Athabasca Generates EPS of $0.030
July 30, 2013
Edmonton, Alberta - July 30, 2013 - Athabasca Minerals Inc. (the "Corporation" or "Athabasca" - TSX Venture: ABM) is pleased to announce the filing of its Q2 financial results for the three months ended May 31, 2013. Athabasca reports the following highlights from Q2 2013:
- Record second quarter revenues in the amount of $6,278,678 compared with $3,209,483 during Q2 2012;
- Net aggregate sales from corporate-owned operations in the amount of $3,851,656 compared with $443,705 during Q2 2012;
- EPS of $0.030;
- Q2 net income of $847,445 compared with $721,252 during Q2 2012;
- Increased activity at the corporate-owned Kearl aggregate operation with 140,945 tonnes sold during Q2.
During Q2 the Corporation earned net income of $847,445, which included significant amounts for non-cash items. Q2 2013 YTD net income, adjusted for non- cash items, was $2,472,733 compared to $2,397,490 in the comparative period, an increase of 3.1%.
The Corporation continued its transition to supplying sand and gravel from corporate-owned aggregate operations, while maintaining management activities at the Susan Lake aggregate operation. During Q2 2013, management continued to improve efficiency associated with the corporate-owned aggregate operations, and although regular intermittent stoppages occurred due to weather, over 317,000 tonnes of sand and gravel were processed. Operations at Logan and House River are expected to resume at such time that winter roads can be accessed and product is deliverable.
The Corporation continues to await its development permit for the Firebag frac sand project and railway land facility. Upon receipt of this permit, news will be disseminated.
President Dom Kriangkum states; "We are very pleased with the return to profitability after a challenging first quarter, and anticipate gravel production and delivery will improve in the second half of the year, consistent with previous year's activity. In addition to our growing equipment fleet we have doubled our workforce compared to last year, and continue to evaluate new industrial mineral properties and bid on new projects located near Fort McMurray." Mr. Kriangkum also adds; "The recent announcement by the Alberta Government to expand the boundaries of the City of Fort McMurray by 22,000 hectares further demonstrates the growth in the region, which should result in increased demands for sand and gravel. Our Corporation remains committed to being a major sand and gravel supplier to Fort McMurray."
Q2 (Three months ended May 31, 2013 and May 31, 2012)
| ||Q2 May 31, 2013||Q2 May 31, 2012|
|Aggregate management fees||$2,427,022 ||$2,765,778|
|Net aggregate sales||$3,851,656||$443,705|
|Total aggregate tonnes sold||2,357,778 tonnes||2,529,903 tonnes|
|Net income from aggregate operations||$919,072||$721,252|
|Net income (including lodging land use agreement)||$847,445||$721,252|
|Basic income per common share||$0.030||$0.026|
Q2 YTD (Six months ended May 31, 2013 and May 31, 2012)
| ||Q2 YTD May 31, 2013||Q2 YTD May 31, 2012|
|Aggregate management fees||$3,916,039 ||$4,788,287|
|Net aggregate sales||$9,046,035||$2,050,815|
|Total aggregate tonnes sold||3,874,002 tonnes||4,496,882 tonnes|
|Net income from aggregate operations||$710,841||$1,505,660|
|Net income (including lodging land use agreement)||$472,863||$1,505,660|
|Basic income per common share||$0.017||$0.055|
The complete financial statements for Athabasca for the three months ended May 31, 2013 and Management's Discussion & Analysis for the same period are available for viewing on the Corporation's website at www.athabascaminerals.com and on SEDAR at 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.
For further Information on Athabasca, please contact:
T: 403- 517-2270
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
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.