Those American Centrifuge expenses more than offset our $84 million gross profit. From an income tax viewpoint that caused a substantial cumulative loss for the past several years that makes it difficult to assume we can use our tax benefit going forward. Therefore USEC recorded a full valuation allowance for the net deferred tax assets of $369 million.From an operation standpoint, our gross profit was lower due to lower sales volume of our products, uranium and separate work units or SWU and higher cost. While much of our loss was due to expense related to the American Centrifuge project, we also have high production costs at Paducah that are making profitable operations difficult going forward.
USEC's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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