-
Company reports net loss for quarter; net income of $9 million
in 9-month period
-
Cash flow from operations of $319 million for 9-month period
-
2009 financial guidance improves to net income of $50 to $65
million; cash flow from operations of $360 to $375 million
BETHESDA, Md.--(BUSINESS WIRE)--Nov. 2, 2009--
USEC Inc. (NYSE:USU) today reported a net loss for its third quarter
ended September 30, 2009, of $6.2 million, or 6 cents per diluted share,
compared to net income of $8.4 million, or 6 cents per diluted share,
for the same quarter in 2008. For the nine-month period, net income was
$9.0 million, or 6 cents per diluted share, compared to $23.6 million,
or 18 cents per diluted share, in the corresponding period of 2008.
Third quarter financial results reflect sales volume of separative work
units (SWU) that was 10 percent lower than the same quarter in 2008 at
average prices billed to customers that were 6 percent higher. Revenue
in the quarter from uranium sales was 47 percent lower year over year on
75 percent lower sales volume. The gross profit margin for the quarter
was 7.1 percent compared to 8.2 percent in the same quarter last year
due to an increase in cost of sales, partially offset by increases in
SWU and uranium prices.
Although we expect SWU sales to be approximately 30 percent higher in
2009 compared to last year, the timing of reactor refueling orders and
related orders for low enriched uranium can result in variability in our
quarterly results. A majority of reactors served by USEC are refueled on
an 18-to-24-month cycle, causing revenues to fluctuate quarter to
quarter, and even annually. Therefore, short-term comparisons of USEC’s
financial results are not necessarily indicative of longer-term results.
“We now see net income in 2009 in a range of $50 million to $65 million
and cash flow from operations has improved significantly to $360 million
to $375 million,” said John K. Welch, USEC president and chief executive
officer. “Our updated earnings and cash flow guidance for 2009 reflects
the likely receipt in the fourth quarter of approximately $70 million,
pretax, from the U.S. government distributions of antidumping duties as
a result of settlement of a trade case. We anticipate our gross profit
margin for the year will be roughly 10 percent.”
USEC today also issued an update on the American Centrifuge project.
Revenue
Revenue for the third quarter was $549.3 million, a decrease of 7
percent compared to the same quarter of 2008. Revenue from the sale of
SWU for the quarter was $467.0 million compared to $490.4 million in the
same period last year, a decrease of 5 percent. Revenue from the sale of
uranium was $26.2 million, a decrease of $23.0 million from the same
quarter last year. The average price billed to customers for uranium was
more than 100 percent higher in the quarter but sales volume was 75
percent lower than in the 2008 quarter due to the mix, timing and terms
of uranium contracts. Revenue from our U.S. government contracts segment
was $56.1 million, an increase of $5.3 million over the same quarter
last year.
For the nine-month period, revenue was $1,569.2 million, an increase of
$386.5 million, or 33 percent, compared to the same period in 2008.
Revenue from the sale of SWU for the nine months was $1,266.2 million,
an increase of $405.0 million, or 47 percent, compared to the same
period last year. Uranium revenue was $150.2 million, a decrease of $4.3
million, or 3 percent. Uranium volume was 37 percent lower in the
nine-month period but the average price increased by 54 percent,
compared to the same period in 2008. Revenue from the U.S. government
contracts segment totaled $152.8 million, a decline of $14.2 million, or
9 percent. The decrease reflects declines in contract services performed
in the current year. Revenue for the government contracts segment in the
corresponding period in 2008 included incremental revenue for fiscal
2002 DOE contract work based on the resolution of concerns regarding
billable incurred costs.
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 September 30, 2009,
deferred revenue totaled $230.4 million, nearly unchanged from June 30,
2009 but an increase of $34.1 million from December 31, 2008. The gross
profit associated with deferred revenue as of September 30, 2009, was
$58.5 million.
Cost of Sales, Gross Profit Margin and Expenses
Cost of sales for the third quarter for SWU and uranium was $461.3
million, a decrease of $36.7 million or 7 percent. For the nine-month
period, cost of sales for SWU and uranium was $1,268.1 million, an
increase of $373.9 million or 42 percent. The cost of sales was lower in
the quarter due to the decline in SWU sales volume noted above,
partially offset by higher SWU unit costs. In the nine-month period,
cost of sales in the LEU segment increased due to higher SWU sales
volumes and higher SWU unit costs compared to the same period last year.
Cost of sales for SWU and uranium reflects monthly moving average
inventory costs based on production and purchase costs. The cost of
sales per SWU was 13 percent higher in the quarter and 14 percent higher
in the nine-month period than in the year before, reflecting changes in
the monthly moving average SWU inventory costs described below.
