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USEC Reports First Quarter 2012 Results

“We continue to be in discussions regarding a multi-party arrangement to produce U.S.-origin low enriched uranium by enriching a portion of DOE’s depleted uranium tails inventory at Paducah. If we are successful, we expect the agreement to support operating Paducah for another year through May 31, 2013, as we work with DOE on the longer term transition plan for the plant,” he said. “However, as with any transaction, a deal is not final until all approvals have been provided and final agreements signed.”


Revenue for the first quarter of 2012 was $561.5 million, an increase of $181.0 million compared to the same quarter of 2011. Revenue from the sale of SWU for the quarter was $537.9 million compared to $308.5 million in the same period last year. The volume of SWU sales increased 73 percent in the quarter reflecting the variability in timing of utility customer orders, including orders that USEC and its customers have advanced from later in 2012 and from 2013. The average price billed to customers increased 1 percent. There was no revenue from the sale of uranium in the first quarter of 2012 compared to $14.0 million in the first quarter of 2011. Revenue from the contract services segment was $23.6 million in the first quarter of 2012 compared to $58.0 million in the same period of 2011. The decrease was due to a 98 percent reduction in contract services revenue at the Portsmouth site as work was transferred to a decontamination and decommissioning contractor for DOE over the course of 2011. Revenue by subsidiary NAC International increased $11.9 million or 157 percent in the three-month period primarily as a result of increased sales of dry cask storage systems.

In a number of sales transactions, USEC transfers title and collects cash from customers but does not recognize the revenue until the low enriched uranium is physically delivered. At March 31, 2012, deferred revenue totaled $146.8 million compared to $181.5 million at December 31, 2011. The gross profit associated with deferred revenue as of March 31, 2012, was $7.1 million.

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