The Q1 results of $0.01 EPS may look disappointing, but is in fact not so bad.

What stood out was, of course, the $12.4 million of hedging loss. However, we have to be mindful that this is booking the whole year of "potential" hedging loss (hedged for about 15 million lb., or 50% of the 2008 total production of 30 million lb.) against the result of just one quarter (only 6 million lb., or 20% of the total of the 2008 estimated production). The impact is naturally very much distorted.

If the market takes the share price down because of it I think this may be a good buying opportunity.

What's everyone's view on the Q1 results?