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Uranium Resources, Inc. Provides Third Quarter 2012 Update

Stocks in this article: URRE

             

URANIUM RESOURCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30,

2012

December 31,

2011

Current assets:
Cash and cash equivalents $ 3,978,348 $ 2,890,263
Receivables, net 268,564 123,336
Prepaid and other current assets 307,907 165,509
Total current assets 4,554,819 3,179,108
 
Property, plant and equipment, at cost:
Uranium properties 107,074,892 82,768,867
Other property, plant and equipment 1,359,626 868,454

Less-accumulated depreciation, depletion and

impairment

(65,185,316) (64,791,294)
Net property, plant and equipment 43,249,202 18,846,027
 
Long-term investment:
Certificates of deposit, restricted 9,485,844 9,379,794
$ 57,289,865 $ 31,404,929
Current liabilities:
Accounts payable $ 2,116,976 $ 1,148,812
Current portion of asset retirement obligations 1,245,667 1,227,125
Royalties and commissions payable 665,745 665,745
Accrued interest and other accrued liabilities 859,206 374,088
Current portion of capital leases 142,004 65,161
Total current liabilities 5,029,598 3,480,931
 
Asset retirement obligations, less current portion 3,153,759 3,508,634
Other long-term deferred credits 500,000 500,000
Long term capital leases, less current portion 26,607 54,071
Long-term debt, less current portion 450,000 450,000
Commitments and contingencies    
Total Liabilities: 9,159,964 7,993,636
Shareholders’ equity:

Common stock, $.001 par value, shares

authorized: 200,000,000; shares issued andoutstanding (net of treasury shares): 2012 -158,746,746; 2011 - 94,005,006

158,835 94,043
Paid-in capital 206,046,082 169,904,203
Accumulated deficit (158,065,598) (146,577,535)
Less: Treasury stock (38,125 shares), at cost (9,418) (9,418)
Total shareholders’ equity 48,129,901 23,411,293
$ 57,289,865 $ 31,404,929
 

         

URANIUM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 
Three Months Ended September 30, Nine months ended September 30,
2012     2011 2012     2011
Revenues:
Uranium sales $ $ $ $
Total revenue
Costs and expenses:
Cost of uranium sales
Operating expenses 776,764 133,753 1,920,601 498,862

Accretion/amortization of asset retirement

 

 

 

 

obligations

22,673

26,543

69,416

95,562

Depreciation and depletion 91,319 145,193 318,637 476,375
Impairment of uranium properties 296,628 493,568 1,048,400 1,081,666
Exploration expenses 12,402 (25,816 ) 69,861 82,871
Total cost of uranium sales 1,199,786 773,241 3,426,915 2,235,336
Loss from operations before corporate expenses (1,199,786 ) (773,241 ) (3,426,915 ) (2,235,336 )
Corporate expenses—
General and administrative 2,994,663 2,022,139 8,191,352 6,289,557
Depreciation 40,911 31,717 104,751 100,383
Total corporate expenses 3,035,574 2,053,856 8,296,103 6,389,940
Loss from operations (4,235,360 ) (2,827,097 ) (11,723,018 ) (8,625,276 )
Other income (expense):
Interest expense (6,055 ) (4,395 ) (12,723 ) (15,000 )
Interest and other income, net 20,501 44,246 247,678 133,856
Net loss $ (4,220,914 ) $ (2,787,246 ) $ (11,488,063 ) $ (8,506,420 )
Net loss per common share:
Basic $ (0.03 ) $ (0.03 ) $ (0.10 ) $ (0.09 )
Diluted $ (0.03 ) $ (0.03 ) $ (0.10 ) $ (0.09 )

Weighted average common shares and common

equivalent shares:

Basic 124,134,763 93,528,362 109,534,070 93,407,739
Diluted 124,134,763 93,528,362 109,534,070 93,407,739
 

       

URANIUM RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

Nine months ended September 30,
2012     2011
Operating activities:
Net loss $ (11,488,063 ) $ (8,506,420 )
Reconciliation of net loss to cash used in operations—
Accretion/amortization of asset retirement obligations 69,416 95,562
Depreciation and depletion 423,388 576,758
Impairment of uranium properties 1,048,400 1,081,666
Decrease in restoration and reclamation accrual (1,299,806 ) (1,170,956 )
Stock compensation expense 373,838 737,300
Other non-cash items, net 73,932 2,289
Effect of changes in operating working capital items—
Increase in receivables (140,228 ) (246,821 )
Increase in prepaid and other current assets (125,058 ) (81,445 )
Increase (decrease) in payables, accrued liabilities and deferred credits 668,089 (773,860 )
Net cash used in operations (10,396,092 ) (8,285,927 )
 
Investing activities:
(Increase) decrease in certificates of deposit, restricted 167,855 (1,525,125 )
Additions to property, plant and equipment—
Kingsville Dome (667,920 ) (110,063 )
Vasquez (10,274 ) (15,100 )
Rosita/Rosita South (46,213 ) (118,732 )
Los Finados (5,950 ) (88,236 )
Churchrock (2,649,359 ) (30,057 )
Crownpoint/Section 13 (280,529 ) (17,805 )
Other property (617,885 ) (34,785 )
Acquisition of Neutron Energy Inc. (3,677,133 )
Proceeds from joint venture agreement 300,000
Net cash used in investing activities (7,787,408 ) (1,639,903 )
Financing activities:
Payments on borrowings (56,775 ) (67,261 )
Issuance of common stock, net 19,328,360 21,345
Net cash provided by (used in) financing activities 19,271,585 (45,916 )
Net increase (decrease) in cash and cash equivalents 1,088,085 (9,971,746 )
Cash and cash equivalents, beginning of period 2,890,263 15,386,472
Cash and cash equivalents, end of period $ 3,978,348 $ 5,414,726
Non-cash transactions:
Issuance of common stock to acquire Neutron Energy, Inc. $ 16,650,000 $
Issuance of common stock in settlement of deferred compensation $ $ 697,027
Issuance of restricted stock to employees and directors $ 391 $ 176
Capital lease obligations $ 106,154 $
 




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