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EnergySolutions, Inc Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: ES

Second, our company requires a lower cost structure. Today, we have a cost structure that is more appropriate for a substantially larger firm. We'll be more successful if we're able to deliver our products and services at a lower level of SG&A.

Third, our company requires a stronger balance sheet. We will be more successful if we're financially stronger, both in terms of winning customer contracts and funding and growing our businesses.

And finally, our company requires more investment to grow. We have not adequately funded our businesses, and as a result, while margins are improving, revenues have fallen. We can grow our business, both organically and inorganically, but only if we are willing and able to provide capital to invest in those businesses.

Based on these conclusions, we have developed 4 strategic initiatives. We plan to implement these initiatives by the end of this year. One, sell assets. In order to focus our company, we will consider asset sales. We made an announcement last month concerning discussions related to our U.K. business that owns the Magnox contract, and we are also considering other potential asset sales. Two, lower SG&A. We will lower the amount of expenses related to SG&A at our company. Three, reduce debt. We plan to use a significant portion of the proceeds from asset sales and cash flow from our businesses to decrease our expanding debt obligations. Four, grow our business. Through focusing on fewer businesses, selling assets, reducing our costs, and strengthening our balance sheet, we are planning to deploy our capital more aggressively in order to achieve significant revenue growth.

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