EX-99.2 3 d87969ex99-2.txt FINANCIAL STATEMENTS 1 EXHIBIT 99.2 INTERNATIONAL URANIUM CORPORATION CONSOLIDATED BALANCE SHEETS (UNITED STATES DOLLARS) (UNAUDITED)
MARCH 31, 2001 SEPTEMBER 30, 2000 -------------- ------------------ ASSETS Current assets: Cash and cash equivalents $ 12,056,776 $ 11,650,600 Marketable securities 1,383,450 -- Trade and other receivables 2,367,301 2,443,063 Inventories 1,876,474 1,913,538 Prepaid expenses and other 228,641 256,688 ------------ ------------ 17,912,642 16,263,889 Plant and equipment, net 4,419,702 4,977,118 Notes receivable 200,088 200,088 Restricted cash and marketable securities 9,155,073 8,870,989 Other asset 2,840,000 2,840,000 ------------ ------------ $ 34,527,505 $ 33,152,084 ============ ============ LIABILITIES Current liabilities: Accounts payable and accrued liabilities $ 488,287 $ 656,051 Notes payable 15,846 15,830 Deferred revenue -- 5,036,003 ------------ ------------ 504,133 5,707,884 Notes payable, net of current portion 45,655 54,607 Reclamation obligations 12,192,494 12,192,494 Deferred revenue 12,578,116 4,244,000 Deferred credit 4,220,000 4,220,000 ------------ ------------ 29,540,398 26,418,985 ------------ ------------ SHAREHOLDERS' EQUITY Share capital 37,439,402 37,439,402 Deficit (32,452,295) (30,706,303) ------------ ------------ 4,987,107 6,733,099 ------------ ------------ $ 34,527,505 $ 33,152,084 ============ ============
ON BEHALF OF THE BOARD /s/ Ron F. Hochstein /s/ Lukas H. Lundin Ron F. Hochstein, Director Lukas H. Lundin, Director 2 INTERNATIONAL URANIUM CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT (UNITED STATES DOLLARS) (UNAUDITED)
THREE MONTHS ENDED MARCH 31 SIX MONTHS ENDED MARCH 31 2001 2000 2001 2000 ------------ ------------ ------------ ------------ OPERATIONS Revenue Uranium sales $ -- $ 2,043,400 $ -- $ 5,311,000 Vanadium sales -- 353,608 47,533 353,608 Process milling 245,343 135,149 521,600 493,200 ------------ ------------ ------------ ------------ Total revenue 245,343 2,532,157 569,133 6,157,808 ------------ ------------ ------------ ------------ Costs and expenses Uranium cost of sales -- 1,650,000 -- 4,415,000 Vanadium cost of sales -- 333,411 22,108 333,411 Process milling expenditures 224,763 90,813 407,362 253,034 Mill stand-by expenditures 689,144 816,890 1,337,470 816,890 Selling, general and administrative 635,663 1,258,127 1,087,293 2,223,004 Write-down of inventories -- 606,022 -- 606,022 Depreciation 67,525 164,779 137,902 330,086 ------------ ------------ ------------ ------------ 1,617,095 4,920,042 2,992,135 8,977,447 ------------ ------------ ------------ ------------ Loss before the following (1,371,752) (2,387,885) (2,423,002) (2,819,639) Decrease in reclamation obligations -- 1,455,533 -- 1,455,533 Net interest and other income 335,184 191,099 677,010 385,368 ------------ ------------ ------------ ------------ LOSS FOR THE PERIOD (1,036,568) (741,253) (1,745,992) (978,738) ============ ============ ============ ============ Loss per common share $ (0.02) $ (0.01) $ (0.03) $ (0.01) ============ ============ ============ ============ DEFICIT Deficit, beginning of period (31,415,727) (15,699,137) (30,706,303) (15,461,652) Loss for the period (1,036,568) (741,253) (1,745,992) (978,738) ------------ ------------ ------------ ------------ DEFICIT, END OF PERIOD $(32,452,295) $(16,440,390) $(32,452,295) $(16,440,390) ============ ============ ============ ============
3 INTERNATIONAL URANIUM CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOW (UNITED STATES DOLLARS) (UNAUDITED)
THREE MONTHS ENDED MARCH 31 SIX MONTHS ENDED MARCH 31 2001 2000 2001 2000 ------------ ------------ ------------ ------------ CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Loss for the period $ (1,036,568) $ (741,253) $ (1,745,992) $ (978,738) Items not affecting cash Depreciation and amortization 284,264 385,332 571,316 550,639 Write-down of inventories -- 606,022 -- 606,022 Decrease in reclamation obligations -- (1,455,533) -- (1,455,533) ------------ ------------ ------------ ------------ (752,304) (1,205,432) (1,174,676) (1,277,610) Changes in non-cash working capital items Decrease (increase) in trade and other receivables 117,238 (2,007,037) 75,762 (990,495) Decrease in inventories 23,588 2,007,337 37,064 1,664,996 (Increase) decrease in other current assets (87,445) (71,498) 28,048 (22,998) Increase (decrease) in other accounts payable and accrued liabilities 228,995 (382,422) (167,764) (1,469,700) ------------ ------------ ------------ ------------ NET CASH (USED IN) OPERATIONS (469,928) (1,659,052) (1,201,566) (2,095,807) ------------ ------------ ------------ ------------ INVESTING ACTIVITIES Properties, plant and equipment 4,571 30,275 (13,900) (20,204) Mongolia mineral properties -- (60,446) -- (180,503) Collection of notes receivable -- -- -- 1,928 Increase in marketable securities (1,383,450) -- (1,383,450) -- Increase in restricted marketable securities (139,680) (137,774) (284,084) (270,767) ------------ ------------ ------------ ------------ NET CASH (USED IN) INVESTMENT ACTIVITIES (1,518,559) (167,945) (1,681,434) (469,546) ------------ ------------ ------------ ------------ FINANCING ACTIVITIES (Decrease) increase in notes payable (4,532) 461,764 (8,937) (518,307) Increase in deferred revenue 1,538,460 934,768 3,298,113 3,260,284 ------------ ------------ ------------ ------------ NET CASH PROVIDED BY FINANCING ACTIVITIES 1,533,928 1,396,532 3,289,176 2,741,977 ------------ ------------ ------------ ------------ (Decrease) increase in cash and cash equivalents (454,559) (430,465) 406,176 176,624 Cash and cash equivalents, beginning of period 12,511,335 1,076,496 11,650,600 469,407 ------------ ------------ ------------ ------------ CASH AND CASH EQUIVALENTS, END OF PERIOD $ 12,056,776 $ 646,031 $ 12,056,776 $ 646,031 ============ ============ ============ ============ SUPPLEMENTARY CASH FLOW INFORMATION Cash interest paid 3,103 16,681 8,849 54,690 Cash interest received 267,453 159,465 598,052 327,095