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USEC's CEO Discusses Q1 2012 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, May 2, 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 I’d like to turn the call over to John.

John Welch

Good morning and thank you for joining us today. Yesterday afternoon we reported our first quarter results. As previously reported, we have expensed all of our centrifuge costs since the fourth quarter of 2011 because our activities on the project relate primarily to development and demonstration. Therefore I am sure it wasn’t a surprise to anyone on this call that we reported a net loss. At the bottom line we reported a net loss of $28.8 million for the quarter compared to a net loss of $16.6 million in the same quarter 2011.

However we did report several positive metrics in our financials. Revenue for separative work units or SWU showed a 74% increase over the same quarter last year. Our gross profit was $38.8 million, an improvement of 179% over the same quarter in 2011. The gross profit margin was 6.9% in the 2012 period compared to 3.7% in the first quarter of 2011. And cash flow provided by operations remains positive at $47.7 million. John Barpoulis will provide a more detailed report on the first quarter in a few minutes.

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