Denison Mines has profit

Toronto-based Denison Mines (TSE) has reported a profit of $2.9 million on revenues of $67.8 million for the three months ended March 31, compared to a loss from continuing operations of $1.8 million on revenue of $76 million in the first quarter of 1990. The 1990 first-quarter loss from all operations was $4.9 million. After provision for preferred share dividends in arrears, the loss per participating share was 3 cents in the first quarter, compared to a loss of 10 cents during the corresponding 1990 period. The net loss from all operations per participating share in 1990 was 15 cents.

“The first quarter of 1991 was marked by improved financial performance at the Elliott Lake, Ont., uranium operations and the continuation, through January, of higher oil prices associated with the Persian Gulf conflict,” said President Bill James.

“The focus of activity will continue to be on financial restructuring. The lenders of Denison’s corporate loan facility have extended the term of the loan to May 15, 1991, and are considering our restructuring proposal,” he said.

“We have also begun discussions to restructure our loans with the three Italian banks that have provided loans to our subsidiary, Petromarine Italia S.p.A. These loans are guaranteed by Denison. Discussions with prospective buyers of assets, joint venture partners and customers are ongoing,” he said. Denison Mines (TSE) 3 months ended Mar. 31 1991 1990 Revenue $67,855 $76,021 Net earnings (loss) 2,990 (4,946) per share (0.03) (0.10)