Net income of $48.7 million for full year; $25.1 million for 4th quarter Cash flow used in operations of $104.9 million due to inventory build for 2009 sales 2009 guidance sees higher revenue, gross margin pressure due to higher power and Russian purchase costs
BETHESDA, Md.--(BUSINESS WIRE)--Feb. 25, 2009--
USEC Inc. (NYSE:USU) today reported net income for 2008 of $48.7 million
or 35 cents per diluted share (44 cents per basic share) compared to net
income of $96.6 million or 94 cents per diluted share ($1.04 per basic
share) for 2007. The results in 2007 benefited approximately $22.1
million from non-cash reversals of previously recorded accruals for
taxes and interest associated with the accounting standard known as FIN
48. For the fourth quarter ended December 31, 2008, USEC earned $25.1
million, matching net income for the same quarter of 2007.
The financial results in the full year and fourth quarter reflect the
previously reported anticipated decline in separative work unit (SWU)
volume compared to 2007 resulting from the timing of customer refueling
cycles. For the year, the average SWU price billed to customers was 2
percent higher than 2007 but SWU volume was 27 percent lower in 2008
than in the previous year. Our financial results were better than
guidance provided in November due to the timing of recognition of
previously deferred revenue for uranium sales, lower than planned
expenses related to the American Centrifuge project, and lower cost of
sales as anticipated higher power costs moderated in the fourth quarter.
“We had a solid fourth quarter, and the full-year results came in better
than expected,” said John K. Welch, USEC president and chief executive
officer. “Given that SWU sales were down by about a quarter year over
year due to the timing of our customers’ refueling schedules, we were
pleased with the bottom line.
“Looking forward, our guidance for 2009 shows we expect a dramatic
rebound in revenue as SWU volume and price both improve. However, our
gross profit margins will likely be lower as our electric power and
purchase costs from Russia are increasing at a faster pace than average
prices billed to customers,” Welch said. “Additionally, the sharp
downturn in the financial markets reduced the value of our pension
investments, which will require us to record higher pension costs in
2009.”
A majority of reactors served by USEC are refueled on an 18-to-24-month
cycle, and our guidance for 2009 anticipates an approximately 40 percent
increase in SWU sales volume that reflects the high number of customer
reactors to be refueled in 2009. Therefore, short-term comparisons of
USEC’s financial results are not necessarily indicative of longer-term
results.
Revenue
Revenue for the fourth quarter was $431.9 million, a decline of 30
percent compared to the same quarter of 2007. Revenue from the sale of
SWU for the quarter was $314.3 million compared to $536.1 million in the
same period last year. The volume of SWU sales declined 45 percent in
the quarter while average prices billed to customers increased 6
percent. Revenue from the sale of uranium was $62.6 million, an increase
of $33.3 million from the same quarter last year. The quarterly results
reflect a 37 percent decrease in uranium volume sold at average prices
that were more than 200 percent higher than in the 2007 period due to
the mix, timing and terms of uranium contracts. Revenue from our U.S.
government contracts segment was $55 million compared to $51.8 million
in the fourth quarter last year, a 6 percent increase, primarily driven
by the timing of sales by our NAC subsidiary.
For the full year, revenue was $1,614.6 million, a decline of 16 percent
over 2007. The timing impact of reactor refueling in 2008 on SWU sales
is clear as SWU volume was down 27 percent compared to 2007. Average SWU
prices billed to customers increased 2 percent compared to last year.
The volume of uranium sold decreased by 4 percent and the average price
billed to customers increased 38 percent. Revenue from U.S. government
contracts and other was $222 million, a 14 percent improvement primarily
due to increased contract work related to cold shutdown efforts at the
Portsmouth plant, incremental revenue for DOE contract work done in
prior years that was recognized in 2008, and increased revenue recorded
by NAC due to the timing of sales.
In a number of sales transactions, USEC transfers title and collects
cash from customers but does not recognize the revenue until low
enriched uranium is physically delivered. At December 31, 2008, deferred
revenue totaled $196.3 million, an increase of $79.9 million from
December 31, 2007. The gross profit associated with deferred revenue as
of December 31, 2008, was $84.9 million.
