- $418.9 million net income primarily
driven by net reorganization items
- Return of Paducah GDP facility
reduces future non-production expenses
- Cash balance of $105.4 million at
September 30, 2014
- Year-end 2014 cash balance expected
to be greater than $150 million
Centrus Energy Corp. (NYSE: LEU) today reported net income of
$418.9 million for the quarter ended September 30, 2014, compared
to a net loss of $44.3 million for the third quarter of 2013. For
the nine months ended September 30, 2014, Centrus reported net
income of $340.1 million compared to a net loss $87.2 million in
the same period of 2013. The 2014 results were primarily driven by
net reorganization gains.
“We are pleased to have successfully concluded the Chapter 11
process at the end of the third quarter and have sharpened our
focus on improving the prospects for our business going forward,”
said John R. Castellano, Centrus interim president and chief
executive officer. “The results reported for the third quarter
include a number of adjustments that are part of strengthening our
balance sheet.
“A major focus of our employees over the past 15 months has been
preparing the Paducah plant for return to the Department of Energy.
This effort was largely concluded in October, and the
non-production expenses related to Paducah should have a
diminishing effect on our cost of sales in the future,” Castellano
said.
In connection with the company’s emergence from Chapter 11,
Centrus applied fresh start accounting as of September 30, 2014.
The results of operations and cash flows for the period ending
September 30, 2014 are attributed to the Predecessor Company (USEC
Inc.). Upon the application of fresh start accounting, Centrus
allocated the reorganization value of the Company to its individual
assets based on their estimated fair values. The reorganization
value represents the fair value of the Successor Company (Centrus)
assets before considering liabilities. The reorganization value
exceeded the sum of the fair value assigned to assets. The excess
of reorganization value over the fair value of identified tangible
and intangible assets is reported separately on the balance
sheet.
For the third quarter, reorganization items, net, were $440.0
million, a result of the Company’s emergence from bankruptcy.
Centrus reported an operating loss of $16.4 million that was
primarily driven by lower sales volume and $17.5 million of
non-production expenses related to transition activities at the
Paducah Gaseous Diffusion Plant (GDP) as Centrus prepared the
facility for return to the Department of Energy (DOE) in October,
offset by higher gross profit due to a decline in non-production
expenses and higher average SWU prices, and lower interest
expenses.
Upon adoption of fresh start accounting, the recorded amounts of
assets and liabilities were adjusted to reflect their estimated
fair values. Accordingly, the reported historical financial
statements of the Predecessor Company prior to the adoption of
fresh start accounting for periods ended on or prior to September
30, 2014 are not comparable to those of the Successor Company. Fair
value adjustments for the Successor Company were made that
will:
- Significantly reduce the gross profit
impact of deferred revenues going forward;
- Result in the amortization of sales
backlog and customer relationship intangible assets that were
created at emergence; and
- Result in higher cost of sales as a
result of increasing inventory values at emergence.
Revenue
Revenue for the third quarter of 2014 was $120.7 million, a
decrease of $183.1 million or 60 percent compared to the same
quarter of 2013. In the nine-month period ending September 30,
2014, revenue was $390.5 million, a decrease of $518.5 million or
57 percent from the same period in 2013. The volume of separative
work units (SWU) sales declined 70 percent in the three-month
period and 61 percent in the nine-month period reflecting the
variability in timing of utility customer orders and the expected
decline in SWU deliveries in 2014 compared to 2013. The average
price billed to customers for sales of SWU increased 6 percent in
the three-month period and 2 percent in the nine-month period
reflecting the particular contracts under which SWU were sold
during the period. There were no uranium sales in 2014 through the
third quarter as most of our inventories of uranium were sold in
prior years.
Revenue from the contract services segment increased
significantly in both the third quarter and the nine-month period
of 2014 compared to the prior year, reflecting $33.7 million for
American Centrifuge work performed under the American Centrifuge
Technology Demonstration and Operations (ACTDO) Agreement with Oak
Ridge National Laboratory (ORNL) beginning May 1, 2014.
In a number of sales transactions, Centrus previously
transferred title and collected cash from customers but did not
recognize the revenue until the low enriched uranium was physically
delivered. Fresh start adjustments at September 30, 2014, reflect
the elimination of deferred revenue and associated costs of $94.0
million and $73.9 million, respectively. Going forward, the prior
practices and rules for revenue recognition will continue.
