Uranium Resources Hits New 52-Week High As 1Q Adjusted Loss Narrows and Revenue Surgesadmin
Uranium miner Uranium Resources Inc. said Friday it swung to a first-quarter loss from a year-ago profit that included hefty gains, but the uranium miner’s shares hit a new year-high as revenue surged on higher selling prices.
Losses totaled $1.4 million, or 3 cents per share, compared with last year’s profit of $32.2 million, or 73 cents per share, which included a $34.3 million gain on derivatives. Excluding items, the latest-quarter loss narrowed compared with a year-ago loss of $2.1 million, or 5 cents per share.
Revenue more than quadrupled to $4.6 million from $1.1 million last year, as the average selling price of U308 uranium rose to $57.41 from $16.29 per pound. The cost of pounds sold also gained, but less sharply.
“We continue to meet our goals in Texas to increase production while lowering costs,” said Dave Clark, president. “Our efforts have put us in a strong financial position where we can now concentrate on how to invest the cash we can now generate. We have already begun to invest in our future by aggressively acquiring new exploration targets in Texas.”
Uranium Resources shares added 36 cents, or 3.8 percent, to $9.91 in morning trading, topping the stock’s previous 52-week high of $7.92.
Information from: AP via Yahoo News