Cost of Sales, Gross Profit Margin and Expenses
Cost of sales for 2008 for SWU and uranium was $1,202.2 million, a
decrease of $271.4 million or 18 percent, due to the substantial decline
in SWU sales volume noted above, offset by higher unit costs. Cost of
sales for SWU and uranium reflects monthly moving average inventory
costs based on production and purchase costs. During 2008, the unit cost
of sales per SWU was 4 percent higher than the year before, reflecting
changes in the monthly moving average SWU inventory costs. Production
costs increased $108.5 million or 14 percent in 2008 compared to 2007,
primarily as a result of buying 12 percent more electric power and an
average cost per megawatt hour that increased by 6 percent.
Under the June 2007 power purchase contract with the Tennessee Valley
Authority, we bought approximately 1.6 million more megawatt hours of
electric power during 2008 than in 2007. The additional power is used to
increase SWU production and to underfeed the enrichment process. The
quantity of uranium that is added to uranium inventory from underfeeding
is accounted for as a byproduct of the enrichment process. Production
costs are allocated to the uranium added to inventory based on the net
realizable value of the uranium, and the remainder of the production
costs are allocated to SWU inventory costs. Production volume increased
by 10 percent, and overall unit production costs increased in 2008 by 3
percent. Purchase costs paid to Russia increased by $53 million in 2008,
reflecting an 11 percent increase in the unit purchase cost. These
purchase prices are set by a market-based pricing formula and have
increased as market prices have increased in recent years. Cost of sales
for U.S. government contracts was $183.6 million in 2008, an increase of
$16.7 million or 10 percent.
The gross profit for 2008 was $228.8 million, a decrease of $58.7
million or 20 percent over the previous year. The gross profit margin
for the year was 14.2 percent compared to 14.9 percent in 2007. The
lower gross profit margin reflects lower margins in the LEU segment,
slightly offset by higher margins in the U.S. government contracts
segment. The gross profit margin in the fourth quarter of 2008 was 18.1
percent compared to 12.1 percent in the same quarter of 2007, largely
due to higher margin uranium sales recognized during the quarter.
Selling, general and administrative expenses in 2008 were $54.3 million,
an increase of $9 million over 2007. The SG&A expense in the fourth
quarter was $13.6 million, an increase of $1.3 million over the same
period in 2007. Among the factors that increased SG&A year over year
were higher consulting expense related to strategy, enterprise risk
management and organizational efforts, higher travel costs related to
the American Centrifuge project, and higher compensation expense. The
expense in the 2007 period included a $3.4 million credit resulting from
the reversal of a previously accrued tax penalty.
Advanced technology expenses, primarily related to the demonstration of
the American Centrifuge technology, were $29 million in the fourth
quarter and $110.2 million for the full year of 2008, a slight increase
of $1.8 million quarter to quarter and a decrease of $17.1 million
compared to the full year of 2007. The lower expense for the year
reflects fewer activities associated with assembling and testing of
centrifuge machines at our Oak Ridge test facilities and increased
spending in activities related to capitalized construction work in
progress on the centrifuge machines and the American Centrifuge Plant
(ACP).
Cash Flow
At December 31, 2008, USEC had a cash balance of $248.5 million compared
to $886.1 million at December 31, 2007. Cash flow used in operations in
2008 was $104.9 million, compared to cash flow from operations of $109.2
million in the previous year. The $214.1 million difference was due to
an increase in the net inventory balance of $270.6 million, reflecting
increased production for SWU sales in future periods. Capital
expenditures, primarily related to construction of the American
Centrifuge Plant, totaled $441.9 million during 2008 compared to $137.2
million in 2007.
2009 Outlook
As expressed in previous guidance, we expect the volume of SWU sold in
2009 to return to a level similar to that seen in 2007. Because a
majority of our customers refuel their reactors on an 18-to-24 month
cycle, those customers who refueled reactors in 2007 are likely to
require LEU again in 2009. In the past five years, we have sold roughly
10 to 13 million SWU per year, and we expect to exceed the high end of
that range in 2009.
We expect total revenue in the range of $2.2 to $2.25 billion in 2009.