Production costs declined $28.9 million, or 5 percent, in the nine-month
period compared to the same period of 2008, primarily as a result of
producing 4 percent less SWU. Unit production costs were flat reflecting
lower power costs offset by an increase in benefit costs and accrued
costs for depleted uranium disposition. The cost of electric power
declined by $44.0 million or 9 percent in the first nine months of 2009,
primarily due to a 6 percent decline in the average cost per megawatt
hour compared to the same period last year. A sharp downturn in the fair
value of pension and postretirement benefit plan assets in 2008 resulted
in higher net benefit costs in 2009.
The electricity we purchase is used for SWU production and to underfeed
the enrichment process based on market conditions. 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. The decline in value of
uranium in the nine-month period of 2009 compared to the same period
last year resulted in a greater allocation of production cost to SWU
inventory.
We purchase approximately 5.5 million SWU annually from Russia. Purchase
cost for the SWU component of LEU under the Megatons to Megawatts
program increased $63.6 million during the nine-month period compared to
the corresponding period of 2008, reflecting an 11 percent increase in
the market-based unit purchase cost.
Cost of sales for the U.S. government contracts segment increased $4.5
million for the nine-month period, compared to the corresponding period
in 2008. Higher benefit costs were incurred due to a decline in the
valuation of pension and postretirement benefit plan assets in 2008,
which are only partially recoverable under government contract
regulations.
The gross profit for the third quarter was $39.2 million, a decrease of
$9.2 million, or 19 percent, over the same quarter last year. The gross
profit in the third quarter declined due to an increase in SWU inventory
costs, lower SWU sales volume and reduced uranium sales. The gross
profit for the nine-month period was $158.8 million, an increase of $8.1
million, or 5 percent, over the corresponding period of 2008. The gross
profit in the nine-month period of 2009 improved due to higher SWU
volume and higher average prices billed to customers, offset by higher
SWU inventory costs and lower margin for the U.S. government contracts
segment. The gross profit margin for the quarter was 7.1 percent
compared to 8.2 percent in the same quarter of 2008 and 10.1 percent in
the nine-month period compared to 12.7 percent in the same period last
year.
Advanced technology expenses, primarily related to the demonstration of
the American Centrifuge technology, were $93.8 million in the nine-month
period, an increase of $12.6 million, or 16 percent, compared to the
same period last year. The increase in advanced technology costs
reflects increased research and development activities associated with
value engineering the AC100 centrifuge machine to lower its capital
cost, as well as preparation for Lead Cascade testing of the AC100
series machines. In addition, prior to demobilization, commercial plant
activities had increased compared to efforts in the corresponding period
in 2008, including training and procedure development. We recorded a
special charge of $2.5 million in the third quarter related to one-time
termination benefits for severance payments and short-term health care
coverage. The cash expenditures are expected primarily in the fourth
quarter. Amounts capitalized on the ACP totaled $327.2 million in the
nine-month period of 2009, an increase of $7.7 million over the same
period of the previous year. This level of capital expenditures was well
below our capital spending plan for 2009.
Selling, general and administrative (SG&A) expenses in the nine-month
period were $45.1 million, an increase of $4.4 million over the same
period last year. During the first nine months of 2009, consulting
expenses were $1.0 million higher than the same period of 2008 and
employee benefits expenses increased $1.7 million primarily due to the
decline in the valuation of pension and postretirement benefit plan
assets in 2008.
Cash Flow and Liquidity
At September 30, 2009, USEC had a cash balance of $69.3 million compared
to $77.7 million at June 30, 2009, and $248.5 million at December 31,
2008. We repaid the remaining principal balance of $95.7 million for our
maturing senior notes on their due date of January 20, 2009, with
available cash. Cash flow from operations in the nine-month period was
$319.4 million, compared to cash flow used in operations of $184.2
million in the same period in 2008. The $503.6 million improvement is
primarily due to our building inventory in 2008 and monetizing that
inventory through sales in 2009. Inventories declined by $212.7 million
in the nine-month period of 2009, compared to an increase of $219.8
million in the same period last year. Capital expenditures, primarily
related to construction of the American Centrifuge Plant, totaled $363.2
million during the nine-month period, compared to $309.2 million in the
same period last year. In addition, we made cash deposits of $38.2
million in the nine-month period of 2009 as collateral for surety bonds
in connection with financial assurance requirements for the American
Centrifuge Plant. We had not borrowed under our credit facility in the
nine-month period ended September 30, 2009, but have short-term
borrowings during the fourth quarter.
