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USEC's CEO Discusses Q4 2011 Results - Earnings Call Transcript

I’d like to remind everyone that certain of the information that we may discuss on this call today may be considered forward-looking information that involves risks and uncertainties, including assumptions about the future performance of USEC. Our actual results may differ materially from those in our forward-looking statements.

Additional information concerning factors that could cause actual results to materially differ from those in our forward-looking statements is contained in our filings with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Finally, the forward-looking information provided today is time sensitive and is accurate only as of today, March 4th, 2012. This call is the property of USEC. Any redistribution, retransmission or rebroadcast of this call in any form without the expressed written consent of USEC is strictly prohibited.

Thank you for your participation and now, and now I’d like to turn the call over to John Welch.

John Welch

Good morning and thank you for joining us today. Earlier this morning, we reported our fourth quarter and yearend results. At the bottom line, we reported a substantial net loss. The net loss of $540.7 million for the full year was a result of a confluence of several factors including non cash write-offs. John Barpoulis will have a more detailed discussion on these factors in his report, but let me address them at a high level.

First the expense for Advanced Technology was higher than in prior years because of the impact of write-offs associated with the American Centrifuge project and because of changes and how we accounting for American Centrifuge spending. For the last several years we have been capitalizing spending on the project for activities that were intended to be part of our commercial plan.

Beginning in the fourth quarter, we are now expensing all project spending because the work we expect to do over the next two years will be related primarily to the Research, Development and Demonstration programs or RD&D. Expense for Advanced Technology for the full year totaled $273 million including $127 million of previously capitalized spending related to earlier centrifuge machines that were determined to no longer be compatible with the commercial plant design.

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