Vancouver-based Polaris Minerals Corp. (TSX:PLS) rolled up an $18.4 million loss in 2007. That's roughly six times the company's fiscal 2006 loss of $3.3 million.
Polaris said the red ink amounted to $0.52 per share compared with $0.11 per share in 2006. The company's 2007 sales totalled $15.5 million.
Polaris, a sand and gravel supplier, said the increased loss resulted from several non-cash adjustments, including stock-based compensations, foreign exchange and revaluation of debt.
Marco Romero, president and CEO of Polaris, said 2007 was a transformation year for the company. He added that sales exceeded the company's expectations.
In 2007, 1.15 million tonnes of sand and gravel were shipped to customers around western North America from the company's quarry near Port McNeill.
Polaris' share price range during the past week: between $8.40 and $8.87; 52-week high: $15.1; 52-week low: $8.03.