Cost of Sales and Gross Profit Margin
Cost of sales for the quarter ended September 30, 2014, was
$126.1 million, a decrease of $207.7 million or 62 percent compared
to the corresponding period in 2013. For the nine-month period of
2014, cost of sales was $413.3 million, a reduction of $559.3
million or 58 percent compared to the same period in 2013. The
lower cost of sales in 2014 was due to lower SWU sales volume and
lower non-production expenses. Non-production expenses are included
in cost of sales during both 2013 and 2014 periods, but
non-production expense declined 63 percent in the third quarter of
2014 and 46 percent in the nine-month period of 2014 compared to
the corresponding periods of 2013 as Paducah activities wound
down.
Cost of sales per SWU, excluding non-production expenses,
increased 2 percent in the three months ended September 30, 2014,
and decreased 2 percent in the nine months ended September 30,
2014, compared to the corresponding periods in 2013. Cost of sales
for SWU reflects monthly moving average inventory costs based on
historic production and purchase costs. Purchase costs for the SWU
component of LEU from Russia declined $528.8 million or 91 percent
in the nine months ended September 30, 2014 compared to the
corresponding period of 2013 following the conclusion of the
Megatons to Megawatts program in December 2013 and the commencement
of deliveries under the Russian Supply Agreement in June 2013 at
lower volume than under the Megatons to Megawatts program and
reflecting differences in timing of deliveries.
As we accelerated the expected productive life of plant assets
and ceased enrichment at the Paducah GDP in May 2013, we incurred a
number of expenses unrelated to production that have been charged
directly to cost of sales. Non-production expenses totaled $17.5
million and $66.7 million in the three and nine months ended
September 30, 2014, and $47.7 million and $123.4 million in the
three and nine months ended September 30, 2013. Following the
return of the facility to DOE in October 2014, these expenses are
substantially complete.
Cost of sales for the contract services segment was $22.8
million and $43.9 million in the three and nine month periods ended
September 30, 2014. The substantial increase in both periods
compared to the corresponding periods in 2013 primarily reflects
American Centrifuge work performed under the ACTDO Agreement
beginning May 1, 2014, as well as increased absorption of fixed
costs for government services contracts at the Paducah site.
The LEU segment reported a gross loss in both the three and
nine-month periods primarily due to non-production expenses.
However, because the non-production expenses decreased compared to
the prior periods of 2013, gross profit increased $24.9 million in
the three-month period and $41.8 million in the nine-month periods
of 2014.
Similarly, Centrus reported a gross loss in both the three and
nine-month periods of 2014, but gross profitability increased $24.6
million in the three months and $40.8 million in the nine months
ended September 30, 2014, compared to the corresponding periods in
2013. Our margin was (4.5) percent in the three months ended
September 30, 2014, compared to (9.9) percent in the corresponding
period in 2013, and (5.8) percent in the nine months ended
September 30, 2014, compared to (7.0) percent in the corresponding
period in 2013.
Reorganization items, net, which included fresh start accounting
adjustments, were recorded as a net gain of $426.9 million year to
date. The major factors in the net gain were gains on the
extinguished debt and preferred equity obligations, valuation of
intangibles, inventory revaluation and other fresh start
adjustments, offset by the remeasurement of pension and
postretirement benefit obligations.
Advanced Technology, Other Income and Special Charges
Advanced technology costs were $5.3 million in the three months
ended September 30, 2014, a decrease of $39.2 million compared to
the corresponding period in 2013. During the nine month period
ended September 30, 2014, advanced technology costs were $56.6
million, a decrease of $93.4 million. The reduction in scope of
work under the ACTDO Agreement as compared with the scope under our
previous Cooperative Agreement resulted in a decrease in advanced
technology expense. We continue to perform research, development
and demonstration of the American Centrifuge technology under the
ACTDO Agreement with UT-Battelle, LLC, as management and operating
contractor for ORNL, for which revenue and cost of sales are
recognized in the contract services segment. Included in the
advanced technology expense were $5.3 million and $12.3 million for
the three and nine months ended September 30, 2014, for certain
demobilization and maintenance costs incurred as a result of the
reduction in scope of work under the ACTDO Agreement compared to
the previous Cooperative Agreement with DOE. Costs in the
corresponding nine-month period in 2013 included construction of
the American Centrifuge commercial demonstration cascade that was
completed in April 2013.
