Cameco is putting a brave face on some weak quarter results.

This morning the company reported that quarterly net earnings were down 93% compared to the same time last year.

Company CEO Tim Gitzel held a press conference this morning where he outlined some of the reasons for the drop:

“Our adjusted net earnings this quarter were $27 million dollars compared to $121 million dollars during the same period last year.  We were expecting this primarily as a result of very low uranium deliveries in the first quarter and lower earnings from Bruce Power.”

He explains that many of their deliveries, as much as 60%, won’t happen until the third and fourth quarters which is routine.

He adds Bruce Power recorded a lot of outages in the last quarter.

What’s more, they are using a different method to record earnings from that company.

Despite the drop in net earnings Gitzel says Cameco remains on track for sales, revenue and production guidance.

He says production is at 5.9 million lbs which is 23% more than the same period last year.

The re-start of the Cigar Lake mine also remains on schedule.