EX-99.2 4 d08776exv99w2.txt FINANCIAL STATEMENTS . . . INTERNATIONAL URANIUM CORPORATION CONSOLIDATED BALANCE SHEETS (UNITED STATES DOLLARS)
JUNE 30, 2003 SEPTEMBER 30, 2002 (UNAUDITED) (AUDITED) --------------------------- ---------------------- ASSETS Current assets: Cash and cash equivalents $ 3,742,376 $ 6,710,782 Short-term investments 1,793,710 3,049,164 Trade and other receivables 757,917 99,850 Inventories 1,861,085 1,720,952 Prepaid expenses and other 192,380 368,435 Due from Urizon Joint Venture (Note 5) 300,024 - Other asset (Note 3) - 3,861,000 ------------------------- ------------------------ 8,647,492 15,810,183 Plant and equipment, net 2,953,416 3,363,253 Mongolia mineral properties 1,003,218 538,897 Intellectual property (Note 5) 750,000 - Restricted investments (Note 2) 12,011,989 12,666,937 ------------------------- ------------------------ $ 25,366,115 $ 32,379,270 ========================= ======================== LIABILITIES Current liabilities: Accounts payable and accrued liabilities $ 992,478 $ 762,883 Notes payable 14,230 10,242 Deferred revenue - 10,899,194 Deferred credit (Note 3) - 4,220,000 ------------------------- ------------------------ 1,006,708 15,892,319 Notes payable, net of current portion 54,762 43,548 Reclamation obligations (Note 4) 12,320,983 12,320,983 Deferred revenue 1,493,931 - ------------------------- ------------------------ 14,876,384 28,256,850 ------------------------- ------------------------ SHAREHOLDERS' EQUITY Share capital (68,770,066 and 65,735,066 shares issued and outstanding) 37,897,395 37,466,609 Deficit (27,407,664) (33,344,189) ------------------------- ------------------------ 10,489,731 4,122,420 ------------------------- ------------------------ $ 25,366,115 $ 32,379,270 ========================= ========================
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 JUNE 30 NINE MONTHS ENDED JUNE 30 2003 2002 2003 2002 ---- ---- ---- ---- OPERATIONS Revenue Process milling $ 3,280,601 $ 607,091 $ 12,372,505 $ 869,334 ----------------- ----------------- ------------------ ----------------- Total revenue 3,280,601 607,091 12,372,505 869,334 ----------------- ----------------- ------------------ ----------------- Costs and expenses Process milling expenditures 1,016,566 369,759 4,511,587 643,484 Mill stand-by expenditures 250,443 914,151 250,443 2,291,723 Selling, general and administrative 926,625 1,023,077 2,136,478 2,439,789 Exploration general 111,984 190,367 192,669 259,108 Gain on disposition of other asset - - (79,000) - Depreciation 8,190 13,862 25,278 54,092 ----------------- ----------------- ------------------ ----------------- 2,313,808 2,511,216 7,037,455 5,688,196 ----------------- ----------------- ------------------ ----------------- Operating income (loss) 966,793 (1,904,125) 5,335,050 (4,818,862) Net interest and other income 159,083 141,479 601,475 776,744 ----------------- ----------------- ----------------- ----------------- INCOME (LOSS) FOR THE PERIOD 1,125,876 (1,762,646) 5,936,525 (4,042,118) ================= ================= ================== ================= Basic and diluted income (loss) per share $ 0.02 $ (0.03) $ 0.09 $ (0.06) ================= ================= ================== ================= DEFICIT Deficit, beginning of period (28,533,540) (35,808,651) (33,344,189) (33,529,179) Income (loss) for the period 1,125,876 (1,762,646) 5,936,525 (4,042,118) ----------------- ----------------- ------------------ ----------------- DEFICIT, END OF PERIOD $ (27,407,664) $ (37,571,297) $ (27,407,664) $ (37,571,297) ================= ================= ================== =================
INTERNATIONAL URANIUM CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (UNITED STATES DOLLARS) (UNAUDITED)
THREE MONTHS ENDED JUNE 30 NINE MONTHS ENDED JUNE 30 2003 2002 2003 2002 ---- ---- ---- ---- CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Net income (loss) for the period $ 1,125,876 $ (1,762,646) $ 5,936,525 $ (4,042,118) Items not affecting cash Depreciation and amortization 143,988 195,369 491,718 607,019 Gain on sale of equipment (13,939) (17,554) (93,364) (17,554) Gain on sale of short-term investments - - (121,806) (337,284) Gain on disposition of other asset - - (79,000) - Write-down of inventories - 155,334 - 155,334 Changes in non-cash working capital items (Increase) decrease in trade and other receivables (405,470) 789,206 (958,091) 1,217,950 Increase in inventories (139,868) (33,851) (140,133) (43,621) Decrease in other current assets 66,225 43,075 176,055 52,302 Increase in other accounts payable and accrued liabilities 123,277 442,855 229,595 535,067 ---------------- ---------------- ---------------- ----------------- NET CASH PROVIDED BY (USED IN) OPERATIONS 900,089 (188,212) 5,441,499 (1,872,905) ---------------- ---------------- ---------------- ----------------- INVESTING ACTIVITIES Purchase of properties, plant and equipment (8,243) (60,611) (67,152) (117,498) Mongolia mineral properties (217,919) - (464,321) - Intellectual property - - (750,000) - Proceeds from sale of short-term investments 996,675 - 2,373,935 9,688,953 Proceeds from sale of surplus equipment 12,054 14,274 103,054 14,274 Purchase of short-term investments - - (996,675) (752,626) (Increase) decrease in restricted investments (113,602) (108,235) 654,948 (2,027,443) ---------------- ---------------- ---------------- ----------------- NET CASH PROVIDED BY (USED IN) INVESTMENT ACTIVITIES 668,965 (154,572) 853,789 6,805,660 ---------------- ---------------- ---------------- ----------------- FINANCING ACTIVITIES Decrease in notes payable (3,410) (5,110) (9,217) (13,214) Settlement of other asset - - (280,000) - (Decrease) increase in deferred revenue (2,418,907) (176,850) (9,405,263) 1,634,047 Exercise of share options 357,242 17,396 430,786 17,396 ---------------- ---------------- ---------------- ----------------- NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (2,065,075) (164,564) (9,263,694) 1,638,229 ---------------- ---------------- ---------------- ----------------- (Decrease) increase in cash and cash equivalents (496,021) (507,348) (2,968,406) 6,570,984 Cash and cash equivalents, beginning of period 4,238,397 9,443,676 6,710,782 2,365,344 ---------------- ---------------- ---------------- ----------------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 3,742,376 $ 8,936,328 $ 3,742,376 $ 8,936,328 ================ ================ ================ =================