Uranium Res. increases profits

Texas company Uranium Resources (TSE) managed to stay in the black during the third quarter of 1991 despite production problems at its Rosita uranium property.

Uranium Resources reported net income of just over US$1 million or 15 cents a share on revenues of US$4.4 million for the three months ended Sept. 30 compared with income of US$1.7 million or 23 cents a share on revenue of US$6.6 million in the same period last year.

As a result of substantially reduced operation costs, Uranium Resources’ net income increased to US$2.6 million or 36 cents per share in the nine months ended Sept. 30 compared with income of US$2.4 million or 33 cents a share in the year-ago period.

“We were able to increase earnings despite an 18% decrease in revenues from US$14.6 million to US$12 million,” said chief executive officer Raymond Larson.

He said the company has addressed some of the concerns which have prevented Toronto-based Rio Algom (TSE) from proceeding with a previously announced plan to merge with Uranium Resources. He said output and production costs at the Rosita mine in south Texas have been restored to projected levels and bacteria that inhibited recoveries are now under control.

“Based on these developments, we expect to resume discussions with Rio Algom in the very near future to definitively resolve the status of the proposed transaction as soon as possible,” Larson said.


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