com).
About Athabasca Minerals
Athabasca Minerals Inc. is a resource company involved in the management,
exploration and development of aggregate projects. These activities include
contracts work, aggregate pit management, new aggregate development and
acquisitions of sand and gravel operations. The Corporation also has industrial
mineral land holdings in the vicinity of Fort McMurray and Peace River, Alberta
for the purpose of locating and developing sources of industrial minerals and
aggregates essential to high growth economic development.
This news release contains forward-looking statements that involve risks and
uncertainties. Forward-looking statements or information are based on current
expectations, estimates and projections that involve a number of risks and
uncertainties which could cause actual results to differ materially from those
anticipated by the Corporation. The forward-looking statements or information
contained in this news release are made as of the date hereof and the
Corporation does not undertake any obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.
The securities of Athabasca have not been, nor will be, registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons
absent U.S. registration or an applicable exemption from U.S. registration
requirements. This release does not constitute an offer for sale of securities
in the United States.
FOR FURTHER INFORMATION PLEASE CONTACT:
Boardmarker Group
Dean Stuart
403-517-2270
dean@boardmarker.net
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