| | Publié le 11 mai 2009 | Reports First Quarter 2009 Results |
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Uranium Resources, Inc. Reports
First Quarter 2009 Results
LEWISVILLE, TX, May
11, 2009 --- Uranium Resources, Inc. (NASDAQ:� URRE) (URI),
announced today its financial results for the first quarter of 2009, which
ended March 31, 2009.
Revenue
for the first quarter of 2009 was $1.4 million, a $4.3 million decrease
compared with
$5.7 million during the first quarter of 2008.�
Lower revenue was the result of the Company�s decision to wind down
production as a result of lower market prices.�
The net loss for the first quarter of 2009 was $1.6 million, or $0.03
per diluted share, compared with a net loss of $1.8 million, or $0.04 per
diluted share, in the 2008 quarter, primarily due to the revenue decline. �
During
the quarter, URI sold 27,600 pounds of
uranium, a 66.0% decrease from the 81,100 pounds of uranium
sold in last year�s first quarter. �URI
received an average sales price per pound of $51.51 in the first quarter of
2009, down significantly from an average per pound price of $70.66 in the 2008
quarter.� The average direct cost of
pounds sold in the 2009 first quarter was $39.88 compared with an average cost
of $50.02 in last year�s first quarter.� The
direct cost of uranium sold includes operating expense and depreciation,
depletion and amortization (DD&A), but excludes royalties and commissions. �
First
Quarter Production
URI
produced 31,600 pounds
of uranium, including positive inventory adjustments of 1,800 pounds during
the first quarter of 2009 compared with 83,400 pounds
produced during the 2008 first quarter and 41,200 pounds
produced during the trailing fourth quarter of 2008.� The Company began to wind down production
operations in Texas
during the fourth quarter of 2008 as a result of the declining price of uranium
and the rising cost of production.� Production
costs for the quarter were $25.23 per pound compared with $49.78 pound in the
same quarter of 2008 and $32.69 in the trailing fourth quarter of 2008. �
All production for the first
quarter of 2009 was from two wellfields at Kingsville Dome that are being
produced out.� In last year�s first
quarter, 4,300 pounds
were produced at Vasquez and 79,100 were produced at Kingsville Dome.� At the end of the quarter the Company held 40,200 pounds of
uranium inventory.
Dave
Clark, President and CEO, commented, �Our
last two wellfields have surprisingly continued to produce at a slow steady
profitable pace. We expect to produce an additional 5,000 to 10,000 pounds before
these wellfields are depleted by the end of the second quarter.
Production & Sales Summary
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Q1 2009
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Q4 2008
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Q3 2008
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Q2 2008
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Q1 2008
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Pounds
U3O8 produced
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31,600
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41,200
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62,700
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113,500
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83,400
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Production
cost per pound
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$����� 25.23
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$���� 32.69
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�$�� 68.52
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�$�� 40.03
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�$�� 49.78
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Pounds
U3O8 sold
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27,600
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38,700
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��� 66,300
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99,400
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81,100
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Direct cost of sales per
pound
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$����� 39.88
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$����� 53.32
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�$�� 54.69
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�$�� 41.52
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�$�� 50.02
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Average selling price per
pound
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$����� 51.51
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$����� 56.76
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�$� �60.71
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�$�� 66.41
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�$�� 70.66
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Significant operating cost
reductions made beginning in the fourth quarter of 2008, along with the impact
of the write-down to fair market value of URI�s
uranium assets in 2008 and 2009, resulted in the lower production costs per
pound in the first quarter of 2009.� The
uranium asset write-down reduced the amount of capital costs attributable to
the Company�s uranium properties and resulted in lower depreciation and
depletion in the current period.
Mr. Clark noted, �We have not
yet seen the improvement in market prices we would need to invest in new
wellfields.� As such, we continue to
focus on the restoration of depleted wellfields at Kingsville Dome, Rosita and
Vasquez.� However, we might have the
opportunity to produce sellable pounds by processing by-product material from
previous processing activities at Kingsville Dome.� Otherwise, we continue to scale back our Texas
operations and evaluate the value of our processing assets.�
Cash
Management Update and Outlook
Cash
at the end of the quarter was $10.1 million compared with $12.0 million at the
end of 2008 and $5.2 million at March
31, 2008.� A significant
portion of the cash on hand at March
31, 2009, and December
31, 2008, was generated from the $12.8 million in net proceeds
received from the sale of common stock and warrants in a private placement in
May 2008. �
The Company used
$1.6 million cash in operations during the first quarter of 2009 compared
with $0.2 million in the trailing fourth quarter of 2008.� General and administrative expenses for the
quarter were $1.4 million, compared with
$2.1 million in the fourth quarter of 2008 and $2.7 million in last year�s
first quarter.� The decrease reflected
reductions in payroll, office, consulting and travel expenses related to the
Company�s cash conservation program.