Revenue from SWU sales is expected to be approximately $1.8 billion, or
about 50 percent higher than 2008. SWU volume is expected to be
approximately 40 percent higher and the average price billed to
customers is expected to be 10 percent higher. Revenue from uranium is
expected to decline to just under $200 million in 2009 as spot uranium
prices gradually fell during 2008. The recognition of this revenue is
subject to the timing of uranium used as feed stock in LEU deliveries.
Revenue from government services and other is expected to be relatively
flat at about $220 million in 2009.
Electric power represents 70 percent to 75 percent of our cost of
production at the Paducah GDP. We have a contract with the Tennessee
Valley Authority to purchase 2,000 megawatts of power during the
non-summer months of 2009 at a fixed base price that increased slightly
over 2008. Under this contract we also pay an adjustment to reflect the
cost of fuel or purchased power above or below the cost assumed in that
base price. The fuel cost adjustment averaged 15 percent above the base
price in 2008 and TVA has continued to forecast increased fuel and
purchased power costs for 2009. The uncertainty of fuel prices in the
current economic climate results in difficulty in predicting this major
production cost component, and variations from our forecast can
significantly affect results. We produce about half of our supply and
purchase half from Russia under the Megatons to Megawatts program. Under
the program's market-based pricing formula, we expect to pay Russia
about 11 percent more for LEU purchased in 2009 compared to 2008,
reflecting increases in SWU market price indicators in recent years.
Our cost of sales, reflecting higher production and purchase costs
rolling through our inventory, is increasing faster than our average
price billed to customers. This has put pressure on our gross margin in
recent years and that trend is expected to continue in 2009. Thus,
although our average price billed to customers is expected to improve
from last year, the expected increase in cost of sales is greater. We
expect our gross profit margin in 2009 to be between 10 percent and 12
percent, compared to 14.2 percent in 2008.
The sharp downturn in the fair value of pension and postretirement
benefit plan assets, due primarily to market conditions from 2008, will
also result in higher net benefit costs in 2009. These net benefit costs
are embedded in our costs for both business segments, as well as
selling, general and administrative (SG&A) expense. Combined, this net
benefit cost is estimated to be approximately $51 million higher than in
2008 and will also require us to fund these plans by approximately $15
million more than in 2008.
Below the gross profit line, we expect SG&A expense to be approximately
$57 million in 2009. We expect our income tax rate will be close to the
combined federal and state statutory rate. Although much of our spending
on the American Centrifuge Plant is anticipated to be capitalized, we
expect to continue development and value engineering efforts that are
expensed. We expect to expense roughly $120 million of spending during
2009. In addition, our baseline plan for ACP capital expenditures in
2009 is approximately $700 million but this amount will be affected by
our announced plan to slow down spending on the ACP.
Based on these projections, we anticipate net income in a range of $25
to $50 million for 2009. Cash flows from operations in 2008 were
negative in part due to a build-up of SWU inventory in advance of higher
anticipated SWU deliveries in 2009. This inventory is expected to be
monetized in 2009, thus substantially improving cash flow from
operations, year over year. Although we expect higher disbursements for
electric power, increased purchase costs from Russia and continued
significant ACP spending that is expensed, we anticipate cash flow
generated from operations in a range of $240 to $275 million.
Our financial results guidance is subject to a number of assumptions and
uncertainties that could affect results either positively or negatively.
Variations from our expectations could cause substantial differences
between our guidance and ultimate results. Among the factors that could
affect net income and cash flows are:
-
Changes to the electric power fuel cost adjustment from our current
projection;
-
The potential for significantly reduced ACP spending as a result of
our announced plan to slow down project spending;
-
The amount of spending on the ACP that is classified as an expense;
-
The timing of recognition of previously deferred revenue, particularly
related to the sale of uranium;
-
Movement and timing of customer orders;
-
Changes in SWU and uranium market price indicators, and changes in
inflation that can affect the price of SWU billed to customers; and
-
Additional uranium sales made possible by underfeeding the production
process at the Paducah GDP.
USEC Inc., a global energy company, is a leading supplier of enriched
uranium fuel for commercial nuclear power plants.
