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USEC Reports Third Quarter 2012 Results

“I am pleased to report crisp execution in the third quarter of the RD&D program and the multi-party contract that has extended enrichment activities at the Paducah Gaseous Diffusion Plant,” said John K. Welch, USEC president and chief executive officer.

“We reported better financial results year over year with an improved gross profit, and finished the quarter with a cash balance just over $300 million. We reiterated our guidance for 2012 and expect to finish the year with a cash balance exceeding $200 million,” Welch noted.

“We are assembling and conditioning AC100 centrifuge machines for the RD&D program, installing service modules and preparing plant infrastructure and control systems for the demonstration cascade we will operate in 2013. We met the first two technical milestones, and we are hitting the interim performance indicators goals in a manner that reaffirms our confidence in the American Centrifuge technology and our ability to deploy it successfully.

“Our employees at the Paducah plant are meeting the financial and operational metrics we established for the agreements with Energy Northwest, Tennessee Valley Authority and the Department of Energy that extended enrichment at Paducah through next May. Our staff continues to focus on equipment reliability and plant operation at a high level of efficiency,” Welch said.


Revenue for the third quarter of 2012 was $570.5 million, a 52 percent increase over the same quarter of 2011. Revenue from the sale of SWU for the quarter was $559.5 million compared to $297.9 million in the same period last year. The volume of SWU sales increased 83 percent compared to the same quarter of 2011, and the average price billed to customers was 3 percent higher. For the nine-month period, revenue in 2012 was $1,496.8 million, an increase of $287.4 million or 24 percent compared to the same period in 2011. There were no sales of uranium in the third quarter and $3.6 million in the nine-month period of 2012 compared to $103.1 million in the nine-month period 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.

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