-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Nde5ZcPNAeCunSooGTGjKERpiX2OKRAAr1w3TASBxytYIGwd8Z6CRbXZrfFMKule LZwdXUfOtKgoF0Edv4sA+g== 0000950134-96-003807.txt : 19960802 0000950134-96-003807.hdr.sgml : 19960802 ACCESSION NUMBER: 0000950134-96-003807 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960531 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960801 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: URANIUM RESOURCES INC /DE/ CENTRAL INDEX KEY: 0000839470 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-METALS, MINERALS (NO PETROLEUM) [5050] IRS NUMBER: 752212772 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17171 FILM NUMBER: 96602592 BUSINESS ADDRESS: STREET 1: 12750 MERIT DRIVE STREET 2: SUITE 1210 CITY: DALLAS STATE: TX ZIP: 75251 BUSINESS PHONE: 2143877777 MAIL ADDRESS: STREET 1: 12750 MERIT DRIVE STREET 2: SUITE 1210 CITY: DALLAS STATE: TX ZIP: 75251 8-K 1 FORM 8-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) MAY 31, 1996 URANIUM RESOURCES, INC. (Exact name of registrant as specified in its charter) DELAWARE 0-17171 75-2212772 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 12750 MERIT DRIVE, SUITE 1020, DALLAS, TEXAS 75251 (Address of principal executive offices) Zip Code Registrant's telephone number, including area code: 214-387-7777 NO CHANGE (Former name or former address, if changed since last report) Page 1 of 12 Exhibit Index Begins on Sequentially Numbered Page 5 2 ITEM 5. OTHER EVENTS. On May 31, 1996, the Registrant issued a press release announcing that at the Registrant's 1996 Annual Meeting held on May 19, 1996, the stockholders reelected the current Board of Directors and approved all other proposals presented at the meeting. The Registrant also announced that it entered into a $3,000,000 revolving credit facility with NationsBank of Texas, N.A. A copy of this press release is attached hereto as Exhibit 99.1. On June 18, 1996, the Registrant issued a press release announcing that it had acquired the rights to the South Texas Alta Mesa uranium in-situ leach deposit from Mestena Unproven, Ltd., Jones Ranch Minerals Unproven, Ltd. and Mestena Proven, Ltd., which property contains approximately 8.0 million pounds of low-cost in-place proven and probable uranium reserves, and an additional 5.0 million pounds of in-place potential reserves. A copy of this press release is attached hereto as Exhibit 99.2. On July 23, 1996, the Registrant issued a press release announcing its earnings for the three months ended June 30, 1996. A copy of this press release is attached hereto as Exhibit 99.3. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) EXHIBITS. (99) Additional Exhibits. 99.1 - Press release announcing results of the Registrant's Annual Meeting of Stockholders and that it entered into a $3,000,000 Revolving Credit Facility with NationsBank of Texas, N.A. 99.2 - Press Release announcing that the Registrant acquired rights to South Texas Alta Mesa Uranium In-Site Leach Deposit. 99.3 - Press Release announcing the Registrant's Earnings for three months ended June 30, 1996. -2- 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. URANIUM RESOURCES, INC. Date: August 1, 1996 /s/ Paul K. Willmott --------------------------------- Paul K. Willmott Chairman of the Board, Chief Executive Officer and President -3- 4 EXHIBIT INDEX
Exhibit No. Exhibit Description Page - ----------- ------------------- ---- 99.1 Press release announcing results of the Registrant's Annual Meeting of Stockholders and that it entered into $3,000,000 Revolving Credit Facility with NationsBank of Texas, N.A. 99.2 Press Release announcing that the Registrant acquired rights to South Texas Alta Mesa Uranium In-Site Leach Deposit. 99.3 Press Release announcing the Registrant's Earnings for three months ended June 30, 1996.