In February 2009, we initiated steps to conserve cash and reduce the
planned escalation of project construction and machine manufacturing
activities. We have further reduced project spending as a result of the
project demobilization and expect to continue funding at a reduced rate
based on our anticipated available funds. We expect that our cash,
internally generated cash flow from operations, the expected receipt of
approximately $70 million (pretax) from U.S. government distributions of
antidumping duties as the result of the settlement of a trade case, and
available borrowings under USEC’s revolving credit facility will provide
sufficient cash to meet our cash needs for at least 12 months. This
assumes the renewal of the credit facility that matures on August 18,
2010, and includes the reduced rate of funding of American Centrifuge
project activities as part of the demobilization and does not include
any DOE loan guarantee or other financing.
2009 Outlook
We are providing annual net income and cash flow from operations
guidance for fiscal year 2009. We expect revenue to total approximately
$2 billion, with more than $1.6 billion derived from SWU sales, an
increase of 40 percent over 2008 SWU sales. Our average SWU price billed
to customers in 2009 is expected to be 8 percent higher than 2008. In
addition, revenue from uranium sales is expected to be about $175
million and revenue from the U.S. government contracts segment is
expected to be just over $200 million.
Our cost of sales reflects higher production and purchase costs rolling
though our inventory. The impact of the fuel cost adjustment clause
under our power contract with the Tennessee Valley Authority (TVA) has
not been as significant as originally forecast by TVA, but the purchase
cost for Russian supply under the Megatons to Megawatts program
increased by 11 percent, year over year. Thus, although the average
price billed to customers has increased, the rate of increase in the
cost of sales has been greater. We now expect the gross profit margin
for 2009 to be roughly 10 percent, which is at the low end of our
initial guidance.
Below the gross profit line, we expect selling, general and
administrative expense to be approximately $57 million.
Advanced technology expense in 2009 is expected to be in a range of $115
to $120 million, as advanced technology expense declines in the fourth
quarter, reflecting the demobilization of construction of the American
Centrifuge Plant and ongoing centrifuge Lead Cascade and related
demonstration activities. We recorded a special charge of $2.5 million
in the third quarter related to one-time termination benefits for
severance payments and short-term health care coverage. The cash
expenditures are expected primarily in the fourth quarter. In addition
to ACP spending through year end, we are working with project suppliers
to reduce any incremental exposure for additional payments. That total
exposure is currently estimated to be between $65 and $75 million at
December 31, 2009. That amount includes anticipated payments for
materials to be delivered, as well as contract termination exposure. The
termination exposure is a function of timing, project schedule and any
modifications to work scope. This estimate could be affected by ongoing
discussions with suppliers.
Earlier this year, USEC and Eurodif S.A. reached a settlement agreement
regarding a long-standing trade case. As a result of that settlement, we
expect to receive approximately $70 million (pretax) during the fourth
quarter, but the timing of such payments is uncertain. The receipt of
these funds is included in our guidance below. Any delays in these
payments to a later period would materially impact our 2009 net income
and cash flow from operations guidance.
Based on these projections, we anticipate net income in a range of $50
to $65 million. Cash flow from operations is expected to be in a range
of $360 to $375 million. Cash generation is well above our initial
guidance, reflecting liquidation of inventory built up in 2008, lower
than expected cash disbursements for power and other production costs,
and expected receipt of funds related to the trade case settlement.
Our financial 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:
-
A delay beyond the fourth quarter in receiving distributions from the
U.S. government of liquidated import duties as a result of the trade
case settlement described above;
-
Changes in demobilization costs from our estimates and any additional
special charges related to the demobilization of the project;
-
Changes to spending on the ACP or the potential receipt of funds from
DOE to support further development of the American Centrifuge
technology (our guidance does not include the receipt of any funds
from DOE to support further development of the American Centrifuge
technology);
-
The amount of spending on the ACP that is classified as an expense;
-
Any unexpected changes to the amount of fuel cost adjustment paid to
TVA under our power agreement; and
-
The timing of recognition of previously deferred revenue, particularly
related to the sale of uranium.
