Polaris Holdings Six Month Financial Results
In a filing with the Bermuda Stock Exchange [BSX], Polaris Holding Company Limited reported its financial results for the six months ended September 30th, 2015.
The filing stated: “On November 2, 2015 Polaris Holding Company Limited, parent Company to Stevedoring Services Limited, reported its financial results for six months ended September 30, 2015.
“Mrs. Cheryl Hayward-Chew, Chairman, reported that container volumes were up 3.9% year over year, with loose “break bulk” cargo also significantly higher year over year. Revenue for the half was $5.59 million, 13.9% above prior year’s $4.91 million.
“Polaris reported profits for the six months ended September 30, 2015 of $737K or $0.59 per share.
“Contrast this to last year’s first half which reflected a loss of [$271K] or [$0.22] per share and the prior year ended March 31, 2015 in deficit [$443K] or [$0.34] per share. The last few years have been a struggle for Polaris, with the Company reflecting operating deficits in each of its past four years.
“To achieve such a turn-around in just over one-year was no small feat. Operating expenses in the current half were trimmed over $300K from the prior year’s first six months, despite the higher volumes. This cost cutting punctuates a significant improvement in operations.
“Warren Jones took the reins as CEO of Polaris on January 1, 2014. At the time the Company was struggling with a legacy of poor management—labour relations and having paid little attention to maintenance. At that time, Mr. Jones publically committed to move Stevedoring Services and Polaris not just to profitability, but to success and he has delivered!
“Polaris’ staffing costs have been reduced, with belt tightening having occurred on both the administrative side and from unionized labour. Savings focused on attrition and early retirements.
“Training and maintenance has been restored. “A large part of the losses in the prior two years represented us getting our house in order” Mr. Jones highlights, “with hundreds of thousands of dollars spent on our two most valuable assets, equipment maintenance and staff training”.
“The Company’s debt has also been reduced, dropping [$841K] in the past 12 months.
While pleased with the Company’s success, Mr. Jones made it clear he is not done yet. “Stevedoring Services, which has historically kept to its core, operating the Hamilton docks, expanded its services in 2015, successfully bidding and facilitating the unloading of America’s Cup equipment for Oracle Team USA at Dockyard and providing logistical support, equipment and labour for the recently concluded Louis Vuitton America’s Cup World Series. This is a versatile company with skilled labour and significant capital. We intend to build on that and expand our footprint. Wherever there is a dock, we want to be there!”
Mr. Jones went on to say “As far as Polaris goes, in addition to it being the parent company of Stevedoring Services, Polaris operates Mill Reach Holdings Company Limited, a company which holds real estate located at Mill Reach Lane, Pembroke, and it operates Equipment Sales and Rental Limited, a company which owns and leases heavy operating machinery and equipment.
“However, we have done a poor job of selling ourselves and our other services. Most people, if asked, couldn’t tell you who Polaris is. We are changing that. In the coming years Polaris plans to grow, both organically and through acquisition”.