Mr. Clark stated, �We continue
to cut costs in ways that will not hinder the advancement toward our strategic
goals.� Focusing on restoration
activities in Texas
allows us to complete these activities in the most efficient cost effective
manner while we await higher prices to gain the most from our remaining
production potential.� In New Mexico,
we are seeing substantial renewed interest in uranium mining as a result of the
economic downturn.� We believe there is a
positive momentum building as more organizations are working together to
evaluate the soundness of the science and safety of uranium mining.� More importantly, we believe significantly
more progress can be made by working with the Navajo Nation.� �
On Friday,
April 17, 2009,
the United States Court of Appeals for the Tenth Circuit issued its 2 to 1
decision ruling that Section 8 of URI's
Churchrock property in New
Mexico is Indian
country.� This ruling means that the
United States Environmental Protection Agency (USEPA), and not the State of New Mexico,
has the jurisdiction to administer the Underground Injection Control (UIC)
program permit which URI requires for in
situ recovery (ISR) mining of that property.
Mr. Clark
commented, �We have until June
1, 2009 to decide whether to challenge the ruling with an en banc
review by the 10th Circuit Court.�
Of course, our preferred solution would be to come to mutually agreeable
terms with the Navajo Nation.� In either
event, we will proceed in a manner that will allow us to obtain the UIC
permit.�
Teleconference
and Webcast
The
Company is hosting a teleconference and webcast at 1:30
p.m. ET on May
11, 2009.� During the
teleconference, Dave Clark, President and Chief Executive Officer, will review
the financial and operating results for the first quarter of 2009 year and
discuss URI�s corporate strategy and
outlook.� A question-and-answer session
will follow.� The URI
conference call can be accessed by calling (201)
689-8562
approximately 10 minutes prior to the call.�
Alternatively, it can be listened to at the Company�s website at
www.uraniumresources.com.� Participants
should go to the website 10 - 15 minutes prior to the scheduled conference in
order to register and download any necessary audio software.
An archive of the
teleconference can also be heard by calling (201)
612-7415
and entering account number 3055 along with conference ID number 321732.� The telephonic replay will be available from 4:30
p.m. ET the day of the teleconference until 11:59
p.m. Monday, May
18, 2009.� The
archived webcast will be at www.uraniumresources.com.� A transcript of the call will also be posted,
once available.
About Uranium Resources, Inc.
Uranium Resources Inc. explores for, develops and mines uranium.� Since its incorporation in 1977, URI
has produced over 8 million pounds of uranium by in-situ recovery (ISR) methods
in the state of Texas
where the Company currently has ISR mining projects. �URI also
has 183,000 acres
of uranium mineral holdings and 101.4 million pounds of in-place mineralized
uranium material in New
Mexico.� The Company acquired these properties over
the past 20 years along with an extensive information database. �URI�s
strategy is to capitalize on the strong global market for uranium by fully
exploiting its resource base in Texas
and New Mexico,
acquiring new assets and through joint ventures or partnerships. Uranium Resources
routinely posts news and other information about the Company on its web site at
www.uraniumresources.com.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.� Forward-looking statements are subject to
risks, uncertainties and assumptions and are identified by words such as
�expects,� �estimates,� �projects,� �anticipates,� �believes,� �could,� and
other similar words.� All statements
addressing operating performance, events, or developments that the Company
expects or anticipates will occur in the future, including but not limited to
statements relating to the Company�s mineralized uranium materials, timing of
receipt of mining permits, production capacity of mining operations planned for
properties in South Texas and New Mexico, planned dates for commencement of
production at such properties, revenue, cash generation and profits are
forward-looking statements. Because they are forward-looking, they should be
evaluated in light of important risk factors and uncertainties. These risk
factors and uncertainties include, but are not limited to, the spot price and
long-term contract price of uranium, weather conditions, operating conditions
at the Company�s mining projects, government regulation of the mining industry
and the nuclear power industry, world-wide uranium supply and demand,
availability of capital, timely receipt of mining and other permits from
regulatory agents and other factors which are more fully described in the
Company�s documents filed with the Securities and Exchange Commission.� Should one or more of these risks or
uncertainties materialize, or should any of the Company�s underlying
assumptions prove incorrect, actual results may vary materially from those
currently anticipated. In addition, undue reliance should not be placed on the
Company�s forward-looking statements. Except as required by law, the Company
disclaims any obligation to update or publicly announce any revisions to any of
the forward-looking statements contained in this press release.
TABLES FOLLOW.
URANIUM RESOURCES,
INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
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March 31,
2009
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December 31,
2008
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Current
assets:
|
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Cash and cash equivalents.........................................................................
