EX-99.2 4 d97366exv99w2.txt FINANCIAL STATEMENTS EXHIBIT 2 INTERNATIONAL URANIUM CORPORATION CONSOLIDATED BALANCE SHEETS (UNITED STATES DOLLARS)
MARCH 31, 2002 SEPTEMBER 30, 2001 (UNAUDITED) (AUDITED) -------------- ------------------ ASSETS Current assets: Cash and cash equivalents $ 9,443,676 $ 2,365,344 Short-term investments 3,088,165 11,687,208 Trade and other receivables 1,121,494 1,550,238 Inventories 1,896,326 1,886,556 Prepaid expenses and other 196,682 205,910 ------------ ------------ 15,746,343 17,695,256 Plant and equipment, net 3,642,364 3,997,126 Notes receivable 200,000 200,000 Restricted investments (Note 2) 12,444,281 10,525,073 Other asset (Note 3) 3,600,000 3,600,000 ------------ ------------ $ 35,632,988 $ 36,017,455 ============ ============ LIABILITIES Current liabilities: Accounts payable and accrued liabilities $ 499,601 $ 407,390 Notes payable 15,084 16,584 Deferred revenue 16,877,013 12,197,301 ------------ ------------ 17,391,698 12,621,275 Notes payable, net of current portion 30,571 37,174 Reclamation obligations (Note 4) 12,350,157 12,350,157 Deferred revenue -- 2,868,815 Deferred credit (Note 3) 4,220,000 4,220,000 ------------ ------------ 33,992,426 32,097,421 ------------ ------------ SHAREHOLDERS' EQUITY Share capital (65,600,066 shares issued and outstanding) 37,449,213 37,449,213 Deficit (35,808,651) (33,529,179) ------------ ------------ 1,640,562 3,920,034 ------------ ------------ $ 35,632,988 $ 36,017,455 ============ ============
ON BEHALF OF THE BOARD /s/ Ron F. Hochstein /s/ Lukas H. Lundin Ron F. Hochstein, Director Lukas H. Lundin, Director INTERNATIONAL URANIUM CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT (UNITED STATES DOLLARS) (UNAUDITED)
THREE MONTHS ENDED MARCH 31 SIX MONTHS ENDED MARCH 31 2002 2001 2002 2001 ------------ ------------ ------------ ------------ OPERATIONS Revenue Vanadium sales $ -- $ -- $ -- $ 47,533 Process milling 147,256 245,343 262,243 521,600 ------------ ------------ ------------ ------------ Total revenue 147,256 245,343 262,243 569,133 ------------ ------------ ------------ ------------ Costs and expenses Vanadium cost of sales -- -- -- 22,108 Process milling expenditures 159,495 224,763 273,725 407,362 Mill stand-by expenditures 718,099 689,144 1,377,572 1,337,470 Selling, general and administrative 901,276 653,996 1,485,453 1,087,293 Depreciation 20,214 49,192 40,230 137,902 ------------ ------------ ------------ ------------ 1,799,084 1,617,095 3,176,980 2,992,135 ------------ ------------ ------------ ------------ Operating loss (1,651,828) (1,371,752) (2,914,737) (2,423,002) Net interest and other income 505,891 335,184 635,265 677,010 ------------ ------------ ------------ ------------ LOSS FOR THE PERIOD (1,145,937) (1,036,568) (2,279,472) (1,745,992) ============ ============ ============ ============ Basic/diluted loss per common share $ (0.02) $ (0.02) $ (0.03) $ (0.03) ============ ============ ============ ============ DEFICIT Deficit, beginning of period (34,662,714) (31,415,727) (33,529,179) (30,706,303) Loss for the period (1,145,937) (1,036,568) (2,279,472) (1,745,992) ------------ ------------ ------------ ------------ DEFICIT, END OF PERIOD $(35,808,651) $(32,452,295) $(35,808,651) $(32,452,295) ============ ============ ============ ============
INTERNATIONAL URANIUM CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (UNITED STATES DOLLARS) (UNAUDITED)
THREE MONTHS ENDED MARCH 31 SIX MONTHS ENDED MARCH 31 2002 2001 2002 2001 ------------ ------------ ------------ ------------ CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Loss for the period $ (1,145,937) $ (1,036,568) $ (2,279,472) $ (1,745,992) Items not affecting cash Depreciation and amortization 205,979 288,835 411,650 571,316 Gain on sale of short-term investments (337,284) -- (337,284) -- Changes in non-cash working capital items Decrease in trade and other receivables 666,601 117,238 428,744 75,762 (Increase) decrease in inventories (13,521) 23,588 (9,770) 37,064 (Increase) decrease in other current assets (49,255) (87,445) 9,227 28,048 Increase (decrease) in other accounts payable and accrued liabilities 173,418 228,995 92,212 (167,764) ------------ ------------ ------------ ------------ NET CASH (USED IN) OPERATIONS (499,999) (465,357) (1,684,693) (1,201,566) ------------ ------------ ------------ ------------ INVESTING ACTIVITIES Purchase of properties, plant and equipment (35,185) -- (56,887) (13,900) Proceeds from sale of short-term investments 1,784,068 -- 9,688,953 -- Purchase of short-term investments (752,626) (1,383,450) (752,626) (1,383,450) Increase in restricted investments (119,036) (139,680) (1,919,208) (284,084) ------------ ------------ ------------ ------------ NET CASH PROVIDED BY (USED IN) INVESTMENT ACTIVITIES 877,221 (1,523,130) 6,960,232 (1,681,434) ------------ ------------ ------------ ------------ FINANCING ACTIVITIES Decrease in notes payable (4,099) (4,532) (8,104) (8,937) Increase in deferred revenue 465,018 1,538,460 1,810,897 3,298,113 ------------ ------------ ------------ ------------ NET CASH PROVIDED BY FINANCING ACTIVITIES 460,919 1,533,928 1,802,793 3,289,176 ------------ ------------ ------------ ------------ Increase (decrease) in cash and cash equivalents 838,141 (454,559) 7,078,332 406,176 Cash and cash equivalents, beginning of period 8,605,535 12,511,335 2,365,344 11,650,600 ------------ ------------ ------------ ------------ CASH AND CASH EQUIVALENTS, END OF PERIOD $ 9,443,676 $ 12,056,776 $ 9,443,676 $ 12,056,776 ============ ============ ============ ============ SUPPLEMENTARY CASH FLOW INFORMATION Cash interest paid 1,214 3,103 2,516 8,849