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USEC Reports Second Quarter 2012 Results

USEC Inc. (NYSE:USU) today reported a net loss of $92.0 million or 76 cents per share for the quarter ended June 30, 2012, compared to a net loss of $21.2 million or 18 cents per share for the second quarter of 2011. For the six-month period of 2012, the company reported a net loss of $120.8 million or 99 cents per share compared to a net loss of $37.8 million or 31 cents per share in the same period of 2011.

The largest factor in the net loss for the second quarter of 2012 was advanced technology expense of $85.7 million. This amount includes an expense of $44.6 million related to the title transfer of previously capitalized machinery and equipment to the Department of Energy (DOE) as provided under the cooperative agreement for the research, development and demonstration (RD&D) program for the American Centrifuge technology. Since the fourth quarter of 2011, USEC has expensed all American Centrifuge project costs, including interest expense that previously would have been capitalized. In the second quarter of 2012, interest expense was $12.7 million. Combined, advanced technology and interest expense in the second quarter of 2012 was $64.8 million more than in the same quarter of 2011, partially offset by $10.0 million in other income that represents DOE’s share of the RD&D program beginning June 1, 2012.

“We made significant progress in the second quarter by securing near-term funding for the RD&D program and putting in place a contract to support one year of continued enrichment operations at the Paducah Gaseous Diffusion Plant,” said John K. Welch, USEC president and chief executive officer. “While the benefits of these achievements on our financial performance for the second quarter were limited, these are significant accomplishments that are important to our longer term success and will positively impact our financial performance over the balance of the year.

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