-
Revenue of $167.8 million and gross profit of $6.9 million are
higher than comparative period in 2014
-
Cash balance of $225 million at March 31, 2015
-
Anticipated year-end 2015 cash balance is reiterated and
expected to be in the range of $175 million to $200 million
BETHESDA, Md.--(BUSINESS WIRE)--May 6, 2015--
Centrus Energy Corp. (NYSE MKT: LEU) today reported a net loss of $15.4
million or $1.71 per basic and diluted share for the quarter ended March
31, 2015, compared to a net loss of $50.8 million or $10.37 per basic
and diluted share for the first quarter of 2014.
The financial results for the first quarter of 2015 include gross profit
of $6.9 million, an increase of $27.8 million compared with the period
ended March 31, 2014. Gross profit for the low enriched uranium (LEU)
segment increased $26.9 million in the three-month period due to the
decrease in non-production expenses and the increase in the average
separative work unit (SWU) prices billed to customers, partially offset
by lower SWU sales volume.
Following the cessation of enrichment at the Paducah Gaseous Diffusion
Plant (GDP) in May 2013, costs for plant activities that were formerly
included in production costs were charged directly to cost of sales.
Non-production expenses, which declined $30.2 million in the first
quarter of 2015 compared to the prior year period, include logistics
support, inventory management and disposition, regulatory compliance,
utility requirements for operations, security, and other Paducah site
management activities related to the transitioning of facilities and
infrastructure to the Department of Energy (DOE).
“We are focused on strengthening our core business of selling low
enriched uranium to our utility customers as we complete the final phase
of transition from our legacy operations at Paducah,” said Daniel B.
Poneman, Centrus president and chief executive officer. “Our results
this quarter reflect these changes with an increase in gross profit for
the quarter as compared with the first quarter of 2014 and a solid cash
balance.”
Results of Operations
Upon emergence from Chapter 11 bankruptcy on September 30, 2014, Centrus
adopted fresh start accounting, which resulted in Centrus becoming a new
entity for financial reporting purposes. References to “Successor” or
“Successor Company” relate to the financial position of the reorganized
Centrus as of and subsequent to September 30, 2014, and results of
operations subsequent to September 30, 2014. References to “Predecessor”
or “Predecessor Company” relate to the Company prior to September 30,
2014. As a result of the application of fresh start accounting and the
effects of the implementation of the plan of reorganization, the
consolidated financial statements on or after September 30, 2014, are
not comparable to consolidated financial statements prior to that date.
Revenue
Revenue for the first quarter of 2015 was $167.8 million, an increase of
$19.2 million or 13 percent compared to the same quarter of 2014.
Revenue from the LEU segment increased $1.2 million in the three months
ended March 31, 2015, compared to the corresponding period in 2014. The
volume of SWU sales declined 36 percent reflecting the variability in
timing of utility customer orders and the expected decline in SWU
deliveries in 2015 compared to 2014. The average price billed to
customers for sales of SWU increased 12 percent reflecting the
particular contracts under which SWU were sold during the period.
Revenue from the contract services segment increased $18.0 million (or
600 percent) in the three months ended March 31, 2015, compared to the
corresponding period in 2014, reflecting $20.8 million for American
Centrifuge work performed for Oak Ridge National Laboratory (ORNL) under
the American Centrifuge Technology Demonstration and Operations (ACTDO)
Agreement in the current period, partially offset by a decline in
contract services work performed for DOE and DOE contractors.
In a number of sales transactions, Centrus transfers title and collects
cash from customers but does not recognize the revenue until the LEU is
physically delivered. At March 31, 2015, deferred revenue totaled $89.0
million compared to $100.9 million at December 31, 2014. The gross
profit associated with deferred revenue as of March 31, 2015, was $16.1
million.
Cost of Sales and Gross Profit Margin
Cost of sales for the LEU segment declined $25.7 million (or 16 percent)
in the three months ended March 31, 2015, compared to the corresponding
period in 2014, due to lower SWU sales volumes and lower non-production
expenses, partially offset by higher uranium sales volumes.
