May 11, 2016 – Athabasca Minerals Inc. announced improved revenues and aggregates sales as part of its release of its first quarter financial results for 2016.
Highlights from the first quarter of 2016:
- Revenue of $1,480,975 for the period ending March 31, 2016, versus $1,262,803 for the comparable period ending March 31, 2015.
- Corporate owned aggregate sales of $1,102,773 in the first quarter 2016 versus $309,077 for the comparable period ending March 31, 2015.
- Gross Profit of $215,122 in Q1 2016 versus gross loss of $328,377 in Q1 2015.
- Net loss of $634,150 for the period ending March 31, 2016, versus a net loss of $1,403,318 for the comparable period ending March 31, 2015.
- Cash at the end of March 31, 2016 of $2,925,800 and working capital of $7,248,217.
- Appointment of Mr. Chris Greenwood, GSC to the position of Vice President, Operations.
- Appointment of Mr. Don Paulencu, ICD.D., to the position of Chairman, replacing Mr. Peter Elzinga.
The Corporation experienced a significant increase in sales at its corporate pits due to a large order in the first quarter of 2016. Management continues to recognize cost controls put into effect in 2015 with cost of sales being 30 per cent lower than the previous comparable period, and expects these efficiencies to be recognized moving forward. Susan Lake aggregate sales were down during Q1 due to lower demand related to less oil sands activities. Management remains focused on the diversification of supplying aggregates in Western Canada.
Athabasca has temporarily suspended operations at the Susan Lake public pit and the corporate pits located within the Wood Buffalo region. As of May 9th, 2016, a time frame for the return of employees to operations has yet to be determined. It is expected that once conditions are safe and the risk of additional wildfires has subsided, management will determine a course to action to return to operations at Susan Lake, and evaluate aggregate demand from corporate owned pits which includes the Kearl and House River pits.
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