Funding for American Centrifuge activities was previously
provided under the Cooperative Agreement, which provided for 80
percent DOE and 20 percent Centrus cost sharing for work performed
during the period June 1, 2012, through April 30, 2014, when the
agreement expired in accordance with its terms. DOE’s share of
qualifying American Centrifuge expenditures under the Cooperative
Agreement was recognized as other income. Centrus reported $39.4
million in other income, which was primarily payment for DOE’s
share of qualifying expenditures, during the nine months ended
September 30, 2014, compared to $124.1 million in the same period
in 2013.
On May 1, 2014, we signed the ACTDO Agreement with UT-Battelle
for continued cascade operations and continuation of core American
Centrifuge research and technology activities and the furnishing of
related reports to ORNL. The scope of the overall work under the
ACTDO Agreement is reduced from the scope of work that was being
conducted by Centrus under the Cooperative Agreement. Revenue and
cost of sales for work that Centrus performs under the fixed-price
ACTDO Agreement as a contractor to ORNL is reported in the contract
services segment. On July 31, 2014, ORNL exercised its option to
extend the period of performance for the ACTDO Agreement by an
additional six months to March 31, 2015. The agreement also
provides ORNL with one additional option to extend the agreement by
six months to September 30, 2015.
Selling, general and administrative (SG&A) expenses were
$10.4 million in the three months and $32.2 million in the nine
months ended September 30, 2014. SG&A expenses in the
nine-month period were 11 percent lower compared to the
corresponding periods in 2013 as compensation and benefit costs
declined $2.3 million due to reduced staffing.
Special charges in the three and nine months ended September 30,
2014 consist of charges for termination benefits for workforce
reductions in American Centrifuge development and headquarters
operations, as well as severance accrual refinements for Paducah
workforce reductions occurring in 2014. Special charges for
termination benefits consist of $4.5 million in the nine-month
period, less amounts paid by Centrus and invoiced to DOE for its
portion of Paducah employee severance of $2.4 million.
Cumulative charges for termination benefits since ceasing
enrichment in 2013 total $29.7 million, less $3.6 million paid by
Centrus and invoiced to DOE. As of September 30, 2014, workforce
reductions total 705 employees at the Paducah GDP, including 503
employees in 2014, and 28 employees at American Centrifuge and
headquarters. Nearly all of the remaining Paducah employees were
terminated by early November after the leased portions of the site
were turned over to DOE.
Cash Flow
At September 30, 2014, Centrus had a cash balance of $105.4
million compared to $314.2 million at December 31, 2013, and $128.4
million at September 30, 2013. Cash flow used by operations in the
nine-month period of 2014 was $220.3 million, compared to cash flow
used by operations of $104.6 million in the corresponding period of
2013. The net operating loss of $74.3 million, net of non-cash
charges including depreciation and amortization and primarily due
to non-production expenses, was a use of cash flow in the nine
months ended September 30, 2014. In addition, cash payments made
for reorganization items of $15.6 million and interest payments of
$15.9 million made to holders of the old notes was a use of cash
flow in the period. Net reductions of the Russian Contract payables
balance of $293.4 million, due to the timing of deliveries, was a
significant use of cash flow in the nine months ended September 30,
2014, partially offset by the monetization of inventory purchased
or produced in prior periods that provided cash flow in the
nine-month period as inventories declined $177.0 million.
2014 Outlook Update
Following the Bankruptcy Court’s confirmation of the Company’s
Plan of Reorganization, we successfully satisfied the conditions of
the Plan and emerged on the Effective Date, September 30, 2014, as
Centrus Energy Corp. with a new capital structure. We emerged from
bankruptcy as a stronger sponsor of the American Centrifuge
project, however, the Company will continue to go through a period
of transition in its core businesses. We completed the transition
of the Paducah GDP back to DOE on October 21, 2014 and are
continuing to take steps to appropriately reduce the size of our
corporate organization. We expect to continue to execute the ACTDO
Agreement with ORNL to continue research, development and
demonstration of the American Centrifuge technology and largely
complete the remaining demobilization of activities related to
machine manufacturing and to engineering, procurement and
construction of the commercial plant not included in the scope of
the ACTDO Agreement.