As we accelerated the expected productive life of plant assets and
ceased enrichment at the Paducah GDP in May 2013, we have incurred a
number of expenses unrelated to production that have been charged
directly to cost of sales. Non-production expenses totaled $4.7 million
in the three months ended March 31, 2015, and $34.9 million in the
corresponding period in 2014.
Cost of sales per SWU, excluding non-production expenses, was 10 percent
higher in the three months ended March 31, 2015, compared to the
corresponding period in 2014, primarily due to the increase to book
value of SWU inventories recorded as of September 30, 2014, as part of
the application of fresh start accounting. There were no purchases of
SWU from Russia in the three months ended March 31, 2015, based on our
agreed-upon delivery schedule.
Cost of sales for the contract services segment increased $17.1 million
(or 407 percent) in the three months ended March 31, 2015, compared to
the corresponding period in 2014, primarily due to American Centrifuge
work performed under the ACTDO Agreement in the current period.
Gross profit increased $27.8 million to a gross profit of $6.9 million
in the three months ended March 31, 2015, from a gross loss of $20.9
million in the three months ended March 31, 2014. Our margin was 4.1
percent in the three months ended March 31, 2015, compared to (14.1
percent) in the corresponding period in 2014. Gross profit for the LEU
segment increased $26.9 million in the three-month period due to the
decrease in non-production expenses and the increase in the average SWU
price billed to customers, partially offset by lower SWU sales volume.
Our gross loss from the contract services segment improved by $0.9
million in the three months ended March 31, 2015, compared to the
corresponding period in 2014.
Advanced Technology, SG&A, Amortization, Special Charges and Other
Income
Advanced technology costs declined $31.5 million in the three months
ended March 31, 2015, compared to the corresponding period in 2014,
reflecting development activity in the prior period under the
Cooperative Agreement with DOE, which expired in accordance with its
terms on April 30, 2014. We incurred $1.8 million in the three months
ended March 31, 2015, for certain demobilization and maintenance costs
related to American Centrifuge that are included in advanced technology
costs.
Selling, general and administrative (SG&A) expenses increased $0.6
million in the three months ended March 31, 2015, compared to the
corresponding period in 2014, reflecting lower salaries, benefits and
other compensation of $0.9 million offset with additional consulting
costs of $0.7 million and additional office related expenses of $0.9
million.
Amortization commenced in the fourth quarter of 2014 for the intangible
assets resulting from the Company’s emergence from bankruptcy and
adoption of fresh start accounting.
The cessation of enrichment at the Paducah GDP and evolving business
needs have resulted in workforce reductions since July 2013. Special
charges in the three months ended March 31, 2015, consisted of
termination benefits of $0.9 million less $0.3 million of severance paid
by the Company and invoiced to DOE for its share of employee severance.
In the first quarter of 2014, $0.6 million was invoiced to DOE and is
reflected as a credit to special charges.
In the three months ended March 31, 2015, other income included net
gains on sales of assets and property of $0.8 million.
DOE and the Company provided cost-sharing support for American
Centrifuge activities under the Cooperative Agreement, which expired in
accordance with its terms on April 30, 2014. DOE’s cost share of
qualifying American Centrifuge expenditures in the three months ended
March 31, 2014, was recognized as other income.
Cash Flow
Centrus ended the first quarter of 2015 with a consolidated cash balance
of $225.0 million. We anticipate having adequate liquidity to support
our business operations for at least the next 12 months. Our view of
liquidity is dependent on our operations and the level of expenditures
and government funding for the work performed under the ACTDO Agreement.