-4- EX-99.1 2 PRESS RELEASE 1 EXHIBIT 99.1 PRESS RELEASE FOR IMMEDIATE RELEASE Dallas, Texas May 31, 1996 NASDAQ STOCK SYMBOL - URIX URI ANNOUNCES RESULTS OF 1996 ANNUAL MEETING Uranium Resources, Inc. ("URI") announced that at its Annual Meeting of Stockholders held May 29, 1996 in Corpus Christi, Texas, the stockholders reelected the current Board of Directors consisting of Paul K. Willmott, Leland O. Erdahl, James B. Tompkins and George R. Ireland, and the stockholders also approved all other proposals presented at the meeting. Commenting at the meeting, Mr. Paul K. Willmott, Chairman, said, "We are extremely pleased at our progress over the past year. It has been almost a year to the day since we obtained the necessary financing to commence our multi-phased operational plan. In that short year, we have reemerged as the largest producer of uranium in the United States with demonstrable production costs of less than $10.50 per pound including operating costs, provisions for depreciation and depletion, and projected reclamation costs; a cost that places URI as one of the lowest cost producers, not only within the United States, but the world, as well." Mr. Willmott further stated, "We are currently reviewing plans toward expanding our South Texas production rates from the current 2 million pounds per year to perhaps as much as 3 million pounds by early 1998. As previously announced, progress is continuing in New Mexico towards obtaining the necessary licenses and permits towards commencing production at an initial rate of 1 million pounds annually by early to mid 1998, followed by an orderly transition to a 3 million pound annual rate in New Mexico. Coupled with South Texas production, it is our intent to have a production capacity of 6 million pounds annually within a 5-year timetable." The Company also announced that it entered into a $3,000,000 revolving credit facility with NationsBank of Texas, N.A. This agreement at prime plus 1% will be used to increase URI's working capital flexibility and will be secured by the Company's receivables from its uranium sales contracts. Commenting on the financing, Mr. Willmott said, "The agreement with NationsBank allows URI to begin a strategic financial relationship with an institution that can provide us with potential financing options as our future needs evolve. We are very excited about this first step and expect it to be the beginning of a strong, solid alliance." Uranium Resources, Inc. is a Dallas based uranium mining company, whose shares trade on the National Market System under the Symbol URIX. The Company specializes in in-situ solution mining and holds substantial uranium reserves in South Texas and New Mexico. CONTACTS: Paul K. Willmott, President, or Thomas H. Ehrlich, Vice President - CFO Uranium Resources, Inc. (214) 387-7777 (30) EX-99.2 3 PRESS RELEASE 1 EXHIBIT 99.2 PRESS RELEASE FOR IMMEDIATE RELEASE Dallas, Texas June 18, 1996 NASDAQ STOCK SYMBOL - URIX URI ANNOUNCES MAJOR RESERVE ACQUISITION AND EXPANSION PLANS Uranium Resources, Inc. (URI) announced today that it has acquired the rights to the South Texas Alta Mesa uranium in-situ leach deposit from Mestena Unproven, Ltd., Jones Ranch Minerals Unproven, Ltd. and Mestena Proven Ltd., all Texas limited partnerships. The property, which has been extensively drilled by prior leaseholders, contains approximately 8.0 million pounds of low-cost in-place proven and probable uranium reserves, and an additional 5.0 million pounds of in-place potential reserves. Preliminary recovery factors on the property are estimated at 65-75% of the in-place reserves. The Company will commence immediate licensing and permitting activities on the property with plant construction expected to begin as soon as the second quarter of 1997. Plans are to bring the property into production by the end of the first quarter of 1998 at a production rate in excess of one million pounds annually. Alta Mesa will be brought on-line simultaneously with the Company's existing Rosita and Kingsville Dome operations, expanding URI's South Texas production capability to over 3 million pounds annually; a 50% increase, or 1 million pounds higher than previously forecasted. In announcing the acquisition, Mr. Paul K. Willmott, Chairman, said, "The acquisition