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 risks related to performance,
cost, schedule and financing; our success in obtaining a loan guarantee
for the American Centrifuge Plant, including our ability to address the
technical and financial concerns raised by DOE; our ability to renew our
revolving credit facility on reasonable terms; the impact of the
demobilization of the American Centrifuge project and uncertainty
regarding our ability to remobilize the project and the potential for
termination of the project; the outcome of discussions with DOE
regarding milestones under the June 2002 DOE-USEC Agreement related to
the deployment of the American Centrifuge technology; 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; delays in U.S. government actions needed for us to
collect money from antidumping duties deposited by importers of French
low enriched uranium on past imports of French low enriched uranium in
connection with trade measures imposed on such imports; pricing trends
and demand in the uranium and enrichment markets and their impact on our
profitability; changes to, or termination of, or limitations on our
ability to compete for, our existing or other potential 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 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 and quarterly reports on Form 10-Q. 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 CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
|
|
(millions, except per share data)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separative work units
|
|
$467.0
|
|
|
$490.4
|
|
|
$1,266.2
|
|
|
$861.2
|
|
|
Uranium
|
|
26.2
|
|
|
49.2
|
|
|
150.2
|
|
|
154.5
|
|
|
U.S. government contracts and other
|
|
56.1
|
|
|
50.8
|
|
|
152.8
|
|
|
167.0
|
|
|
Total revenue
|
|
549.3
|
|
|
590.4
|
|
|
1,569.2
|
|
|
1,182.7
|
|
|
Cost of sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separative work units and uranium
|
|
461.3
|
|
|
498.0
|
|
|
1,268.1
|
|
|
894.2
|
|
|
U.S. government contracts and other
|
|
48.8
|
|
|
44.0
|
|
|
142.3
|
|
|
137.8
|
|
|
Total cost of sales
|
|
510.1
|
|
|
542.0
|
|
|
1,410.4
|
|
|
1,032.0
|
|
|
Gross profit
|
|
39.2
|
|
|
48.4
|
|
|
158.8
|
|
|
150.7
|
|
|
Special charge for workforce reduction
|
|
2.5
|
|
|
-
|
|
|
2.5
|
|
|
-
|
|
|
Advanced technology costs
|
|
31.7
|
|
|
29.1
|
|
|
93.8
|
|
|
81.2
|
|
|
Selling, general and administrative
|
|
14.0
|
|
|
12.4
|
|
|
45.1
|
|
|
40.7
|
|
|
Operating income (loss)
|
|
(9.0
|
)
|
|
6.9
|
|
|
17.4
|
|
|
28.8
|
|
|
Interest expense
|
|
0.2
|
|
|
4.0
|
|
|
1.0
|
|
|
15.5
|
|
|
Interest (income)
|
|
(0.2
|
)
|
|
(4.5
|
)
|
|
(1.2
|
)
|
|
(21.3
|
)
|
|
Income (loss) before income taxes
|
|
(9.0
|
)
|
|
7.4
|
|
|
17.6
|
|
|
34.6
|
|
|
Provision (benefit) for income taxes
|
|
(2.8
|
)
|
|
(1.0
|
)
|
|
8.6
|
|
|
11.0
|
|
|
Net income (loss)
|
|
$(6.2
|
)
|
|
$8.4
|
|
|
$9.0
|
|
|
$23.6
|
|
|
Net income (loss) per share – basic
|
|
$(.06
|
)
|
|
$.08
|
|
|
$.08
|
|
|
$.21
|
|
|
Net income (loss) per share – diluted
|
|
$(.06
|
)
|
|
$.06
|
|
|
$.06
|
|
|
$.18
|
|
|
Weighted-average number of shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
111.8
|
|
|
110.8
|
|
|
111.3
|
|
|
110.5
|
|
|
Diluted
|
|
111.8
|
|
|
158.9
|
|
|
160.0
|
|
|
158.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USEC Inc.