The change in cash and cash equivalents from our condensed consolidated
statements of cash flows are as follows on a summarized basis (dollars
in millions):
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
|
|
Three Months
Ended
March 31, 2015
|
|
|
Three Months
Ended
March 31, 2014
|
|
Net Cash Provided by (Used in) Operating Activities
|
|
|
$
|
2.3
|
|
|
$
|
(229.7
|
)
|
|
Net Cash Provided by Investing Activities
|
|
|
|
3.9
|
|
|
|
0.6
|
|
|
Net Cash Provided by Financing Activities
|
|
|
|
—
|
|
|
|
—
|
|
|
Net Increase (Decrease) in Cash and Cash Equivalents
|
|
|
$
|
6.2
|
|
|
$
|
(229.1
|
)
|
|
|
|
|
|
|
|
|
Monetization of inventory purchased or produced in prior periods
provided cash flow in the three months ended March 31, 2015, as
inventories declined $124.1 million due to sales deliveries, ceasing of
enrichment, and no additional product received under SWU purchase
agreements in the first quarter. In addition, accounts receivable
declined $37.2 million due to monetization in the first quarter without
increased sales and billings. Payment of the SWU purchase payables
balance of $140.1 million, due to the timing of deliveries, was a
significant use of cash flow in the three-month period. The net loss of
$15.4 million in the three months ended March 31, 2015, net of non-cash
charges including depreciation and amortization, was a use of cash flow.
In the corresponding period in 2014, payment of the SWU purchase
payables balance of $340.7 million, due to the timing of deliveries, was
a significant use of cash flow. The net loss of $50.8 million, net of
non-cash charges including depreciation and amortization, was a use of
cash flow. Monetization of inventory purchased or produced in prior
periods provided cash flow in the three-month period as accounts
receivable declined $125.0 million and inventories declined $53.6
million.
2015 Outlook
Centrus will continue its transition during 2015, and we expect to
deliver significantly less SWU to customers than the approximately 8
million SWU delivered in 2013. During 2014, we delivered approximately 3
million SWU, and we expect to deliver approximately 2 million SWU in
2015. We will also continue to execute our contract with ORNL to conduct
research, development and demonstration of the American Centrifuge
technology under the terms of the ACTDO Agreement.
Specifically, we anticipate SWU and uranium revenue in 2015 in a range
of $350 million to $375 million and total revenue in a range of $425
million to $450 million. We expect to end 2015 with a cash and cash
equivalents balance in a range of $175 million to $200 million.
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 differences between our
guidance and our ultimate results. Among the factors that could affect
our results are:
-
Additional short-term sales;
-
Timing of customer orders and related SWU deliveries;
-
Payment of disputed DOE contract service costs;
-
Funding of the ACTDO Agreement or a successor agreement beyond its
current contract expiration date of September 30, 2015; and
-
The cost of any American Centrifuge demobilization or additional costs
related to the overall transition of Centrus.
About Centrus Energy Corp.
Centrus Energy Corp. is a trusted supplier of enriched uranium fuel for
a growing fleet of international and domestic commercial nuclear power
plants.
Forward-Looking Statements
This news release contains “forward-looking statements” within the
meaning of Section 21E of the Securities Exchange Act of 1934 - 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”, “should”, “could” or “may” and
other words of similar meaning. Forward-looking statements by their
nature address matters that are, to different degrees, uncertain. For
Centrus Energy Corp., particular risks and uncertainties that could
cause our actual future results to differ materially from those
expressed in our forward-looking statements include, risks and
uncertainties related to our recent emergence from Chapter 11
bankruptcy, our new capital structure and the adoption of fresh start
accounting; risks related to our significant long-term liabilities
including material unfunded defined benefit pension plan obligations and
postretirement health and life benefit obligations; risks related to the
limited trading markets in our securities and risks relating to our
ability to maintain the listing of our common stock on the NYSE MKT LLC;
the continued impact of the March 2011 earthquake and tsunami in Japan
on the nuclear industry and on our business, results of operations and
prospects; the impact and potential extended duration of the current
supply/demand imbalance in the market for low enriched uranium (“LEU”);
risks related to the ongoing transition of our business, including the
impact of our ceasing enrichment at and the de-lease and return to the
U.S. Department of Energy (“DOE”) of the Paducah gaseous diffusion plant
and uncertainty regarding our ability to commercially deploy the
American Centrifuge project; our dependence on deliveries of LEU from
Russia under a commercial supply agreement (the “Russian Supply
Agreement”) with the Russian government entity Joint Stock Company
