Commodities & Metals
Uranium Miner Stumbles (URRE, CCJ)
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Low prices for uranium have hit producers hard, and Uranium Resources, Inc. (NASDAQ:URRE) has posted the numbers to prove it. First quarter 2009 revenue fell 75%, from $5.7 million in the same period a year ago to $1.7 million. The net EPS loss amounted to -$0.03, compared with an EPS loss of -$0.04 a year ago.
We’ve noted before the difficulties facing uranium miners. Even the largest uranium miner, Canada’s Cameco Corporation (NYSE:CCJ), reported a 38% drop in profits for the first quarter of 2009.
Uranium Resources is pinning its hopes for the rest of 2009 on moving ahead with its injection control project on the Navajo Nation in New Mexico. The company is also cutting costs in an effort to conserve cash.
Shares are off more than 10%, to $1.25 in the pre-market this morning. The company’s 52-week range is $0.36-$6.00.
Paul Ausick
May 11, 2009
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