USEC Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenue of $320.4 million compared to $542.0 million for the same period a year ago. Operating loss was $13.7 million compared to $20.0 million a year ago. Loss from continuing operations before income taxes was $26.7 million compared to $32.6 million a year ago. Net loss from continuing operations was $23.7 million or $0.19 per basic and diluted share compared to $29.3 million or $0.24 per basic and diluted share a year ago. Net loss was $2.0 million or $0.02 per basic and diluted share compared to $28.8 million or $0.24 per basic and diluted share a year ago. Net cash used in operating activities was $175.3 million against net cash provided by operating activities of $47.7 million a year ago.

On April 30, 2013, USEC received notice from the New York Stock Exchange (NYSE) that the decline in USEC’s total market capitalization has caused it to be out of compliance with one of the NYSE’s continued listing standards. Rule 802.01B of the NYSE’s Listed Company Manual requires that a company maintain an average market capitalization of not less than $50 million over a consecutive 30 trading-day period where the Company’s total stockholders’ equity is less than $50 million. In mid-April 2013, USEC’s average market capitalization fell below $50 million, and the Company’s had a stockholders’ deficit of $472.9 million as of December 31, 2012 following the expense of $1.1 billion of previously capitalized work in process costs related to the American Centrifuge project. In accordance with the NYSE’s rules, on May 6, 2013, USEC provided written notice to the NYSE of its intent to cure this deficiency. Under applicable NYSE rules, the Company has 45 days from the receipt of the notice to submit a plan advising the NYSE of definitive action the Company has taken, or is taking, that would bring it into conformity with the market capitalization listing standards within 18 months of receipt of the letter. If the NYSE accepts the plan, the Company’s common stock will continue to be listed on the NYSE during the 18 month cure period, subject to the compliance with other NYSE continued listing standards and continued periodic review by the NYSE of the Company’s progress with respect to its plan. If the plan is not submitted on a timely basis, is not accepted, or is accepted but the Company does not make progress consistent with the plan during the plan period, USEC will be subject to suspension and delisting from the NYSE. In addition, the NYSE can at any time suspend trading in a security and delist the stock if it deems it necessary for the protection of investors. The average closing price of the Company’s common stock also continues to be below the NYSE’s continued listing criteria relating to minimum share price. Rule 802.01C of the NYSE’s Listed Company Manual requires that a company’s common stock trade at a minimum average closing price of $1.00 over a consecutive 30 trading-day period. The Company intends to seek stockholder approval for a reverse stock split at its next annual meeting of stockholders, scheduled for June 27, 2013, to seek to cure this condition. If the Company’s stockholders approve the reverse stock split and USEC effectuates the reverse stock split to cure the condition, the condition will be deemed cured if our closing share price promptly exceeds $1.00 per share, and the price remains above the level for at least the following 30 trading days.

USEC Inc., Q1 2013 Earnings Call, May 07, 2013