“TENEX” (“TENEX”); uncertainty regarding funding for the American
Centrifuge project and the potential for a demobilization or termination
of the American Centrifuge project if additional government funding is
not provided following completion of the current agreement with
UT-Battelle, LLC (“UT-Battelle”), the management and operating
contractor for Oak Ridge National Laboratory (“ORNL”) for continued
research, development and demonstration of the American Centrifuge
technology (the “ACTDO Agreement”); risks related to our ability to
perform the work required under the ACTDO Agreement at a cost that does
not exceed the firm fixed funding provided thereunder; uncertainty
regarding the timing and structure of the U.S. government program for
maintaining a domestic enrichment capability to meet national security
requirements and our role in such a program; the impact of actions we
have taken (including as a result of the reduction in scope of work
under the ACTDO Agreement as compared to the scope of work under the
prior agreement signed with DOE in June 2012 (the “Cooperative
Agreement”)) or might take in the future to reduce spending on the
American Centrifuge project, including the potential loss of key
suppliers and employees and impacts to cost, schedule and the ability to
remobilize for commercial deployment of the American Centrifuge Plant;
the impact of nuclear fuel market conditions and other factors on the
economic viability of the American Centrifuge project without additional
government support and on our ability to finance the project and the
potential for a demobilization or termination of the project;
uncertainty regarding our ability to achieve targeted performance over
the life of the American Centrifuge Plant which could affect the overall
economics of the American Centrifuge Plant; uncertainty concerning the
ultimate success of our efforts to obtain a loan guarantee from DOE
and/or other financing, including intercompany funding from wholly owned
subsidiary United States Enrichment Corporation (“Enrichment Corp.”),
for the American Centrifuge project or additional government support for
the project and the timing and terms thereof; the decline in our backlog
and risks relating to the remaining backlog including uncertainty
concerning customer actions under current contracts and in future
contracting due to market conditions, the delay and uncertainty in
deployment of the American Centrifuge technology and/or as a result of
changes that may be required to such contracts due to our cessation of
enrichment at Paducah; the dependency of government funding or other
government support for the American Centrifuge project on Congressional
appropriations or on actions by DOE or Congress; potential changes in
our anticipated ownership of or role in the American Centrifuge project,
including as a result of our role as a subcontractor to UT-Battelle or
as a result of the need to raise additional capital to finance the
project in the future; the potential for DOE to seek to terminate or
exercise its remedies under the 2002 DOE-USEC agreement, or to require
modifications to such agreement that are materially adverse to Centrus
Energy Corp.’s interests; changes in U.S. government priorities and the
availability of government funding or support, including loan
guarantees; risks related to our ability to manage our liquidity without
a credit facility; risks related to our ability to sell the LEU we
procure under our purchase obligations under the Russian Supply
Agreement including quotas that limit our ability to import Russian LEU
we purchase under the Russian Supply Agreement into the United States,
trade barriers and contract terms that limit our ability to deliver this
LEU to customers in other countries, and risks related to actions that
may be taken by the U.S. government, the Russian government or other
governments that could affect our ability or the ability of TENEX to
perform under the Russian Supply Agreement, including the imposition of
sanctions, restrictions or other requirements; risks associated with our
reliance on third-party suppliers to provide essential services to us;
the decrease or elimination of duties charged on imports of
foreign-produced LEU; pricing trends and demand in the uranium and
enrichment markets and their impact on our profitability; movement and
timing of customer orders; changes to, or termination of, our agreements
with the U.S. government; risks related to delays in payment for our
contract services work performed for DOE, including our ability to
resolve certified claims for payment filed by Enrichment Corp. under the
Contracts Dispute Act; the impact of government regulation by DOE and
the U.S. Nuclear Regulatory Commission; 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 business, liquidity,
prospects, pension assets and credit and insurance facilities; revenue
and operating results can fluctuate significantly from quarter to
quarter, and in some cases, year to year; and other risks and
uncertainties discussed in this and our other filings with the
Securities and Exchange Commission, including our Annual Report on Form
10-K for the year ended December 31, 2014.
