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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
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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.
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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
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Exhibit Description Page
- ----------- ------------------- ----
<S> <C> <C>
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.
</TABLE>
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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)
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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)
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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."
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URANIUM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(IN 000'S EXCEPT PER SHARE DATA)
(U.S. DOLLARS)
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended
June 30, June 30,
-------------------- --------------------
1996 1995 1996 1995
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<S> <C> <C> <C> <C>
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
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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
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EARNINGS (LOSS) FROM OPERATIONS 908 1,379 486 (994)
INTEREST EXPENSE, NET (134) (155) (237) (310)
INTEREST AND OTHER INCOME 50 83 123 131
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EARNINGS (LOSS) BEFORE INCOME TAXES 824 1,307 372 (1,173)
FEDERAL INCOME TAX EXPENSE (BENEFIT) 164 260 74 (235)
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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)
======== ======== ======== ========
</TABLE>
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
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