of Alta Mesa marks a key strategic success for the Company and represents an important step in the implementation of the exploration/acquisition phase of URI's ongoing multi-phased expansion plans. The additional reserves on this new property will increase our South Texas proven and probable reserve base by almost 75%. Initial estimates for full production costs, including acquisition costs, plant and wellfield capital costs, operating costs, and projected reclamation costs are estimated in the $10-$11 per pound range making Alta Mesa's costs comparable to URI's Rosita and Kingsville Dome facilities." While increasing our presence in South Texas, URI continues to move forward with the New Mexico phase of its multi-phased production plan. Assuming our success in obtaining the necessary licenses and permits, URI anticipates start-up production in New Mexico in late 1997 or early 1998, as well, at a projected annual rate of 1 million pounds, followed by the expansion of additional production to an ultimate rate of 3 million pounds, giving URI a combined Texas and New Mexico production capacity of 6 million pounds annually. Mr. Willmott further stated, "URI continues to emerge as not only the largest producer in the United States, but continues to consolidate its position as one of the lowest cost - if not the lowest cost domestic uranium producers." Uranium Resources, Inc. is a Dallas based uranium mining company, whose shares trade on the National Market System under the Symbol URIX. The Company specializes in in-situ solution mining and holds substantial uranium reserves in South Texas and New Mexico. CONTACTS: Paul K. Willmott, President, or Thomas H. Ehrlich, Vice President - CFO Uranium Resources, Inc. (214) 387-7777 (30) EX-99.3 4 PRESS RELEASE 1 EXHIBIT 99.3 PRESS RELEASE FOR IMMEDIATE RELEASE DALLAS, TEXAS NASDAQ STOCK SYMBOL-URIX July 23, 1996 URANIUM RESOURCES, INC. ANNOUNCES SECOND QUARTER 1996 RESULTS Uranium Resources, Inc. ("URI") announced its return to profitability for the quarter ended June 30, 1996. The profits achieved in the most recent quarter also brought the Company's year to date results into the black for the first half of the year. The three months ended June 30, 1996 saw net income of $660,000 or $0.06 per share compared to the same quarter of last year which posted net income of $1,047,000 or $0.12 per share. The results for the six month period ending June 30, 1996 reflected net income of $298,000 or $0.03 per share compared to a loss for the first half of 1995 of ($938,000) or ($0.12) per share. Revenues in the second quarter of this year increased to $5,440,000 from $5,238,000 in the same period in 1995 and earnings from operations for the quarter ending June 30, 1996 were $908,000 or $471,000 below the same quarter of 1995. These results reflected higher uranium deliveries this quarter, offset by lower average sales prices and higher cost of sales. Sales volumes increased from 305,000 pounds in the second quarter of 1995 to 331,000 pounds in 1996. Sales prices in the quarter however, decreased from $17.16 per pound in 1995 to $16.45 per pound in 1996. Second quarter 1995 deliveries included 55,000 pounds of uranium at a price of $27.80 reflecting the final delivery under a long-term contract. Cost of sales for the second quarter of 1996 increased by over $700,000 reflecting sales of produced uranium in 1996 at costs of approximately $10.50 per pound compared to sales during the same quarter of 1995 of purchased uranium with a cost of $9.25 per pound. Revenue for the first half of 1996 totaled $7,771,000 compared to $6,489,000 for the first six months of 1995. The increased sales for the first six months of 1996 also resulted from higher deliveries this year at lower average prices when compared to the same period in 1995. Earnings from operations for the six months ended June 30, 1996 were $1,480,000 higher than those of the same period in 1995. This increase resulted primarily from significant charges ($1,781,000) that were incurred last year related to both the termination of a joint venture and losses attributable to unauthorized transfers made in 1995, which was somewhat offset by higher cost of sales reflected in the first half of 1996 compared to 1995. Uranium sales in the first