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TheStreet Open House

Uranium Resources, Inc. Provides Second Quarter 2012 Update

TABLES FOLLOW.

 
URANIUM RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
           
June 30, December 31,
2012 2011
Current assets:
Cash and cash equivalents $ 2,824,375 $ 2,890,263
Receivables, net 206,690 123,336
Notes receivable 3,156,765
Prepaid and other current assets 119,267   165,509  
Total current assets 6,307,097   3,179,108  
 
Property, plant and equipment, at cost:
Uranium properties 85,662,769 82,768,867
Other property, plant and equipment 1,030,043 868,454
Less-accumulated depreciation, depletion and impairment (65,053,086 ) (64,791,294 )
Net property, plant and equipment 18,846,027
 
Long-term investment:
Certificates of deposit, restricted 9,426,509   9,379,794  
$ 37,373,332   $ 31,404,929  
Current liabilities:
Accounts payable $ 2,793,107 $ 1,148,812
Current portion of asset retirement obligations 1,294,910 1,227,125
Royalties and commissions payable 665,745 665,745
Accrued interest and other accrued liabilities 401,931 374,088
Current portion of capital leases 77,144   65,161  
Total current liabilities 5,232,837   3,480,931  
 
Asset retirement obligations 3,265,182 3,508,634
Other long-term deferred credits 500,000 500,000
Long term capital leases, less current portion 35,317 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—106,420,250; 2011—94,005,006 106,458 94,043
Paid-in capital 181,637,640 169,904,203
Accumulated deficit (153,844,684 ) (146,577,535 )
Less: Treasury stock (38,125 shares), at cost (9,418 ) (9,418 )
Total shareholders’ equity 27,889,996   23,411,293  
$ 37,373,332   $ 31,404,929  

           
URANIUM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Three Months Ended

Six Months Ended

June 30, June 30,
2012       2011 2012       2011  
Revenues:
Uranium sales $ $ $

$

 
Total revenue
Costs and expenses:
Cost of uranium sales
Operating expenses 923,429 213,960 1,143,837 365,109
Accretion/amortization of asset retirement obligations 23,624 30,820 46,743 69,019
Depreciation and depletion 110,996 158,453 227,318 331,182
Impairment of uranium properties 482,849 282,184 751,772 588,098
Exploration expenses 30,744 16,789 57,459 108,687  
Total cost of uranium sales 1,571,642 702,206 2,227,129 1,462,095  
Loss from operations before corporate expenses (1,571,642 ) (702,206 ) (2,227,129 ) (1,462,095 )
 
Corporate expenses—
General and administrative 2,183,553 1,968,427 5,196,689 4,267,418
Depreciation 31,956 33,787 63,840 68,666  
Total corporate expenses 2,215,509 2,002,214 5,260,529 4,336,084  
Loss from operations (3,787,151 ) (2,704,420 ) (7,487,658 ) (5,798,179 )
 
Other income (expense):
Interest expense (3,121 ) (4,985 ) (6,668 ) (10,605 )
Interest and other income, net 129,593 16,724 227,177 89,610  
 
Net loss $ (3,660,679 ) $ (2,692,681 ) $ (7,267,149 ) $ (5,719,174 )
 
Net loss per common share:
Basic $ (0.03 ) $ (0.03 ) $ (0.07 ) $ (0.06 )
Diluted $ (0.03 ) $ (0.03 ) $ (0.07 ) $ (0.06 )
 
Weighted average common shares and common equivalent shares per share data:
Basic 106,260,110 93,429,103 102,153,503 93,346,428  
Diluted 106,260,110 93,429,103 102,153,503 93,346,428  

     
URANIUM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six Months Ended
June 30,
2012       2011
Operating activities:
Net loss $ (7,267,149 ) $ (5,719,174 )
Reconciliation of net loss to cash used in by operations—
Accretion/amortization of asset retirement obligations 46,743 69,019
Depreciation and depletion 291,158 399,848
Impairment of uranium properties 751,772 588,098
Decrease in restoration and reclamation accrual (879,269 ) (752,961 )
Stock compensation expense 311,797 579,502
Other non-cash items, net 609 2,288
 
Effect of changes in operating working capital items—
Increase in receivables (83,354 ) (90,134 )
Increase in prepaid and other current assets 46,242 17,394
(Increase ) decrease in payables, accrued liabilities and deferred credits 1,672,138 (1,185,614 )
Net cash used in operations (5,109,313 ) (6,091,734 )
 
Investing activities:
Increase in certificates of deposit, restricted (46,715 ) (1,018,354 )
Increase in notes receivable – Neutron credit and financing agreement (3,156,765 )
Additions to property, plant and equipment—
Kingsville Dome (537,187 ) (73,913 )
Vasquez (10,045 ) (15,100 )
Rosita/Rosita South (29,943 ) (92,080 )
Los Finados (5,950 ) (88,237 )
Churchrock (2,016,662 ) (9,899 )
Crownpoint/Section 13 (197,042 )
Other property (358,619 ) (28,812 )
Proceeds from joint venture agreement 300,000
Net cash used in investing activities (6,358,928 ) (1,026,395 )
 
Financing activities:
Payments on borrowings (31,702 ) (45,984 )
Issuance of common stock, net 11,434,055 21,345
Net cash provided by (used in) financing activities 11,402,353 (24,639 )
Net decrease in cash and cash equivalents (65,888 ) (7,142,768 )
Cash and cash equivalents, beginning of period 2,890,263 15,386,472
Cash and cash equivalents, end of period $ 2,824,375 $ 8,243,704
 
Non-cash transactions:
 
Issuance of common stock in settlement of deferred compensation $ $ 697,027
Issuance (forfeiture) of restricted stock to employees and directors $ 341 $ 176
Capital lease obligations $ 24,931 $




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