Uranium Resources, Inc.’s (NASDAQ:URRE) loss widened in the first quarter, as the company’s results were dragged down by higher costs. Uranium Resources, Inc. is engaged in the business of acquiring, exploring, developing and mining uranium properties, using the in situ recovery or solution mining process.
Uranium Resources Earnings Cheat Sheet for the First Quarter
Results: Loss widened to $3 million (3 cents/diluted share) from $2.3 million (loss of 4 cents/share) in the same quarter a year earlier.
Quoting Management: Don Ewigleben, President and CEO of URI, commented, “We remain strongly encouraged regarding the outlook for the uranium market and the nuclear power industry. The devastating events in Japan creating the challenges faced with the Fukushima nuclear power facility are daunting, but will provide an excellent proving ground for the potential of nuclear power, the requirements that must be considered even in the most bizarre of situations and proof that controls and safety measures can work when properly applied. Although there is yet to be more discussion, in the end we expect the recognition of nuclear power as a global necessity will prevail. This in turn will revive the conversation regarding the shortage of uranium needed to supply the existing nuclear facilities around the world, as well as any growth plans, and importantly, the rapidly nearing shortage of uranium the U.S. could realize come 2013.”
Key Stats: The company’s cost of sales rose to $759,889 from $587,199 in the year earlier quarter.
From the fourth quarter of the last fiscal year, the company’s current liabilities fell to $3.3 million from $5 million.
Competitors to Watch: Uranium Energy Corp. (AMEX:UEC), Cameco Corporation (NYSE:CCJ), Uranerz Energy Corp. (AMEX:URZ), Ur-Energy Inc. (AMEX:URG), Denison Mines Corp. (AMEX:DNN), Crosshair Exploration & Mining Corp. (AMEX:CXZ), USEC Inc. (NYSE:USU), General Moly, Inc. (AMEX:GMO), Ur-Energy Inc. (NYSE:URE), and American Uranium Corp (ACUC)
Stock Performance: Shares of URRE are up 3.39% at $1.83 per share today from the previous close.