six months of 1995 consisted primarily of purchased uranium, whereas the uranium sales in the first half of this year were primarily URI produced pounds. Commenting on the results, Paul K. Willmott, Chairman and CEO, said, "The earnings achieved this quarter coincides directly with the increased uranium deliveries that were made compared to the first quarter of the year. The total deliveries to date in 1996 of nearly 490,000 pounds comprises approximately 39% of URI's currently contracted deliveries for this year. Included in the 1996 deliveries now under contract, is an additional matched sale contract finalized in the second quarter of this year for a December 1996 delivery of 150,000 pounds. This new contract along with a contract now in negotiation will fully utilize URI's 1996 matched sales quota. In addition, a non-matched sale contract was also executed during the quarter with deliveries beginning in the first quarter of 1997 representing expected revenues (unescalated) of over $6 million dollars on deliveries of over 350,000 pounds between 1997 and 1999." Mr. Willmott, commenting on the Company's second quarter uranium production, said, "The second quarter of 1996 saw URI increase production in South Texas with the startup of its Kingsville Dome facility. Combined production from our Kingsville Dome and Rosita facilities for the quarter totaled approximately 429,000 pounds with Kingsville Dome production exceeding that originally projected and Rosita output lower than planned. The costs of production at each of these sites remains within the projected ranges for operating each facility, with Rosita's full-up production costs for the quarter in the $10-$11 per pound range and comparable production costs at Kingsville Dome were in the $11-$12 per pound range. The production levels achieved in the quarter from these two sites in South Texas put the Company on a pace to produce between 1.5 and 1.6 million pounds of uranium in 1996." 2 URANIUM RESOURCES, INC. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (IN 000'S EXCEPT PER SHARE DATA) (U.S. DOLLARS)
Three Months Ended Three Months Ended June 30, June 30, -------------------- -------------------- 1996 1995 1996 1995 -------- -------- -------- -------- REVENUES FROM URANIUM SALES: Produced uranium $ 5,399 $ 25 $ 6,786 $ 25 Purchased uranium 41 5,213 985 6,464 -------- -------- -------- -------- Total revenues 5,440 5,238 7,771 6,489 -------- -------- -------- -------- COST OF URANIUM SALES: Purchased uranium 6 2,806 586 3,419 Royalties 329 1 435 1 Produced uranium (including standby costs) 3,484 304 4,727 591 Loss on termination of joint venture -- -- -- 1,001 Loss on transfer to stockholder -- (300) -- 780 CORPORATE EXPENSES 713 1,048 1,537 1,691 -------- -------- -------- -------- Total costs and expenses 4,532 3,859 7,285 7,483 -------- -------- -------- -------- EARNINGS (LOSS) FROM OPERATIONS 908 1,379 486 (994) INTEREST EXPENSE, NET (134) (155) (237) (310) INTEREST AND OTHER INCOME 50 83 123 131 -------- -------- -------- -------- EARNINGS (LOSS) BEFORE INCOME TAXES 824 1,307 372 (1,173) FEDERAL INCOME TAX EXPENSE (BENEFIT) 164 260 74 (235) -------- -------- -------- -------- NET INCOME (LOSS) $ 660 $ 1,047 $ 298 $ (938) ======== ======== ======== ======== EARNINGS (LOSS) PER SHARE: Primary $ 0.06 $ 0.13 $ 0.03 $ (0.12) ======== ======== ======== ======== Fully Diluted $ 0.06 $ 0.12 $ 0.03 $ (0.12) ======== ======== ======== ========
Revenues, earnings from operations and net income for the Company can fluctuate significantly on a quarter to quarter basis during the year because of the timing of deliveries requested by its utility customers. Accordingly, operating results for any quarter or year-to-date period are not necessarily comparable and may not be indicative of the result which may be expected for future quarters or the entire year. Uranium Resources, Inc. is a Dallas based uranium mining company, whose shares trade on the National Market System under the Symbol URIX. The Company specializes in in-situ solution mining and holds substantial uranium reserves in South Texas and New Mexico. CONTACTS: Paul K. Willmott, President, or Thomas H. Ehrlich, Vice President - CFO Uranium Resources, Inc. (214) 387-7777 30 -----END PRIVACY-ENHANCED MESSAGE-----