In 2013, uranium enrichment ceased at the Paducah plant and the
20-year Megatons to Megawatts program successfully concluded.
During a five-year period from 2008 to 2012, our average sales
volume was approximately 11 million SWU annually. In 2013, our
sales volume declined to a level that was approximately 70 percent
of that average. In 2014, we expect our sales volume to decline to
a level that is approximately 30 percent of that historic average
with our sources of supply consisting of LEU from existing
inventory, purchases from Russia under the Russian Supply Agreement
and other potential supplies. We expect our sales volume going
forward to be at levels consistent with our reduced sources of
supply. Our cash balance at September 30, 2014 was $105.4 million,
and we expect to end 2014 with a cash balance of greater than $150
million.
In connection with our emergence from Chapter 11 bankruptcy, we
applied the provisions of fresh start accounting as of September
30, 2014. The results of operations and cash flows for the periods
ending September 30, 2014 are attributed to the Predecessor
Company. Fresh start accounting resulted in the selection of
appropriate policies for the Successor. The significant policies
disclosed in the Predecessor Company’s audited financial statements
for the year ended December 31, 2013, were adopted by the Successor
Company, except the Successor Company has elected an accounting
policy change related to its method of recognizing gains and losses
arising from its pensions and postretirement benefits for all of
its plans. Historically, we recognized the actuarial gains and
losses as a component of stockholders’ equity on an annual basis.
We generally amortized them into operating results over the average
future service period of the active employees of these plans. Going
forward, we have modified our accounting policy to immediately
recognize these actuarial gains and losses in the statement of
operations in the period in which they arise, and the Successor
Company expects to report such actuarial gains and losses on a
separate line item in the consolidated statement of operations. The
immediate recognition in the statement of operations is intended to
increase transparency into how movements in plan assets and benefit
obligations impact financial results. Gains or losses different
from annual expectations will be measured annually and recorded in
the fourth quarter.
Compliance With NYSE Listing Standards
On October 31, 2014, Centrus was notified by the New York Stock
Exchange that the Company regained compliance with the continued
listing standards of the NYSE. Centrus achieved compliance by
making progress consistent with a plan submitted to the NYSE to
address the Company’s non-compliance with a NYSE listing standard
beginning in 2013 and by achieving an average 30 trading-day market
capitalization above $50 million.
In addition, Centrus is also in compliance with a related
listing standard for stockholders’ equity of at least $50 million.
Specifically, the standard states: “A company will be considered to
be below compliance if its average global market capitalization
over a consecutive 30 trading-day period is less than $50 million
and, at the same time stockholders’ equity is less than $50
million.”
In accordance with NYSE regulations, the Company will be subject
to a 12-month follow-up period to ensure that the Company does not
fall below any of the NYSE’s continued listing standards.
Additional Information
Centrus plans to file its quarterly report on Form 10-Q with the
Securities and Exchange Commission today. A conference call with
the financial community by members of Centrus senior management
will be held at 9:00 a.m. ET on November 14. A webcast of the call
and the Form 10-Q will each be available in the Investor Relations
section of the Centrus website, www.centrusenergy.com.
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. Centrus is working to deploy the American
Centrifuge technology for commercial needs and to support U.S.
energy and national security.
