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The selected consolidated financial and operating information presented below should be read in conjunction with "Management's Discussion and Analysis" and the consolidated financial statements, notes thereto and other financial information included elsewhere in this Annual Information Form. The selected consolidated financial information for each of the five fiscal years ended December 31 is derived from the consolidated financial statements of Cameco which have been examined and reported upon by KPMG Chartered Accountants. The two year comparative by quarter financial information presented below is derived from unaudited interim financial statements and include, in the opinion of management, all adjustments necessary to present fairly the financial information for such periods. The results for any quarterly period within a fiscal year may not be indicative of the results to be expected for a full year.
The consolidated financial statements of Cameco have been prepared in accordance with Canadian generally accepted accounting principles ("Canadian GAAP"), which differs in certain respects from United States generally accepted accounting principles ("US GAAP"). For a reconciliation of net earnings, assets and shareholders' equity to US GAAP, see Note 27 to Cameco's Consolidated Financial Statements, attached as Appendix A.
| Year Ended December 31,
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| 1997
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1996
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1995
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1994
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1993
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| (in thousands, except per common share amounts and production data) | |||||||||||
| Canadian GAAP | |||||||||||
| Income Statement Data: | |||||||||||
| Revenues | $642, 945 | $590,861 | $395,271 | $347,685 | $305,846 | ||||||
| Expenses | |||||||||||
| Products and services sold | 316,108 | 298,205 | 190,210 | 175,040 | 146,700 | ||||||
| Depreciation, depletion and reclamation | 122,676 | 94,974 | 67,481 | 57,517 | 58,032 | ||||||
| Administration | 27,213 | 23,255 | 19,617 | 15,590 | 10,728 | ||||||
| Exploration | 32,023 | 29,223 | 16,991 | 11,890 | 9,753 | ||||||
| Research and development | 1,893 | 3,334 | 1,629 | 2,257 | 2,217 | ||||||
| Interest expense (income) | (7,962) | (3,396) | (4,412) | 823 | 2,267 | ||||||
| Other, net | 3,958 | 2,422 | (1,858) | 341 | 280 | ||||||
| Income taxes | 65,057 | 5,311 | 3,528 | 3,083 | 2,833 | ||||||
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| Net earnings | $81,979 | $137,533 | $102,085 | $81,144 | $73,036 | ||||||
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| Net earnings per common share (basic) | $1.51 | $2.60 | $1.95 | $1.56 | $1.41 | ||||||
| Net earnings per common share (fully diluted) | 1.48 | 2.53 | 1.90 | 1.53 | 1.38 | ||||||
| Cash dividends declared per common share | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | ||||||
| Balance Sheet Data: | |||||||||||
| Working capital | $272,568 | $271,112 | $248,432 | $166,048 | $198,324 | ||||||
| Total assets | 2,270,702 | 1,178,582 | 1,667,350 | 1,426,762 | 1,350,872 | ||||||
| Total long-term debt | 143,081 | 200,018 | 196,462 | 61,568 | 74,927 | ||||||
| Shareholders' equity | 1,692,233 | 1,419,472 | 1,301,657 | 1,220,372 | 1,163,047 | ||||||
| US GAAP (2) | |||||||||||
| Net earnings | $74,179 | $69,433 | $100,888 | $87,803 | n/a | ||||||
| Net earnings per common share (basic) | $1.36 | $1.31 | $1.93 | $1.69 | n/a | ||||||
| Shareholders' equity | $1,692,233 | $1,427,472 | $1,377,557 | $1,297,469 | n/a | ||||||
| Operating and Other Data: | |||||||||||
| Cash provided by operations before changes in working capital | $259,738 | $233,758 | $166,837 | $139,434 | $132,631 | ||||||
| Cash provided by operations after changes in working capital | 162,106 | 179,903 | 132,521 | 176,079 | 127,067 | ||||||
| Cash provided by operations after changes in working capital per common share (basic) | $2.98 | $3.37 | $2.53 | $3.38 | $2.45 | ||||||
| Cash provided by operations after changes in working capital per common share (fully diluted) | 2.91 | 3.22 | 2.47 | 3.28 | 2.38 | ||||||
| Cash used in investing activities | $324,845 | $162,053 | $252,482 | $106,467 | $63,012 | ||||||
| Cash dividends | 27,043 | 26,393 | 26,166 | 26,010 | 26,000 | ||||||
| Uranium concentrate production (lbs U3O8) | 19,257,000 | 16,560,000 | 15,160,000 | 13,991,000 | 13,221,000 | ||||||
| Uranium conversion production (tonnes U) | 12,594 | 10,127 | 10,552 | 9,490 | 7,853 | ||||||
| Gold production (oz) | 202,500 | 40,400 | 31,600 | -- | -- | ||||||
| (2) | US GAAP reconciliations have been calculated only for 1994 - 1997. | ||||||||||
| Two Year Comparative by Quarter (in thousands, except per common share amounts) |
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| First | Second | Third | Fourth | Total | |||||||
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| Revenues | |||||||||||
| 1997 | $114,204 | $161,538 | $187,063 | $180,140 | $642,945 | ||||||
| 1996 | 106,654 | 173,944 | 176,051 | 134,212 | 590,861 | ||||||
| Net earnings | |||||||||||
| 1997 | 14,410 | 28,059 | 20,775 | 18,735 | 81,979 | ||||||
| 1996 | 22,067 | 45,684 | 38,025 | 31,757 | 137,533 | ||||||
| Net earnings per common share | |||||||||||
| Basic | |||||||||||
| 1997 | $0.27 | $0.52 | $0.39 | $0.33 | $1.51 | ||||||
| 1996 | 0.42 | 0.86 | 0.72 | 0.60 | 2.60 | ||||||
| Fully diluted | |||||||||||
| 1997 | 0.26 | 0.51 | 0.38 | 0.33 | 1.48 | ||||||
| 1996 | 0.40 | 0.84 | 0.70 | 0.59 | 2.53 | ||||||