Readers are urged to carefully review and consider the various
disclosures made in this report and in our other filings with the
Securities and Exchange Commission that attempt to advise interested
parties of the risks and factors that may affect our business. We do not
undertake to update our forward-looking statements to reflect events or
circumstances that may arise after the date of this news release except
as required by law.
|
|
|
CENTRUS ENERGY CORP.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
(in millions, except per share data)
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
|
|
Three Months
Ended
March 31, 2015
|
|
|
Three Months
Ended
March 31, 2014
|
|
Revenue:
|
|
|
|
|
|
|
|
Separative work units
|
|
|
$
|
103.6
|
|
|
|
$
|
145.6
|
|
|
Uranium
|
|
|
|
43.2
|
|
|
|
|
—
|
|
|
Contract services
|
|
|
|
21.0
|
|
|
|
|
3.0
|
|
|
Total Revenue
|
|
|
|
167.8
|
|
|
|
|
148.6
|
|
|
Cost of Sales:
|
|
|
|
|
|
|
|
Separative work units and uranium
|
|
|
|
139.6
|
|
|
|
|
165.3
|
|
|
Contract services
|
|
|
|
21.3
|
|
|
|
|
4.2
|
|
|
Total Cost of Sales
|
|
|
|
160.9
|
|
|
|
|
169.5
|
|
|
Gross profit (loss)
|
|
|
|
6.9
|
|
|
|
|
(20.9
|
)
|
|
Advanced technology costs
|
|
|
|
1.8
|
|
|
|
|
33.3
|
|
|
Selling, general and administrative
|
|
|
|
12.3
|
|
|
|
|
11.7
|
|
|
Amortization of intangible assets
|
|
|
|
4.0
|
|
|
|
|
—
|
|
|
Special charges (credit) for workforce reductions
|
|
|
|
0.6
|
|
|
|
|
(0.5
|
)
|
|
Other (income)
|
|
|
|
(0.8
|
)
|
|
|
|
(26.2
|
)
|
|
Operating (loss)
|
|
|
|
(11.0
|
)
|
|
|
|
(39.2
|
)
|
|
Interest expense
|
|
|
|
4.9
|
|
|
|
|
4.6
|
|
|
Interest (income)
|
|
|
|
(0.2
|
)
|
|
|
|
(0.4
|
)
|
|
Reorganization items, net
|
|
|
|
—
|
|
|
|
|
8.4
|
|
|
(Loss) before income taxes
|
|
|
|
(15.7
|
)
|
|
|
|
(51.8
|
)
|
|
Provision (benefit) for income taxes
|
|
|
|
(0.3
|
)
|
|
|
|
(1.0
|
)
|
|
Net (loss)
|
|
|
$
|
(15.4
|
)
|
|
|
$
|
(50.8
|
)
|
|
|
|
|
|
|
|
|
|
Net (loss) per share - basic and diluted
|
|
|
$
|
(1.71
|
)
|
|
|
$
|
(10.37
|
)
|
|
Weighted-average number of shares outstanding - basic and diluted
|
|
|
|
9.0
|
|
|
|
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CENTRUS ENERGY CORP.
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)
(in millions)
|
|
|
|
|
|
|
|
|
March 31,
2015
|
|
|
December 31,
2014
|
|
ASSETS
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
225.0
|
|
|
$
|
218.8
|
|
Accounts receivable, net
|
|
|
|
20.0
|
|
|
|
58.9
|
|
Inventories
|
|
|
|
419.2
|
|
|
|
462.2
|
|
Deferred costs associated with deferred revenue
|
|
|
|
72.9
|
|
|
|
82.9
|
|
Other current assets
|
|
|
|
18.5
|
|
|
|
19.6
|
|
Total current assets
|
|
|
|
755.6
|
|
|
|
842.4
|
|
Property, plant and equipment, net
|
|
|
|
3.4
|
|
|
|
3.5
|
|
Deferred taxes
|
|
|
|
20.3
|
|
|
|
26.0
|
|
Deposits for surety bonds
|
|
|
|
31.1
|
|
|
|
34.8
|
|
Intangible assets
|
|
|
|
115.2
|
|
|
|
119.2
|
|
Excess reorganization value
|
|
|
|
137.2
|
|
|
|
137.2
|
|
Other long-term assets
|
|
|
|
22.2
|
|
|
|
20.6
|
|
Total Assets
|
|
|
$
|
1,085.0
|
|
|
$
|
1,183.7
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
$
|
43.2
|
|