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”
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, uncertainty of our ability to improve our operating
structure, financial results and profitability following emergence
from Chapter 11 and other risks and uncertainties related to our
emergence from Chapter 11 bankruptcy, our new capital structure and
the adoption of fresh start accounting including the risk that
assumptions and factors used in estimating enterprise value vary
significantly from the current estimate calculated in connection
with the application of fresh start accounting; risks related to
material unfunded defined benefit pension plan obligations and
postretirement health and life benefit obligations and potential
actions the Pension Benefit Guaranty Corporation could pursue with
respect to our qualified pension plans in connection with the
de-lease of the gaseous diffusion plants at Portsmouth and Paducah
or with any demobilization or termination of the American
Centrifuge project or otherwise including the involuntary
termination of the plans, imposition of liens or requiring
additional funding; risks related to the thin trading markets in
our securities and risks relating to our ability to maintain the
listing of our common stock on the NYSE; 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; 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 during the term of the agreement
with UT-Battelle, LLC, 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”), including for any option periods, or upon
completion of such 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
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”); the impact of enrichment market conditions,
increased project costs 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 for the American Centrifuge project or
additional government support for the project and the timing and
terms thereof; 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
ORNL 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; our
dependence on deliveries of LEU from Russia under a commercial
supply agreement (the “Russian Supply Agreement”) with a Russian
government entity known as Techsnabexport (“TENEX”) and limitations
on our ability to import the Russian LEU we buy under the Russian
Supply Agreement into the United States and other countries; 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 related to our ability to sell the LEU we
procure under our purchase obligations under the Russian Supply
Agreement; risks associated with our reliance on third-part
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 United States Enrichment
Corporation 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; 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, 2013 (“10-K”). Revenue
and operating results can fluctuate significantly from quarter to
quarter, and in some cases, year to year. 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 except as required by
law.
CENTRUS ENERGY CORP. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited) (in millions, except
per share data) Predecessor Three Months
Ended Nine Months Ended September 30,
September 30, 2014 2013 2014
2013 Revenue: Separative work units $ 97.4 $ 295.8 $
347.5 $ 853.4 Uranium — 3.8 — 45.3 Contract services 23.3
4.2 43.0 10.3 Total revenue 120.7 303.8 390.5
909.0 Cost of Sales: Separative work units and uranium 103.3 330.4
369.4 962.4 Contract services 22.8 3.4 43.9
10.2 Total cost of sales 126.1 333.8 413.3
972.6 Gross profit (loss) (5.4 ) (30.0 ) (22.8 )
(63.6 ) Advanced technology costs 5.3 44.5 56.6 150.0 Selling,
general and administrative 10.4 11.2 32.2 36.0 Special charges for
workforce reductions and advisory costs 0.1 3.5 2.1 9.6 Other
(income) (4.8 ) (35.9 ) (39.4 ) (124.2 ) Operating (loss) (16.4 )
(53.3 ) (74.3 ) (135.0 ) Interest expense 4.7 9.5 14.0 32.1
Interest (income) (0.1 ) — (0.5 ) (0.4 ) Reorganization items, net
(440.0 ) — (426.9 ) — Income (loss) from continuing
operations before income taxes 419.0 (62.8 ) 339.1 (166.7 )
Provision (benefit) for income taxes 0.1 (18.5 ) (1.0 )
(57.8 ) Income (loss) from continuing operations 418.9 (44.3 )
340.1 (108.9 ) Income from discontinued operations — —
— 21.7 Net income (loss)
$ 418.9
$ (44.3 ) $ 340.1
$ (87.2 ) Income (loss) per share Basic
income (loss) per share: Income (loss) from continuing operations $
85.49 $ (9.04 ) $ 69.41 $ (22.22 ) Net income (loss) $ 85.49 $
(9.04 ) $ 69.41 $ (17.79 ) Weighted-average number of shares
