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TheStreet Open House

USEC Reports Financial Results For The Fourth Quarter And Full Year 2011

Stocks in this article: USU

“Throughout 2011, USEC worked diligently to overcome a number of significant challenges facing the Company,” said John K. Welch, USEC president and chief executive officer. “Despite the lack of a conditional commitment for a loan guarantee, DOE’s proposal to share costs in a two-year research, development and demonstration program reflects the importance the U.S. government places on having a source of domestic uranium enrichment.”

Welch said, “This year will present additional challenges as we continue operating under significant competitive and cost pressures, and we make important decisions regarding the future of the Paducah plant. Nonetheless, we expect to sell more than 10 million SWU in 2012. These sales will come from our substantial inventory, from Paducah commercial production through at least midyear, and from our supply contract with Russia.

“Notwithstanding these challenges, we are focused on using our strengths as we transition our business and operations. We have a decades-long reputation with our customers around the world for delivering their nuclear fuel requirements in-spec and on time. We have a proven record of obtaining increased efficiency from our enrichment operations and working with our regulators to achieve a strong track record of compliance,” Welch said.

“Looking ahead, we have a highly efficient commercial centrifuge machine that has the potential to substantially reduce our power requirements and is an opportunity to position us as a low-cost producer in the long term. We are focused on a path to remain a leading supplier of enrichment to our customers and a contributor to U.S. national security,” he said.

Revenue

Revenue for the fourth quarter was $462.4 million, a decrease of 31 percent compared to the same quarter of 2010. Revenue from the sale of SWU for the quarter was $394.2 million compared to $519.6 million in the same period of the prior year. Revenue from the sale of uranium was $28.7 million, a decrease of $42.9 million from the same quarter last year. Revenue from our contract services segment was $39.5 million compared to $75.2 million in the fourth quarter last year.

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