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USEC Reports Second Quarter 2012 Results

“Our spending on American Centrifuge during the first half of the year kept this important project moving forward even as we worked with DOE to fund the RD&D program. Clearly this advanced technology expense had a substantial effect on our financial results, but we believe it was essential to providing a path for the successful commercial deployment of the technology.

“Our updated financial guidance reflects our expectation for better results for the remainder of 2012,” Welch said. “We now expect total revenue of nearly $2 billion and a gross profit of approximately $140 million. In addition, the cost-share arrangement for spending on the American Centrifuge will significantly offset future expensing of RD&D spending.”

USEC issued a separate news release today providing an update on the American Centrifuge project and the RD&D program.

Revenue

Revenue for the second quarter of 2012 was $364.8 million, a 20 percent decline over the same quarter of 2011. Revenue from the sale of separative work units (SWU) for the quarter was $347.2 million compared to $330.3 million in the same period last year. The volume of SWU sales was virtually unchanged compared to the same quarter of 2011, but the average price billed to customers was 5 percent higher. For the six-month period, revenue in 2012 was $926.3 million, an increase of $91.4 million or 11 percent compared to the same period in 2011. Revenue from the sale of uranium was $3.6 million in both the second quarter and six-month period of 2012 compared to $81.8 million in the first half of 2011. Most of our inventories of uranium available for sale have been sold in prior years, and we expect this trend of significantly lower uranium revenue to continue.

Revenue from the contract services segment was $14.0 million in the second quarter and $37.6 million in the six-month period of 2012 compared to $56.3 million and $114.3 million in the respective periods 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 in the segment is now dominated by our subsidiary NAC. Revenue by NAC decreased $3.6 million in the three-month period and increased $8.3 million in the six-month period primarily as a result of timing in sales related to NAC’s dry cask storage systems.

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