outstanding 4.9 4.9 4.9 4.9 Diluted income (loss) per share: Income
(loss) from continuing operations $ 55.51 $ (9.04 ) $ 45.93 $
(22.22 ) Net income (loss) $ 55.51 $ (9.04 ) $ 45.93 $ (17.79 )
Weighted-average number of shares outstanding 7.6 4.9 7.6 4.9
CENTRUS ENERGY CORP. CONDENSED CONSOLIDATED
BALANCE SHEETS (Unaudited) (in millions)
Successor Predecessor September 30,
December 31, 2014 2013 ASSETS Current
Assets Cash and cash equivalents $ 105.4 $ 314.2 Accounts
receivable 90.0 163.0 Inventories 499.4 967.6 Deferred costs
associated with deferred revenue — 165.5 Other current assets 21.6
21.7 Total current assets 716.4 1,632.0 Property,
plant and equipment 3.7 7.9 Deferred income taxes 26.4 — Deposits
for surety bonds 35.9 39.8 Intangible assets 123.5 — Excess
reorganization value 137.2 — Other long-term assets 20.5
25.8 Total Assets
$ 1,063.6 $
1,705.5 LIABILITIES AND STOCKHOLDERS’
EQUITY (DEFICIT) Current Liabilities Accounts payable and
accrued liabilities $ 79.5 $ 114.5 Payables under Russian Contract
47.3 340.7 Deferred income taxes 26.4 — Inventories owed to
customers and suppliers 173.1 499.7 Deferred revenue 0.7 195.9
Convertible senior notes (Predecessor) — 530.0 Convertible
preferred stock (Predecessor), 85,900 shares issued — 113.9
Total current liabilities 327.0 1,794.7 Long-term debt 240.4
— Postretirement health and life benefit obligations 211.6 195.0
Pension benefit liabilities 174.1 121.2 Other long-term liabilities
51.2 52.8 Total liabilities 1,004.3 2,163.7
Stockholders’ Equity (Deficit) Preferred stock (Predecessor), par
value $1.00 per share, 25,000,000 shares authorized, no shares
recorded as stockholders’ equity at December 31, 2013 — — Common
stock (Predecessor), par value $0.10 per share, 25,000,000 shares
authorized, 5,211,000 shares issued at December 31, 2013 — 0.5
Preferred stock (Successor), par value $1.00 per share, 20,000,000
shares authorized, none issued at September 30, 2014 — — Common
stock (Successor), par value $0.10 per share, 100,000,000 shares
authorized, 9,000,000 shares issued at September 30, 2014 0.9 —
Excess of capital over par value 58.4 1,216.4 Retained earnings
(deficit) — (1,520.7 ) Treasury stock, no shares at September 30,
2014 and 226,000 shares at December 31, 2013 — (34.3 ) Accumulated
other comprehensive loss, net of tax — (120.1 ) Total
stockholders’ equity (deficit) 59.3 (458.2 ) Total
Liabilities and Stockholders’ Equity (Deficit)
$
1,063.6 $ 1,705.5
CENTRUS ENERGY CORP. CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (Unaudited) (in millions)
Predecessor Nine Months Ended September 30,
2014 2013 Cash Flows from Operating
Activities Net income (loss) $ 340.1 $ (87.2 ) Adjustments to
reconcile net income (loss) to net cash (used in) operating
activities: Depreciation and amortization 4.2 22.8 Non-cash
reorganization items (442.5 ) — Transfers and retirements of
machinery and equipment — 19.3 Convertible preferred stock
dividends payable-in-kind — 9.9 Gain on sales of assets and
subsidiary (5.7 ) (35.6 ) Inventory valuation adjustments
reflecting declines in market price indicators — 15.0 Changes in
operating assets and liabilities: Accounts receivable – (increase)
decrease 79.0 (23.9 ) Inventories, net – (increase) decrease 177.0
(72.7 ) Payables under Russian Contract – increase (decrease)
(293.4 ) 115.0 Deferred revenue, net of deferred costs – increase
(decrease) (9.7 ) 17.6 Accrued depleted uranium disposition -
increase (decrease) (0.6 ) 0.3 Accounts payable and other
liabilities – (decrease) (65.8 ) (80.4 ) Other, net (2.9 ) (4.7 )
Net Cash (Used in) Operating Activities (220.3 ) (104.6 )
Cash Flows Provided by Investing Activities Deposits for
surety bonds - net (increase) decrease 3.9 (17.5 ) Proceeds from
sales of assets and subsidiary 8.4 43.2 Net Cash
Provided by Investing Activities 12.3 25.7
Cash Flows Used in Financing Activities Repayment of credit
facility term loan — (83.2 ) Payments for deferred financing costs
(0.7 ) (2.2 ) Common stock issued (purchased), net (0.1 ) (0.2 )
Net Cash (Used in) Financing Activities (0.8 ) (85.6 ) Net
(Decrease) (208.8 ) (164.5 ) Cash and Cash Equivalents at Beginning
of Period 314.2 292.9 Cash and Cash Equivalents at
End of Period
$ 105.4 $ 128.4
Supplemental Cash Flow Information: Interest paid $
15.9 $ 20.7 Income taxes paid, net of refunds — 0.4
Centrus Energy Corp.Investors:Steven Wingfield,
301-564-3354Media:Paul Jacobson, 301-564-3399
Centrus Energy (AMEX:LEU)
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