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Uranium Resources, Inc. Provides First Quarter 2012 Update

TABLES FOLLOW.

           
URANIUM RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
March 31, December 31,
2012 2011
Current assets:
Cash and cash equivalents $ 9,907,372 $ 2,890,263
Receivables, net 404,247 123,336
Note receivable 917,457
Prepaid and other current assets 178,461 165,509
Total current assets 11,407,537 3,179,108
 
Property, plant and equipment, at cost:
Uranium properties 83,578,081 82,768,867
Other property, plant and equipment 966,586 868,454
Less-accumulated depreciation, depletion and impairment (64,936,940 ) (64,791,294 )
Net property, plant and equipment 19,607,727 18,846,027
 
Long-term investment:
Certificates of deposit, restricted 9,416,268 9,379,794
$ 40,431,532 $ 31,404,929
Current liabilities:
Accounts payable $ 1,859,823 $ 1,148,182
Current portion of asset retirement obligations 1,139,840 1,227,125
Royalties and commissions payable 665,745 665,745
Accrued interest and other accrued liabilities 820,466 374,088
Current portion of capital leases 66,950 65,161
Total current liabilities 4,552,824 3,480,931
 
Asset retirement obligations 3,403,670 3,508,634
Other long-term deferred credits 500,000 500,000
Long term capital leases, less current portion 36,644 54,071
Long-term debt, less current portion 450,000 450,000
Commitments and contingencies
Shareholders’ equity:
Common stock, $.001 par value, shares authorized: 200,000,000; shares issued and outstanding (net of treasury shares): 2012—106,062,979; 2011—94,005,006 106,101

94,043
Paid-in capital 181,575,716 169,904,203
Accumulated deficit (150,184,005 ) (146,577,535 )
Less: Treasury stock (38,125 shares), at cost (9,418 ) (9,418 )
Total shareholders’ equity 31,488,394 23,411,293
$ 40,431,532 $ 31,404,929
 
     

URANIUM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Three Months Ended
March 31,
2012       2011
Revenues:
Uranium sales $ $
Total revenue
Costs and expenses:
Cost of uranium sales
Operating expenses 220,408 151,149
Accretion/amortization of restoration reserve 23,119 38,199
Depreciation and depletion 116,322 172,729
Impairment of uranium properties 266,923 305,914
Exploration expenses 26,715 91,898
Total cost of uranium sales 655,487 759,889
Loss from operations before corporate expenses (655,487 ) (759,889 )
 
Corporate expenses—
General and administrative 3,013,136 2,298,991
Depreciation 31,884 34,879
Total corporate expenses 3,045,020 2,333,870
Loss from operations (3,700,507 ) (3,093,759 )
 
Other income (expense):
Interest expense (3,547 ) (5,620 )
Interest and other income, net 97,584 72,886
Net loss $ (3,606,470 ) $ (3,026,493 )
 
Net loss per common share:
Basic $ (0.04 ) $ (0.03 )
Diluted $ (0.04 ) $ (0.03 )
 
Weighted average common shares and common equivalent shares:
Basic 98,046,897 93,263,212
Diluted 98,046,897 93,263,212
 
     
URANIUM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Three Months Ended
March 31,
2012       2011
Operating activities:
Net loss $ (3,606,470 ) $ (3,026,493 )
Reconciliation of net loss to cash used in by operations—
Accretion/amortization of restoration reserve 23,119 38,199
Depreciation and depletion 148,206 207,608
Impairment of uranium properties 268,923 305,914
Decrease in restoration and reclamation accrual (430,185 ) (361,903 )
Stock compensation expense 192,818 373,847
Other non-cash items, net 609 2,289
 
Effect of changes in operating working capital items—
(Increase) decrease in receivables (280,911

)
45,246
Increase in prepaid and other current assets (12,952 ) (92,986 )
Increase (decrease) in payables, accrued liabilities and deferred credits 1,157,389 (1,012,947 )
Net cash used in operations (2,539,454 ) (3,521,226 )
 
Investing activities:
Increase in certificates of deposit, restricted (36,474 ) (509,831 )
Increase in notes receivable – Neutron credit and financing agreement (917,457

)
Additions to property, plant and equipment—
Kingsville Dome (87,232 ) (17,748 )
Vasquez

(6,600

)
Rosita/Rosita South (12,936 )

(88,209
)
Los Finados (85,236

)
Churchrock (547,120 ) (6,667 )
Crownpoint/Section 13 Drilling (155,964 ) (17,805 )
Other property (161,369 )
Net cash used in investing activities (1,918,552 ) (732,096 )
 
Financing activities:
Payments on borrowings (15,638 ) (23,507 )
Issuance of common stock, net 11,490,753 27,345
Net cash provided by financing activities 11,475,115 3,838
Net increase (decrease) in cash and cash equivalents 7,017,109 (4,249,484 )
Cash and cash equivalents, beginning of period 2,890,263 15,386,472
Cash and cash equivalents, end of period $ 9,907,372 $ 11,136,988
 
Non-cash transactions:
 
Issuance of common stock in settlement of deferred compensation $ $ 697,027
Issuance (forfeiture) of restricted stock to employees $ (16) $ 43
 

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