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UPDATE 1-Denison Mines narrows quarterly loss
November 4, 2010 / 9:54 PM / 7 years ago

UPDATE 1-Denison Mines narrows quarterly loss

* Q3 loss of $0.03/share vs loss of $0.27/share

* Revenue up 213 percent at $39.9 million

* 2010 uranium production on track for 1.6 million pounds (In U.S. dollars unless noted)

TORONTO, Nov 4 (Reuters) - Uranium producer Denison Mines (DML.TO) reported a sharply lower quarterly net loss on Thursday compared with a year earlier when its results were hit by an impairment charge.

Toronto-based Denison reported a third-quarter loss of $9.5 million, or 3 cents a share, compared with a year-ago loss of $91.3 million, or 27 cents a share.

Analysts, on average, had forecast a loss of 1 cent a share, according to Thomson Reuters I/B/E/S.

Revenue rose 213 percent to $39.9 million, from $12.7 million a year earlier.

Denison said it sold 706,000 pounds of uranium in the quarter at an average price of $44.22 per pound.

Uranium production for the quarter totaled 373,000 pounds, and the company said it remains on track to produce 1.6 million pounds in 2010.

$1=$1.00 Canadian Reporting by Julie Gordon; editing by Rob Wilson

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