Uranium Participation Corporation Reports Financial Results for the Year Ended February 28, 2013
TORONTO, ONTARIO -- (Marketwired) -- 04/25/13 -- THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Uranium Participation Corporation (TSX: U) ("UPC") reports results for the year ended February 28, 2013. All amounts are in Canadian currency unless otherwise noted.
Total equity ("net asset value") decreased $96.2 million in the year to $615.9 million ($5.79 per share) at February 28, 2013 from $712.2 million ($6.70 per share) at February 29, 2012.
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Year ended
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February 28, February 29,
2013 2012
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Net asset value (in thousands) $ 615,949 $ 712,160
Net asset value per common share - basic
and diluted 5.79 6.70
Net loss for the period (96,211) (223,503)
U3O8 spot price(1) (US$) at period end
date 42.00 52.00
UF6 spot price(1) (US$) at period end date 120.00 141.00
Noon US$-CAD$ exchange rate at period end
date 1.0285 0.9866
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(1) Reflects spot prices published by Ux Consulting Company, LLC. Translation to Canadian dollars calculated at the period end noon foreign exchange rate.
Net losses incurred of $96.2 million (2012-$223.5 million) for the year ended February 28, 2013 was primarily due to unrealized losses on investments of $96.0 million (2012-$238.8 million), a result of the decline in U3O8 and UF6 spot prices, offset by an increase in foreign exchange rates in the year.
Management fees of $1.6 million (2012-$1.8 million) and storage fees of $1.6 million (2012-$2.0 million) were incurred, offset by income tax recoveries of $3.0 million (2012-$19.0 million).
About Uranium Participation Corporation
Uranium Participation Corporation is a company that invests substantially all of its assets in U3O8 and UF6 (collectively "uranium"), with the primary investment objective of achieving appreciation in the value of its uranium holdings. Additional information about Uranium Participation Corporation is available on SEDAR at www.sedar.com and on Uranium Participation Corporation's website at www.uraniumparticipation.com.
Contacts:
Uranium Participation Corporation
Ron Hochstein
President and Chief Executive Officer
(416) 979-1991 Ext. 232
Uranium Participation Corporation
James Anderson
Chief Financial Officer
(416) 979-1991 Ext. 372
www.uraniumparticipation.com