|
$
|
50.5
|
|
Payables under SWU purchase agreements
|
|
|
|
—
|
|
|
|
140.1
|
|
Deferred taxes
|
|
|
|
20.3
|
|
|
|
26.0
|
|
Inventories owed to customers and suppliers
|
|
|
|
240.0
|
|
|
|
158.9
|
|
Deferred revenue
|
|
|
|
89.0
|
|
|
|
100.9
|
|
Total current liabilities
|
|
|
|
392.5
|
|
|
|
476.4
|
|
Long-term debt
|
|
|
|
244.0
|
|
|
|
240.4
|
|
Postretirement health and life benefit obligations
|
|
|
|
212.8
|
|
|
|
211.4
|
|
Pension benefit liabilities
|
|
|
|
177.3
|
|
|
|
179.3
|
|
Other long-term liabilities
|
|
|
|
52.2
|
|
|
|
54.6
|
|
Total Liabilities
|
|
|
|
1,078.8
|
|
|
|
1,162.1
|
|
Stockholders’ Equity
|
|
|
|
6.2
|
|
|
|
21.6
|
|
Total Liabilities and Stockholders’ Equity
|
|
|
$
|
1,085.0
|
|
|
$
|
1,183.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CENTRUS ENERGY CORP.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
(in millions)
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
|
|
Three Months
Ended
March 31, 2015
|
|
|
Three Months
Ended
March 31, 2014
|
|
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|
Net (loss)
|
|
|
$
|
(15.4
|
)
|
|
|
$
|
(50.8
|
)
|
|
Adjustments to reconcile net (loss) to net cash provided by (used
in) operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
4.2
|
|
|
|
|
2.8
|
|
|
Interest on paid-in-kind toggle notes
|
|
|
|
1.8
|
|
|
|
|
—
|
|
|
Gain on sales of assets
|
|
|
|
(0.8
|
)
|
|
|
|
—
|
|
|
Non-cash reorganization items
|
|
|
|
—
|
|
|
|
|
1.6
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable – decrease
|
|
|
|
37.2
|
|
|
|
|
125.0
|
|
|
Inventories, net – decrease
|
|
|
|
124.1
|
|
|
|
|
53.6
|
|
|
Payables under SWU purchase agreements – (decrease)
|
|
|
|
(140.1
|
)
|
|
|
|
(340.7
|
)
|
|
Deferred revenue, net of deferred costs – (decrease)
|
|
|
|
(1.9
|
)
|
|
|
|
(5.7
|
)
|
|
Accounts payable and other liabilities – (decrease)
|
|
|
|
(8.6
|
)
|
|
|
|
(16.3
|
)
|
|
Other, net
|
|
|
|
1.8
|
|
|
|
|
0.8
|
|
|
Net Cash Provided by (Used in) Operating Activities
|
|
|
|
2.3
|
|
|
|
|
(229.7
|
)
|
|
|
|
|
|
|
|
|
|
Cash Flows Provided by Investing Activities
|
|
|
|
|
|
|
|
Deposits for surety bonds - net decrease
|
|
|
|
3.7
|
|
|
|
|
0.6
|
|
|
Proceeds from sales of assets
|
|
|
|
0.2
|
|
|
|
|
—
|
|
|
Net Cash Provided by Investing Activities
|
|
|
|
3.9
|
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
Cash Flows Provided by Financing Activities
|
|
|
|
|
|
|
|
Net Cash Provided by Financing Activities
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease)
|
|
|
|
6.2
|
|
|
|
|
(229.1
|
)
|
|
Cash and Cash Equivalents at Beginning of Period
|
|
|
|
218.8
|
|
|
|
|
314.2
|
|
|
Cash and Cash Equivalents at End of Period
|
|
|
$
|
225.0
|
|
|
|
$
|
85.1
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
Interest paid
|
|
|
$
|
6.0
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
Non-cash activities:
|
|
|
|
|
|
|
|
Conversion of interest payable-in-kind to long-term debt
|
|
|
$
|
1.8
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: Centrus Energy Corp.
Centrus Energy Corp.
Investors:
Don Hatcher (301) 564-3460
or
Media:
Jeremy
Derryberry (301) 564-3392