Forward Looking Statements
This news release contains “forward-looking statements” – that is,
statements related to future events. In this context, forward-looking
statements may address our expected future business and financial
performance, and often contain words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “will” and other words of similar
meaning. Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. For USEC, particular risks and
uncertainties that could cause our actual future results to differ
materially from those expressed in our forward-looking statements
include, but are not limited to: risks related to the deployment of the
American Centrifuge technology, including our ability to meet targets
for performance, cost and schedule and to obtain financing; our success
in obtaining a loan guarantee for the American Centrifuge Plant and the
impact of delays in financing on project spending, cost and schedule;
uncertainty regarding the cost of electric power used at our gaseous
diffusion plant; our dependence on deliveries under the Russian Contract
and on a single production facility; our inability under most existing
long-term contracts to directly pass on to customers increases in our
costs; the decrease or elimination of duties charged on imports of
foreign-produced low enriched uranium; pricing trends in the uranium and
enrichment markets and their impact on our profitability; changes to, or
termination of, our contracts with the U.S. government and changes in
U.S. government priorities and the availability of government funding,
including loan guarantees; the impact of government regulation; the
outcome of legal proceedings and other contingencies (including lawsuits
and government investigations or audits); the competitive environment
for our products and services; changes in the nuclear energy industry;
the potential impact of volatile financial market conditions on our
pension assets and credit and insurance facilities; and other risks and
uncertainties discussed in our filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K. Revenue and
operating results can fluctuate significantly from quarter to quarter,
and in some cases, year to year. We do not undertake to update our
forward-looking statements except as required by law.
|
|
|
USEC Inc.
|
|
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
|
|
(millions, except per share data)
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
2008
|
|
2007
|
|
2008
|
|
2007
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Separative work units
|
$314.3
|
|
|
$536.1
|
|
|
$1,175.5
|
|
|
$1,570.5
|
|
|
Uranium
|
62.6
|
|
|
29.3
|
|
|
217.1
|
|
|
163.5
|
|
|
U.S. government contracts and other
|
55.0
|
|
|
51.8
|
|
|
222.0
|
|
|
194.0
|
|
|
Total revenue
|
431.9
|
|
|
617.2
|
|
|
1,614.6
|
|
|
1,928.0
|
|
|
Cost of sales:
|
|
|
|
|
|
|
|
|
Separative work units and uranium
|
308.0
|
|
|
497.3
|
|
|
1,202.2
|
|
|
1,473.6
|
|
|
U.S. government contracts and other
|
45.8
|
|
|
45.3
|
|
|
183.6
|
|
|
166.9
|
|
|
Total cost of sales
|
353.8
|
|
|
542.6
|
|
|
1,385.8
|
|
|
1,640.5
|
|
|
Gross profit
|
78.1
|
|
|
74.6
|
|
|
228.8
|
|
|
287.5
|
|
|
Advanced technology costs
|
29.0
|
|
|
27.2
|
|
|
110.2
|
|
|
127.3
|
|
|
Selling, general and administrative
|
13.6
|
|
|
12.3
|
|
|
54.3
|
|
|
45.3
|
|
|
Operating income
|
35.5
|
|
|
35.1
|
|
|
64.3
|
|
|
114.9
|
|
|
Interest expense
|
1.8
|
|
|
7.7
|
|
|
17.3
|
|
|
16.9
|
|
|
Interest (income)
|
(3.4
|
)
|
|
(12.1
|
)
|
|
(24.7
|
)
|
|
(33.8
|
)
|
|
Income before income taxes
|
37.1
|
|
|
39.5
|
|
|
71.7
|
|
|
131.8
|
|
|
Provision for income taxes
|
12.0
|
|
|
14.4
|
|
|
23.0
|
|
|
35.2
|
|
|
Net income
|
$25.1
|
|
|
$25.1
|
|
|
$48.7
|
|
|
$96.6
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share – basic
|
$.23
|
|
|
$.22
|
|
|
$.44
|
|
|
$1.04
|
|
|
Net income per share – diluted
|
$.16
|
|
|
$.18
|
|
|
$.35
|
|
|
$.94
|
|
|
Weighted average number of shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
110.8
|
|
|
110.1
|
|
|
110.6
|
|
|
93.0
|
|
|
Diluted
|
158.9
|
|
|
158.4
|
|
|
158.7
|
|
|
105.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USEC Inc.
