usec inc (USU) Key Developments
USEC Discloses Amendment to DoE Funding for American Centerfuge Project
Feb 19 14
USEC disclosed an amendment to its agreement with the Department of Energy (DoE) by which the company will receive most of the balance of its current DoE funding for the American Centerfuge Project. USEC announced a SEC 8-K filing the amendment provides additional government funding to USEC of $16.7 million, leaving $450,000 in DoE funding still available to USEC under current appropriations. The company acknowledged there is no assurance its current DoE funding for the American Centerfuge Project will be extended beyond April 15, in which case, the company announced it could demobilize or terminate the project.
USEC Inc. and American Centrifuge Demonstration, Llc Enter into Amendment to the Cooperative Agreement with U.S. Department of Energy
Nov 21 13
On November 20, 2013, USEC Inc. and its subsidiary American Centrifuge Demonstration, LLC (ACD) entered into Amendment No. 010 to the cooperative agreement dated June 12, 2012 between the U.S. Department of Energy (DOE) and USEC and ACD for the research, development and demonstration (RD&D) program for the American Centrifuge project. The Amendment amends the cooperative agreement to provide for additional government obligated funds of $15.7 million, bringing total government obligated funding to $256.9 million. The Amendment also extends the current funding period and end date of the program until January 15, 2014, enabling continued work to be performed under the cooperative agreement through January 15, 2014. The other terms and conditions, including the milestones and performance indicators under the RD&D program were not changed by the Amendment. USEC continues to expect to meet the remaining three RD&D program technical milestones during December 2013. The cooperative agreement provides funding for a cost-share RD&D program to demonstrate the American Centrifuge technology through the construction and operation of a commercial demonstration cascade of 120 centrifuge machines and sustain the domestic U.S. centrifuge technical and industrial base for national security purposes and potential commercialization of the American Centrifuge technology. The cooperative agreement, as amended by the Amendment, provides for 80% DOE and 20% USEC cost sharing for work performed during the period June 1, 2012 through January 15, 2014. DOE's contribution has been incrementally funded.
USEC Inc. Announces Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Full Year of 2013
Nov 4 13
USEC Inc. announced consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported total revenues of $303.8 million compared with $563.0 million for the same period a year ago, a decrease of $259 million compared to the same quarter of 2012. Operating loss was $53.3 million compared with operating income of $13.5 million for the same period a year ago. Loss from continuing operations before income taxes was $62.8 million compared with income from continuing operations before income taxes of $1.4 million for the same period a year ago. Net loss from continuing operations was $44.3 million or $9.04 per basic and diluted share compared with net income from continuing operations of $5.0 million or $1.02 per basic and diluted share for the same period a year ago. Net loss was $44.3 million or $9.4 per basic and diluted share compared with net income of $4.5 million or $0.92 per basic and diluted share for the same period a year ago. The company announced that although it reported a significant loss for the quarter the loss was largely due to non-production expenses related to ceasing enrichment at the Paducah plant.
For the nine months, the company reported total revenues of $909.0 million compared with $1,458.8 million for the same period a year ago, a decrease of $550 million. Operating income was $135.0 million compared with $88.1 million for the same period a year ago. Loss from continuing operations before income taxes was $166.7 million compared with $125.4 million for the same period a year ago. Net loss from continuing operations was $108.9 million or $22.22 per basic and diluted share compared with $116.4 million or $23.75 per basic and diluted share for the same period a year ago. Net loss was $87.2 million or $17.79 per basic and diluted share compared with $116.3 million or $23.73 per basic and diluted share for the same period a year ago. Net cash used in operating activities was $104.6 million compared with net cash provided by operating activities of $180.5 million for the same period a year ago. The financial results for the third quarter and the nine-month period of 2013 reflect a reduction in separative work unit (SWU) revenue and lower gross profit primarily due to non-production costs related to the transition of the Paducah Gaseous Diffusion Plant (GDP) compared to the same periods of 2012.
The company provided earnings guidance for the full year of 2013. The company expects the average SWU price billed to customers in 2013 to increase by 2% but the volume of deliveries to be approximately 35% lower than in 2012, resulting in SWU revenue of approximately $1.25 billion. Revenue from sale of uranium is expected to be approximately $70 million. Non-production expenses related to the cessation of enrichment at the Paducah plant are expected to result in a net loss for 2013. USEC expects to report full year cash flow from operations of approximately $50 million.
USEC Inc., Q3 2013 Earnings Call, Nov 05, 2013
Oct 30 13
USEC Inc., Q3 2013 Earnings Call, Nov 05, 2013
USEC Inc. to Report Q3, 2013 Results on Nov 04, 2013
Oct 30 13
USEC Inc. announced that they will report Q3, 2013 results at 5:00 PM, Eastern Standard Time on Nov 04, 2013