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Uranium Resources Provides Full Year 2012 Review And Outlines Near-Term Initiatives

Stocks in this article: URRE

TABLES FOLLOW.

 

URANIUM RESOURCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

 
      December 31,
2012 2011
Current assets:
Cash and cash equivalents $ 4,664,596 $ 2,890,263
Receivables, net 276,801 123,336
Prepaid and other current assets 431,427 165,509
 
Total current assets 5,372,824 3,179,108
Property, plant and equipment, at cost:
Uranium properties 107,672,404 82,768,867
Other property, plant and equipment 1,360,598 868,454
Less—accumulated depreciation, depletion and impairment (65,318,921 ) (64,791,294 )
 
Net property, plant and equipment 43,714,081 18,846,027
Long-term investment:
Restricted cash 9,491,865 9,379,794
 
Total assets $ 58,578,770 $ 31,404,929
     
 
Current liabilities:
Accounts and short term notes payable $ 1,331,888 $ 1,148,812
Note payable 5,000,000
Current portion of restoration reserve 1,160,378 1,227,125
Royalties and commissions payable 665,745 665,745
Accrued interest and other accrued liabilities 859,981 374,088
Current portion of capital leases 112,140 65,161
       
Total current liabilities 9,130,132 3,480,931
Other long-term liabilities and deferred credits 3,837,679 4,008,634
Long-term capital leases, less current portion 17,582 54,071
Other long-term debt 450,000 450,000
       
Total liabilities 13,435,393 7,993,636
Shareholders' equity:
 

Common stock, $0.001 par value, shares authorized: 200,000,000; sharesissued and outstanding (net of treasury shares):

2012—16,150,163; 2011—9,400,501

16,154 9,404
Paid-in capital 207,338,549 169,988,842
Accumulated deficit (162,201,908 ) (146,577,535 )
Less: Treasury stock (3,813 shares), at cost (9,418 ) (9,418 )
       
Total shareholders' equity 45,143,377 23,411,293
       
Total liabilities and shareholders’ equity $ 58,578,770 $ 31,404,929
 

 

URANIUM RESOURCES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

 
      Year Ended December 31,
2012 2011 2010
Revenues:
Uranium sales $   $   $
Total revenue
Cost of uranium sales:
Royalties and commissions
Operating expenses 2,564,827 648,278 394,763
Accretion/amortization of restoration reserve 85,181 121,183 155,943
Depreciation 396,246 599,504 756,377
Writedown of uranium properties 1,737,359 1,460,170 961,278
Exploration and land maintenance expenses 492,858 17,918 1,646
           
Total cost of uranium sales 5,276,471 2,847,053 2,270,007
           
Loss from operations before corporate expenses (5,276,471 ) (2,847,053 ) (2,270,007 )
Corporate expenses:

General and administrative (includes stock compensation expense of$427,000, $884,000 and $1,032,000 in 2012, 2011 and 2010,respectively)

10,399,084 8,400,955 6,911,672
Provision for legal settlement 1,375,000
Depreciation 160,747 127,741 143,361
           
Total corporate expenses 10,559,831 8,528,696 8,430,033
           
Loss from operations (15,836,302 ) (11,375,749 ) (10,700,040 )
Other income (expense):
Interest expense (50,880 ) (18,968 ) (25,362 )
Interest and other income, net 262,809 195,320 370,835
           
Total other income, net 211,929 176,352 345,473
           
Net loss $ (15,624,373 ) $ (11,199,397 ) $ (10,354,567 )
           
Basic and diluted net loss per common share $ (1.28 ) $ (1.20 ) $ (1.43 )
Average weighted shares outstanding 12,237,349 9,348,053 7,231,346
 

 

URANIUM RESOURCES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 
      Year Ended December 31,
2012 2011 2010
Cash flows from operating activities:
Net loss $ (15,624,373 ) $ (11,199,397 ) $ (10,354,567 )
Reconciliation of net loss to cash used in operations—
Accretion/amortization of restoration reserve 85,181 121,183 155,943
Depreciation and depletion 556,993 727,245 899,738
Writedown of uranium properties and exploration expenses 1,737,359 1,460,170 961,278
Decrease in restoration and reclamation accrual (1,767,289 ) (1,530,303 ) (1,373,228 )
Stock compensation expense 427,292 883,941 1,032,308
Other non-cash items, net 73,932 2,289 19,700
Effect of changes in operating working capital items—
(Increase) decrease in receivables (148,465 ) (77,092 ) 17,646
(Increase) decrease in prepaid and other current assets (88,578 ) 13,722 (53,831 )
Increase (decrease) in payables and accrued liabilities and deferred credits   (116,223 )  

(802,560

)   1,334,939
Net cash used in operating activities (14,864,171 ) (10,400,802 ) (7,360,074 )
Cash flows from investing activities:
(Increase) decrease in certificate of deposit, restricted

 

161,834 (2,042,428 ) (551,366 )
Additions to property, plant and equipment—
Kingsville Dome (690,108 ) (141,137 ) (149,652 )
Rosita (68,454 ) (125,693 ) (58,504 )
Vasquez (101,874 ) (97,200 ) (77,500 )
Rosita South (9,447 ) (40,959 ) (78,813 )
Los Finados/Tecolote project (5,950 ) (88,236 ) (1,168,780 )
Churchrock (2,770,833 ) (58,838 ) (138,541 )
Crownpoint/Section 13 Drilling (283,625 ) (34,921 ) (119,624 )
Proceeds from Joint Venture agreement 300,000
Other property (519,690 ) (35,311 ) (23,123 )
Juan Tefoya (565,244 )
Acquisition of Neutron Energy, Inc.   (3,677,133 )    
Net cash used in investing activities (8,530,524 ) (2,364,723 ) (2,365,903 )
Cash flows from financing activities:
Proceeds from note payable 5,000,000
Proceeds from (payments of) borrowings (95,664 ) (83,539 ) (117,710 )
Issuance of common stock, net   20,264,692   352,855   19,138,091
Net cash provided by (used in) financing activities 25,169,028 269,316 19,020,381
     
Net increase (decrease) in cash and cash equivalents 1,774,333 (12,496,209 ) 9,294,404
Cash and cash equivalents, beginning of year 2,890,263 15,386,472 6,092,068
     
Cash and cash equivalents, end of year $ 4,664,596 $ 2,890,263 $ 15,386,472
 




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