|
|
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)
|
|
(millions)
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
2009
|
|
2008
|
|
ASSETS
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
Cash and cash equivalents
|
|
$69.3
|
|
$248.5
|
|
Accounts receivable
|
|
164.7
|
|
154.1
|
|
Inventories
|
|
1,435.0
|
|
1,231.9
|
|
Deferred income taxes
|
|
45.3
|
|
67.9
|
|
Other current assets
|
|
227.9
|
|
188.3
|
|
Total Current Assets
|
|
1,942.2
|
|
1,890.7
|
|
Property, Plant and Equipment, net
|
|
1,063.5
|
|
736.1
|
|
Other Long-Term Assets
|
|
|
|
|
|
Deferred income taxes
|
|
293.0
|
|
273.3
|
|
Deposits for surety bonds
|
|
173.8
|
|
135.1
|
|
Bond financing costs, net
|
|
10.5
|
|
12.0
|
|
Goodwill
|
|
6.8
|
|
6.8
|
|
Other long-term assets
|
|
2.0
|
|
1.3
|
|
Total Other Long-Term Assets
|
|
486.1
|
|
428.5
|
|
Total Assets
|
|
$3,491.8
|
|
$3,055.3
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
Current portion of long-term debt
|
|
$ -
|
|
$95.7
|
|
Accounts payable and accrued liabilities
|
|
153.4
|
|
172.3
|
|
Payables under Russian Contract
|
|
154.9
|
|
121.5
|
|
Inventories owed to customers and suppliers
|
|
546.0
|
|
130.2
|
|
Deferred revenue and advances from customers
|
|
230.8
|
|
196.7
|
|
Total Current Liabilities
|
|
1,085.1
|
|
716.4
|
|
Long-Term Debt
|
|
575.0
|
|
575.0
|
|
Other Long-Term Liabilities
|
|
|
|
|
|
Depleted uranium disposition
|
|
147.8
|
|
119.5
|
|
Postretirement health and life benefit obligations
|
|
174.8
|
|
168.1
|
|
Pension benefit liabilities
|
|
225.5
|
|
223.1
|
|
Other liabilities
|
|
99.0
|
|
90.8
|
|
Total Other Long-Term Liabilities
|
|
647.1
|
|
601.5
|
|
Stockholders’ Equity
|
|
1,184.6
|
|
1,162.4
|
|
Total Liabilities and Stockholders’ Equity
|
|
$3,491.8
|
|
$3,055.3
|
|
|
|
|
|
|
|
|
|
USEC Inc.
|
|
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
|
|
(millions)
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
|
2009
|
|
2008
|
|
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|
Net income
|
|
$9.0
|
|
|
$23.6
|
|
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
23.2
|
|
|
27.6
|
|
|
Deferred income taxes
|
|
(0.1
|
)
|
|
(11.7
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable – (increase) decrease
|
|
(10.6
|
)
|
|
6.5
|
|
|
Inventories – (increase) decrease
|
|
212.7
|
|
|
(219.8
|
)
|
|
Payables under Russian Contract – increase (decrease)
|
|
33.4
|
|
|
(2.4
|
)
|
|
Deferred revenue, net of deferred costs – increase (decrease)
|
|
(26.4
|
)
|
|
14.8
|
|
|
Accrued depleted uranium disposition
|
|
28.3
|
|
|
15.4
|
|
|
Accounts payable and other liabilities – increase (decrease)
|
|
22.9
|
|
|
(17.7
|
)
|
|
Other, net
|
|
27.0
|
|
|
(20.5
|
)
|
|
Net Cash Provided by (Used in) Operating Activities
|
|
319.4
|
|
|
(184.2
|
)
|
|
|
|
|
|
|
|
|
|
Cash Flows Used in Investing Activities
|
|
|
|
|
|
|
|
Capital expenditures
|
|
(363.2
|
)
|
|
(309.2
|
)
|
|
Deposits for surety bonds
|
|
(38.2
|
)
|
|
(10.3
|
)
|
|
Net Cash (Used in) Investing Activities
|
|
(401.4
|
)
|
|
(319.5
|
)
|
|
|
|
|
|
|
|
|
|
Cash Flows Used in Financing Activities
|
|
|
|
|
|
|
|
Borrowings under credit facility
|
|
-
|
|
|
48.3
|
|
|
Repayments under credit facility
|
|
-
|
|
|
(48.3
|
)
|
|
Repayment and repurchases of senior notes
|
|
(95.7
|
)
|
|
(23.6
|
)
|
|
Payments for deferred financing costs
|
|
(0.7
|
)
|
|
-
|
|
|
Common stock issued (purchased), net
|
|
(0.8
|
)
|
|
(0.2
|
)
|
|
Net Cash (Used in) Financing Activities
|
|
(97.2
|
)
|
|
(23.8
|
)
|
|
Net (Decrease)
|
|
(179.2
|
)
|
|
(527.5
|
)
|
|
Cash and Cash Equivalents at Beginning of Period
|
|
248.5
|
|
|
886.1
|
|
|
Cash and Cash Equivalents at End of Period
|
|
$69.3
|
|
|
$358.6
|
|
|
Supplemental Cash Flow Information:
|
|
|
|
|
|
|
|
Interest paid, net of amount capitalized
|
|
$5.6
|
|
|
$11.3
|
|
|
Income taxes paid
|
|
5.3
|
|
|
49.2
|
|
|
|
|
|
|
|
|
|
Source: USEC Inc.
USEC Inc.
Investors: Steven Wingfield, 301-564-3354
Media:
Elizabeth Stuckle, 301-564-3399