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$
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10,137,032
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$
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12,041,592
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Receivables, net........................................................................................
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4,149
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40,360
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Uranium inventory.....................................................................................
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909,635
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1,213,927
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Prepaid and other
current assets................................................................
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333,520
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513,489
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Total current assets...............................................................................
|
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11,384,336
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|
13,809,368
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|
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|
|
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Property, plant and equipment, at cost:
|
|
|
|
|
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Uranium properties....................................................................................
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85,172,046
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85,095,067
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Other property,
plant and equipment...........................................................
|
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899,560
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898,933
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Less-accumulated
depreciation, depletion and impairment............................
|
|
(63,489,488
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)
|
(63,215,677
|
)
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Net property,
plant and equipment...........................................................
|
|
22,582,118
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22,778,323
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|
|
|
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|
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Long-term
investment:
|
|
|
|
|
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Certificates of deposit, restricted.............................................................
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6,679,782
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6,636,715
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$
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40,646,236
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$
|
43,224,406
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|
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March 31,
2009
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December 31,
2008
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|
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Current
liabilities:
|
|
|
|
|
|
|
Accounts and
short term notes payable.......................................................
|
|
$
|
761,394
|
|
$
|
1,169,293
|
|
Current portion
of restoration reserve.........................................................
|
|
1,411,008
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1,660,422
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|
|
Royalties and commissions payable............................................................
|
|
668,841
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719,542
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|
|
Accrued interest
and other accrued liabilities...............................................
|
|
375,249
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607,975
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|
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Current portion
of capital leases.................................................................
|
|
150,606
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158,068
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|
|
Total current liabilities............................................................................
|
|
3,367,098
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|
4,315,300
|
|
|
|
|
|
|
|
|
|
Other long-term
liabilities and deferred credits................................................
|
|
6,350,282
|
|
6,531,378
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|
|
|
|
|
|
|
|
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Long term capital
leases, less current portion..................................................
|
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285,165
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320,108
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|
|
Long-term debt,
less current portion...............................................................
|
|
450,000
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|
450,000
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|
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Commitments and
contingencies (Notes 1, 2 and 5)
|
|
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|
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Shareholders�
equity:
|
|
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|
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|
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Common stock, $.001 par value��������������.
|
|
56,136
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55,994
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|
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Paid-in capital...........................................................................................
|
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146,678,347
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|
146,518,753
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Accumulated deficit..................................................................................
|
|
(116,531,374
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)
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(114,957,709
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)
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Less: Treasury
stock (38,125 shares), at cost..............................................
|
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(9,418
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)
|
(9,418
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)
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Total shareholders� equity......................................................................
|
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30,193,691
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31,607,570
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|
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$
|
40,646,236
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|
$
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43,224,406
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|
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|
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URANIUM
RESOURCES, INC.
CONSOLIDATED
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
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Three Months Ended
March 31,
|
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2009
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|
2008
|
|
Revenue:
|
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|
|
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Uranium sales��
|
|
$
|
1,422,390
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|
$
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5,731,538
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Total revenue��
|
|
1,422,390
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|
5,731,538
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Costs and expenses:
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|
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|
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Cost of uranium sales�
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|
|
|
|
|
Royalties and commissions�������
|
|
138,715
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560,402
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Operating expenses�����
|
|
869,949
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2,127,139
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Accretion/amortization
of restoration reserve����
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|
144,002
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206,988
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Depreciation and depletion�������
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231,294
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1,930,581
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Impairment of uranium properties���������
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|
182,374
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135,842
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Exploration expenses���
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|
773
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|
8,547
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Total
cost of uranium sales�������
|
|
1,567,107
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4,969,499
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Earnings
(loss) from operations before corporate expenses�������
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|
(114,717
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)
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762,039
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|
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Corporate expenses�
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General and administrative�������
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1,441,295
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2,701,807
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Depreciation����
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|
35,137
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34,213
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Total corporate expenses���������
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1,476,432
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2,736,020
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Loss from operations���
|
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(1,621,149
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)
|
(1,973,981
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)
|
|
|
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Other income (expense):
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|
|
|
|
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Interest expense����������
|
|
(11,228
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)
|
(11,429
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)
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Interest
and other income, net��
|
|
58,712
|
|
147,986
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|
|
|
|
|
|
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Net loss�����������
|
|
$
|
(1,573,665
|
)
|
$
|
(1,837,424
|
)
|
|
|
|
|
|
|
Net loss
per common share:
|
|
|
|
|
|
Basic���
|
|
$
|
(0.03
|
)
|
$
|
(0.04
|
)
|
Diluted
|
|
$
|
(0.03
|
)
|
$
|
(0.04
|
)
|
|
|
|
|
|
|
Weighted
average common shares and common equivalent shares per share data:
|
|
|
|
|
|
Basic���
|
|
56,096,644
|
|
52,305,129
|
|
Diluted
|
|
56,096,644
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52,305,129
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|
|
|
|
|
|
|
|
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�URANIUM RESOURCES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH
FLOW
(Unaudited)
|
|
Three Months Ended
March 31,
|
|
|
|
2009
|
|
2008
|
|
Net loss...............................................................................................