|
|
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
|
(millions, except share and per share data)
|
|
|
|
|
|
December 31,
|
|
|
2008
|
|
2007
|
|
ASSETS
|
|
|
|
|
Current Assets
|
|
|
|
|
Cash and cash equivalents
|
$248.5
|
|
|
$886.1
|
|
|
Accounts receivable
|
154.1
|
|
|
252.9
|
|
|
Inventories:
|
|
|
|
|
Separative work units
|
813.0
|
|
|
677.3
|
|
|
Uranium
|
402.1
|
|
|
465.9
|
|
|
Materials and supplies
|
16.8
|
|
|
10.2
|
|
|
Total Inventories
|
1,231.9
|
|
|
1,153.4
|
|
|
Deferred income taxes
|
67.9
|
|
|
49.5
|
|
|
Other current assets
|
188.3
|
|
|
88.7
|
|
|
Total Current Assets
|
1,890.7
|
|
|
2,430.6
|
|
|
Property, Plant and Equipment, net
|
736.1
|
|
|
292.2
|
|
|
Other Long-Term Assets
|
|
|
|
|
Deferred income taxes
|
273.3
|
|
|
180.1
|
|
|
Deposit for surety bonds
|
135.1
|
|
|
97.0
|
|
|
Pension asset
|
-
|
|
|
67.1
|
|
|
Bond financing costs, net
|
12.0
|
|
|
13.8
|
|
|
Goodwill
|
6.8
|
|
|
6.8
|
|
|
Other long-term assets
|
1.3
|
|
|
0.2
|
|
|
Total Other Long-Term Assets
|
428.5
|
|
|
365.0
|
|
|
Total Assets
|
$3,055.3
|
|
|
$3,087.8
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
Current Liabilities
|
|
|
|
|
Current portion of long-term debt
|
$95.7
|
|
|
$ -
|
|
|
Accounts payable and accrued liabilities
|
172.3
|
|
|
162.2
|
|
|
Payables under Russian Contract
|
121.5
|
|
|
112.2
|
|
|
Inventories owed to customers and suppliers
|
130.2
|
|
|
322.3
|
|
|
Deferred revenue and advances from customers
|
196.7
|
|
|
119.1
|
|
|
Total Current Liabilities
|
716.4
|
|
|
715.8
|
|
|
Long-Term Debt
|
575.0
|
|
|
725.0
|
|
|
Other Long-Term Liabilities
|
|
|
|
|
Depleted uranium disposition
|
119.5
|
|
|
98.3
|
|
|
Postretirement health and life benefit obligations
|
168.1
|
|
|
130.6
|
|
|
Pension benefit liabilities
|
223.1
|
|
|
23.0
|
|
|
Other liabilities
|
90.8
|
|
|
85.6
|
|
|
Total Other Long-Term Liabilities
|
601.5
|
|
|
337.5
|
|
|
Stockholders’ Equity
|
|
|
|
|
Preferred stock, par value $1.00 per share, 25,000,000 shares
authorized, none issued
|
-
|
|
|
-
|
|
|
Common stock, par value $.10 per share, 250,000,000 shares
authorized, 123,320,000 shares issued
|
12.3
|
|
|
12.3
|
|
|
Excess of capital over par value
|
1,184.2
|
|
|
1,186.2
|
|
|
Retained earnings
|
263.9
|
|
|
215.2
|
|
|
Treasury stock, 11,564,000 and 12,741,000 shares
|
(84.1
|
)
|
|
(92.9
|
)
|
|
Accumulated other comprehensive loss, net of tax
|
(213.9
|
)
|
|
(11.3
|
)
|
|
Total Stockholders’ Equity
|
1,162.4
|
|
|
1,309.5
|
|
|
Total Liabilities and Stockholders’ Equity
|
$3,055.3
|
|
|
$3,087.8
|
|
|
|
|
|
|
|
|
|
USEC Inc.
