Athabasca Earns Record $0.107 Earnings Per Share in 2011
EDMONTON, ALBERTA--(Marketwire - March 28, 2012) - Athabasca Minerals Inc. (the "Corporation" or "Athabasca") (TSX VENTURE:ABM) is pleased to announce the filing of its financial results for the fourth quarter and year ended November 30, 2011.
Net income for fiscal 2011 was $2,895,688 compared to $1,681,808 earned in the prior year, representing a 72.2% growth in profits during 2011, and an increase of $1,213,880. Sales during the year improved to $12,179,997, a 9.5% increase over fiscal 2010 sales of $11,120,433.
Basic net income per share was $0.107 in 2011 compared to $0.060 in 2010, an improvement of 78.3%.
The Corporation surpassed its 2011 estimate of 7,500,000 tonnes of aggregate sales by 258,612 tonnes, or 3.4%. Annual aggregate sales volume in 2011 surpassed 2010 by 6.9% on volume of 7,758,612 tonnes sold compared to 7,255,732 tonnes sold in 2010.
"We are very pleased by the sustained strong sales and profitability delivered during the fourth quarter and throughout the year" stated Dom Kriangkum, President and CEO. "Significant shareholder value was created during fiscal 2011, with aggregate demand remaining brisk at year end."
The complete financial statements for Athabasca for the year ended November 30, 2011 and Management's Discussion & Analysis for the same period are available for viewing 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 in Canada. These activities include contracts works, 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. Its Firebag property north of Fort McMurray contains silica sand resources that have been independently tested and have been found to comply favorably with specifications and technical standards used in the fracking industry. The Corporation's aim is to find and develop local sources of industrial minerals and aggregates essential to high growth economic development.