|
|
$
|
(1,573,665
|
)
|
$
|
(1,837,424
|
)
|
Reconciliation of
net earnings to cash provided by operations
|
|
|
|
|
|
Accretion/amortization
of restoration reserve...................................
|
|
144,002
|
|
206,988
|
|
Depreciation and depletion�������������������������������������������������
|
|
266,431
|
|
1,964,794
|
|
Impairment of uranium properties....................................................
|
|
182,374
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|
135,842
|
|
Decrease in
restoration and reclamation accrual..............................
|
|
(586,437
|
)
|
(250,986
|
)
|
Stock compensation expense..........................................................
|
|
159,736
|
|
654,427
|
|
Other non-cash items, net...............................................................
|
|
�
|
|
23,212
|
|
Effect of changes in operating working capital items�
|
|
|
|
|
|
Decrease in receivables.....................................................................
|
|
36,211
|
|
338,451
|
|
Decrease in inventories......................................................................
|
|
234,714
|
|
277,400
|
|
(Increase) decrease in prepaid and other current
assets.......................
|
|
179,969
|
|
(187,152
|
)
|
Decrease in payables, accrued liabilities and
deferred credits...............
|
|
(691,326
|
)
|
(517,627
|
)
|
Net cash provided by (used in) operations..............................................
|
|
(1,647,991
|
)
|
807,925
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
Increase in certificates of deposit, restricted........................................
|
|
(43,067
|
)
|
(325,054
|
)
|
Additions to property, plant and equipment�
|
|
|
|
|
|
Kingsville Dome............................................................................
|
|
(68,015
|
)
|
(2,159,188
|
)
|
Vasquez........................................................................................
|
|
(71,288
|
)
|
(152,520
|
)
|
Rosita...........................................................................................
|
|
(14,503
|
)
|
(1,801,713
|
)
|
Churchrock...................................................................................
|
|
(7,261
|
)
|
(75,064
|
)
|
Crownpoint....................................................................................
|
|
�
|
|
(30,523
|
)
|
Other property...............................................................................
|
|
(10,030
|
)
|
(226,858
|
)
|
Net cash used in investing activities.......................................................
|
|
(214,164
|
)
|
(4,770,920
|
)
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
Payments on borrowings....................................................................
|
|
(42,405
|
)
|
(82,718
|
)
|
Net cash used in financing activities.......................................................
|
|
(42,405
|
)
|
(82,718
|
)
|
Net decrease in cash and cash equivalents.............................................
|
|
(1,904,560
|
)
|
(4,045,713
|
)
|
Cash and cash equivalents, beginning of period.......................................
|
|
12,041,592
|
|
9,284,270
|
|
Cash and cash equivalents, end of period................................................
|
|
$
|
10,137,032
|
|
$
|
5,238,557
|
|
####
Kei Advisors LLC
12 Fountain Plaza
Buffalo, NY 14202
USA
<
|
Uranium Resources Inc.
|
|
PRODUCTEUR |
CODE : URRE |
ISIN : US9169016063 |
|
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Uranium Res. est une société de production minière d'uranium basée aux Etats-Unis D'Amerique. Uranium Res. détient divers projets d'exploration en Australie. Ses principaux projets en production sont KINGSVILLE DOME et ROSITA en USA, son principal projet en développement est ROCA HONDA en USA et ses principaux projets en exploration sont VASQUEZ, MOSSER, MARSHALL, WEST LARGO, SOUTH TEXAS LEASE et CROWPOINT en USA et MTONYA, CHURCHROCK / MANCOS et NOSE ROCK en Australie. Uranium Res. est cotée au Royaume-Uni, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 189,9 millions US$ (169,7 millions €). La valeur de son action a atteint son plus haut niveau récent le 27 avril 2007 à 9,99 US$, et son plus bas niveau récent le 05 avril 2019 à 0,13 US$. Uranium Res. possède 27 929 584 actions en circulation. |
Financements de Uranium Resources Inc. |
Nominations de Uranium Resources Inc. |
Rapports Financiers de Uranium Resources Inc. |
|
Projets de Uranium Resources Inc. |
|
Communiqués de Presse de Uranium Resources Inc. |
Publication de commentaires terminée |
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