Denison reports $1.1-million loss during second quarter

The red ink continues to flow at Denison Mines (TSE) as the uranium miner wrestles with debt and negotiates with key lenders to its Petromarine Italia subsidiary.

Toronto-based Denison reported a loss of $1.1 million on revenues of $91 million for the three months ended June 30, compared with a loss of $97.2 million on revenues of $66.5 million for the second quarter of 1990. Net earnings for the six months ended June 30 were $1.9 million on revenues of $158.8 compared with a loss of $102.2 million on revenue of $142.6 million in the first six months of 1990.

After provision for preferred share dividends in arrears, the results per participating share were losses of eight cents for the second quarter of 1991 and 11 cents for the first half compared with losses of $1.59 and $1.74 respectively for 1990.

The financial results for the second quarter and first half of 1990 included losses from discontinued operations of $1.5 million and $4.6 million respectively and an $80-million second-quarter writedown of the company’s investment in Italian oil properties.

“The results of the second quarter of 1991 were adversely affected by the deferral of the profit element of the Ontario Hydro contract against costs associated with the Elliot Lake, Ont., uranium mine closure and lower oil prices compared to those obtained during the first quarter,” said President Bill James.

He said the company is currently attempting to restructure its loans with three Italian banks that provided loans to Petromarine Italia.

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