Extract
Cameco Reports Sharply Higher First Quarter Earnings.
Business Editors
SASKATOON, Saskatchewan--(BUSINESS WIRE)--May 2, 2003 Cameco Corporation (NYSE:CCJ) (TSX:CCO) today reported its financial results for the three months ended March 31, 2003. HIGHLIGHTS -- Acquired additional interest in Bruce Power. -- Higher electricity prices and output raise Bruce Power earnings. The B plant reactors set a record achieving a 100% capacity factor. -- Water inflow interrupts McArthur River production for 4 to 6 months. -- Uranium and conversion revenues down on lower scheduled deliveries. -- Kumtor pit wall cleanup on track for July completion, gold prices higher. -------------------------------------------------------------------- Financial Highlights Three months Three months ended ended Change March 31/03 March 31/02 % -------------------------------------------------------------------- Revenue ($ millions) 103 124 (17) -------------------------------------------------------------------- Earnings from operations ($ millions) 9 11 (18) -------------------------------------------------------------------- Cash provided by operations ($ millions) 56 134 (58) -------------------------------------------------------------------- Net earnings attributable to common shares ($ millions)(1) 37 5 640 -------------------------------------------------------------------- Earnings per share ($) 0.66 0.09 633 -------------------------------------------------------------------- Average uranium spot price for the period ($US/lb U3O8) 10.13 9.79 3 -------------------------------------------------------------------- Cameco's average realized gold price for the period (US$/ounce) 318 284 12 -------------------------------------------------------------------- Average spot market gold price for the period (US$/ounce) 352 290 21 -------------------------------------------------------------------- (1) Includes $33 million after-tax contribution from Bruce Power. 1. CONSOLIDATED FINANCIAL RESULTS First Quarter. For the three months ended March 31, 2003, net earnings attributable to common shares increased to $37 million ($0.66 per share) from $5 million ($0.09 per share) in 2002. This improvement was attributable to increased earnings from Bruce Power where profits rose due to higher realized electricity prices, increased output and higher percentage ownership. Earnings from the uranium and conversion businesses rose modestly due to higher prices. These improvements...See the full content of this document
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