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USEC's CEO Discusses Q2 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 quarterly reports on Form 10-Q. Finally, the forward-looking information provided today is time sensitive and is accurate only as of today, August the 1 st, 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 Welch.

John Welch

Good morning. And thank you for joining us today. Yesterday afternoon we reported our second-quarter results. The management team was very active during the second quarter as we reached two important agreements. First, in May, we entered into an innovative multiparty agreement that will allow us to continue to economically enrich uranium at the Paducah gaseous diffusion plant for another year. It is a positive agreement for everyone involved.

Second, in June, we secured near-term funding for the research, development and demonstration program for the American centrifuge technology, which we call the RD&D program. We were off to a great start on that program and we have attracted a very strong board of managers to provide oversight to the program as provided under our agreement with the Department of Energy. This board includes leaders in the nuclear industry, Babcock & Wilcox, Exelon and Toshiba, as well as two independent members with strong industry credentials.

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