Q resultsCameco 1Q Revs C$132M Vs C$103M >CCJ
17:22 EDT Thursday, April 22, 2004
SASKATOON, Sask. (Dow Jones)--Cameco Corp. (CCJ) reported slightly higher net income in the first quarter, largely because of a lower tax rate in the latest period.
In the latest quarter, the company said earnings from its gold business were higher, due to higher production and a higher realized price, but this was offset by reduced earnings from uranium and Bruce Power, due to lower prices in both businesses.
Net income rose to C$39.3 million or 68 Canadian cents a share (69 Canadian cents basic) from C$36.9 million or 66 Canadian cents a year earlier. The Thomson First Call mean estimate was for net income of 61 Canadian cents a share in the latest quarter.
Revenues rose 29% to C$132.4 million from C$102.9 million.
The company said its tax rate fell to 28% from 33% due to a higher proportion of taxable income being earned in jurisdictions with favorable tax rates compared with Canada.
It noted that, despite the "significant" increase in spot uranium prices, the company's average realized price declined because of lower prices under older fixed-price contracts and a less-favorable exchange rate.
Cameco expects second-quarter revenue to be about 75% above the first-quarter level, reflecting higher volumes in the uranium, conversion and gold businesses.
It expects 2004 revenue to be up about 4% from 2003.
Cameco is a uranium producer that also has gold operations and owns a stake in some power facilities.
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