Business
Cameco reports first quarter results – well positioned in a strengthening uranium market
SASKATOON, Saskatchewan, May 01, 2020 (GLOBE NEWSWIRE) -- Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the
About this update from Cameco Corporation
[{"type":"text","content":" SASKATOON, Saskatchewan, May 01, 2020 (GLOBE NEWSWIRE) -- Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the first quarter ended March 31, 2020 in accordance with International Financial Reporting Standards (IFRS). “We are living in unprecedented and challenging times,” said Tim Gitzel, Cameco’s president and CEO. “The impact of the coronavirus (COVID-19) pandemic has changed the world. “For more than 30-years protecting the health and safety of our employees, their families and their communities and supporting local businesses has been a priority for us. That is why, consistent with our values, we have made a number of proactive decisions to protect our employees and their communities, and to help slow down the spread of the virus. “Despite the disruptions to our operations as a result of COVID-19 and the prudent decisions we have made, we expect our business to be resilient. We will continue to provide the fuel required to power the nuclear reactors that will be part of the critical infrastructure needed to ensure hospitals, care facilities and other essential services are available during this pandemic. “We have the tools we need to deal with the current uncertain environment. We are well positioned to self-manage the risk associated with the temporary suspension of production at Cigar Lake, Blind River, and in Port Hope. We have $1.2 billion in cash and short-term investments on our balance sheet and a $1 billion undrawn credit facility, which we do not anticipate we will need to draw on. “Embedded in all our decisions is a commitment to addressing the environmental, social and governance risks and opportunities that we believe will make our business sustainable over the long term. In these uncertain times, perhaps more than ever, it will be critical that we continue to work together to build on the strong foundation we have already established.” Net loss of $19 million; adjusted net earnings of $29 million: Results are driven by normal quarterly variations in contract deliveries and our continued execution on all strategic fronts. Adjusted net earnings is a non-IFRS measure, see below. Withdrew outlook for 2020: Due to the rapidly developing COVID-19 pandemic and the number of moving pieces it has created, on April 13, 2020 we withdrew our 2020 outlook. We do not expe...