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
|
(millions)
|
|
|
|
|
|
Years Ended December 31,
|
|
|
|
|
2008
|
|
2007
|
|
2006
|
|
Cash Flows From Operating Activities
|
|
|
|
|
|
|
Net income
|
$48.7
|
|
|
$96.6
|
|
|
$106.2
|
|
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
34.2
|
|
|
39.5
|
|
|
36.7
|
|
|
Deferred income taxes
|
3.1
|
|
|
(40.6
|
)
|
|
(13.4
|
)
|
|
Impairment of intangible asset
|
-
|
|
|
-
|
|
|
2.6
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable – (increase) decrease
|
98.8
|
|
|
(37.0
|
)
|
|
40.8
|
|
|
Inventories – net (increase) decrease
|
(270.6
|
)
|
|
36.2
|
|
|
176.1
|
|
|
Payables under Russian Contract – increase (decrease)
|
9.3
|
|
|
6.9
|
|
|
(6.3
|
)
|
|
Deferred revenue, net of deferred costs – increase (decrease)
|
24.5
|
|
|
5.1
|
|
|
(3.7
|
)
|
|
Accrued depleted uranium disposition
|
21.2
|
|
|
26.8
|
|
|
24.5
|
|
|
Accounts payable and other liabilities – (decrease)
|
(31.2
|
)
|
|
(25.1
|
)
|
|
(82.1
|
)
|
|
Other, net
|
(42.9
|
)
|
|
0.8
|
|
|
(3.3
|
)
|
|
Net Cash Provided by (Used in) Operating Activities
|
(104.9
|
)
|
|
109.2
|
|
|
278.1
|
|
|
|
|
|
|
|
|
|
Cash Flows Used in Investing Activities
|
|
|
|
|
|
|
Capital expenditures
|
(441.9
|
)
|
|
(137.2
|
)
|
|
(44.8
|
)
|
|
Deposits for surety bonds
|
(35.3
|
)
|
|
(33.2
|
)
|
|
(34.8
|
)
|
|
Net Cash (Used in) Investing Activities
|
(477.2
|
)
|
|
(170.4
|
)
|
|
(79.6
|
)
|
|
|
|
|
|
|
|
|
Cash Flows Provided by (Used in) Financing Activities
|
|
|
|
|
|
|
Borrowings under credit facility
|
48.3
|
|
|
75.1
|
|
|
133.8
|
|
|
Repayments under credit facility
|
(48.3
|
)
|
|
(75.1
|
)
|
|
(133.8
|
)
|
|
Repayment and repurchases of senior notes, including premiums
|
(54.3
|
)
|
|
-
|
|
|
(288.8
|
)
|
|
Tax benefit related to stock-based compensation
|
-
|
|
|
0.9
|
|
|
0.4
|
|
|
Proceeds from issuance of convertible senior notes
|
-
|
|
|
575.0
|
|
|
-
|
|
|
Payments made for deferred financing costs
|
(1.3
|
)
|
|
(14.3
|
)
|
|
(0.3
|
)
|
|
Common stock issued, net of issuance costs
|
0.1
|
|
|
214.3
|
|
|
2.5
|
|
|
Net Cash Provided by (Used in) Financing Activities
|
(55.5
|
)
|
|
775.9
|
|
|
(286.2
|
)
|
|
Net Increase (Decrease)
|
(637.6
|
)
|
|
714.7
|
|
|
(87.7
|
)
|
|
Cash and Cash Equivalents at Beginning of Period
|
886.1
|
|
|
171.4
|
|
|
259.1
|
|
|
Cash and Cash Equivalents at End of Period
|
$248.5
|
|
|
$886.1
|
|
|
$171.4
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information
|
|
|
|
|
|
|
Interest paid, net of capitalized interest
|
$15.9
|
|
|
$6.9
|
|
|
$19.3
|
|
|
Income taxes paid
|
50.0
|
|
|
101.9
|
|
|
107.3
|
|
|
|
|
|
|
|
|
Source: USEC Inc.
USEC Inc.
Investors: Steven Wingfield, 301-564-3354
Media:
Elizabeth Stuckle, 301-564-3399
