- $297.8 million net income primarily
driven by net reorganization items
- Cash balance of $218.8 million at
December 31, 2014
- Year-end 2015 cash balance expected
to be in the range of $175 to $200 million
Centrus Energy Corp. (NYSE MKT: LEU) today reported net income
of $297.8 million for its fiscal year ended December 31, 2014,
compared to a net loss of $158.9 million for 2013. For the fourth
quarter ended December 31, 2014, Centrus reported a net loss of
$42.3 million.
Consistent with the Company’s prior guidance, revenue from the
low enriched uranium segment in 2014 declined by approximately 65
percent year-over-year reflecting the expected decline in
separative work units (SWU) deliveries following the cessation of
enrichment at the Paducah Gaseous Diffusion Plant (GDP) at the end
of May 2013, reduced purchases of Russian SWU for sale and the
variability in timing of utility customer orders. The gross loss
was smaller year-over-year primarily due to decreases in
non-production expenses related to the preparation of the Paducah
GDP for return to the Department of Energy (DOE) in October 2014.
Centrus ended 2014 with a cash balance of $218.8 million.
“2014 will be remembered as a year of transition for our
Company,” said John R. Castellano, interim president and chief
executive officer. “We successfully completed the research,
development and demonstration program for the American Centrifuge
technology under our cooperative agreement in April and
transitioned to the ACTDO contract in May. We completed the balance
sheet restructuring in September and returned the Paducah GDP to
the government in October. The selection of Daniel Poneman as the
new president and chief executive officer of Centrus is an
important next step in our transition. We have a solid team in
place to move Centrus forward.”
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” relate to the financial position of the reorganized
Centrus as of and subsequent to September 30, 2014 and results of
operations for the three months ended December 31, 2014. References
to “Predecessor” refer to the financial position of the Company
prior to September 30, 2014 and the results of operations through
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 financial statements on or after September 30,
2014 are not comparable with the financial statements prior to that
date.
Non-GAAP Financial Measures
We have two reportable segments measured and presented through
the gross profit line of our statement of operations: the LEU
segment with two components, SWU and uranium, and the contract
services segment. In addition to the presentation in the
consolidated financial statements of our results of operations and
cash flows for the three months ended December 31, 2014 and the
nine months ended September 30, 2014, management believes it is
useful to present certain combined results for the full year 2014
as supplementary information below. In such cases, the combined
results for 2014 provide for a more useful, normalized comparison
to the results of the Predecessor for 2013. Combined 2014 results
for the consolidated statements of cash flows and for the elements
of the consolidated statements of operations that are not
categorized by segment are considered non-GAAP. When evaluating
results of operations below gross profit, management views the year
ended December 31, 2014 as a single, whole measurement period
instead of a pair of distinct periods which must be divided and
reported separately according to GAAP. Consequently, the Company is
presenting the operating results of the Predecessor and Successor
on a combined basis for the year ended December 31, 2014. This
combined presentation is a non-GAAP summation of the Predecessor’s
pre-reorganization results of operations for the period from
January 1, 2014 through September 30, 2014 and the Successor’s
results of operations for the period from October 1, 2014 through
December 31, 2014. Management believes that the combined
presentation provides additional information that enables
meaningful comparison of the Company’s financial performance during
uniform periods. The non-GAAP combined results for 2014 are
presented in addition to the GAAP results for the three months
ended December 31, 2014 and the nine months ended September 30,
2014.
Simultaneous with the issuance of this news release, Centrus
submitted its 2014 Annual Report on Form 10-K to the U.S.
Securities and Exchange Commission that includes significant
additional details about results in 2014 and expenses directly
associated with our reorganization. The Form 10-K is available on
our website www.centrusenergy.com. The Company will not hold a
conference call with investors this quarter. We look forward to
meeting with shareholders at the Centrus Annual Meeting on May 7
when Daniel Poneman will provide his perspective on the Company’s
future and its role in the nuclear fuel industry.
Revenue
Revenue for the fourth quarter of 2014 was $123.6 million. For
the full year 2014, revenue was $514.1 million, compared to
$1,307.5 million in 2013. The decline in revenue year-over-year
corresponded with the 65 percent decline in volume of SWU delivered
to customers. The average price billed to customers for sales of
SWU increased 2 percent reflecting the particular contracts under
which SWU were sold during the periods. There were minimal uranium
sales in 2014 as substantially all of our inventories of uranium
available for sale have been sold in prior years.
Revenue from the contract services segment increased in both the
fourth quarter and full- year 2014 compared to the prior year,
reflecting $54.5 million for American Centrifuge work performed for
Oak Ridge National Laboratory (ORNL) under the American Centrifuge
Technology Demonstration and Operations (ACTDO) Agreement beginning
May 1, 2014. That increase was partially offset by a decline in
contract services work performed at the Paducah GDP.
Successor
Predecessor Predecessor 3 Mos. Ended 9 Mos.
Ended Combined Dec. 31, 2014 Sep. 30, 2014
2014 2013 Change % LEU segment
Revenue: SWU revenue $ 101.0 $ 347.5 $ 448.5 $ 1,222.9 $ (774.4 )
(63 )% Uranium revenue 0.8 — 0.8 71.2
(70.4 ) (99 )% Total 101.8 347.5 449.3 1,294.1 (844.8 ) (65 )% Cost
of sales 119.6 369.4 489.0 1,388.8
899.8 65 % Gross profit (loss) $ (17.8 ) $ (21.9 ) $ (39.7 )
$ (94.7 ) $ 55.0 (58 )%
Contract services
segment Revenue $ 21.8 $ 43.0 $ 64.8 $ 13.4 $ 51.4 384 % Cost
of sales 22.5 43.9 66.4 13.6 (52.8 )
(388 )% Gross profit (loss) $ (0.7 ) $ (0.9 ) $ (1.6 ) $ (0.2 ) $
(1.4 ) (700 )%
Total Revenue $ 123.6 $ 390.5 $ 514.1
$ 1,307.5 $ (793.4 ) (61 )% Cost of sales 142.1 413.3
555.4 1,402.4 847.0 60 % Gross profit (loss) $
(18.5 ) $ (22.8 ) $ (41.3 ) $ (94.9 ) $ 53.6 56 %
Cost of Sales and Gross Profit Margin
Cost of sales for the LEU segment for the quarter ended December
31, 2014, was $119.6 million. For the combined full-year period of
2014, total cost of sales was $489.0 million, a reduction of $899.8
million or 65 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 57 percent in 2014 compared to 2013
as Paducah activities wound down.
Cost of sales per SWU, excluding non-production expenses,
increased 1 percent in 2014 compared to 2013 primarily due to the
increase to book value of SWU inventories recorded as part of the
application of fresh start accounting. Under our monthly moving
average cost method, changes in purchase costs have an effect on
inventory costs and cost of sales over current and future periods.
Purchase costs for the SWU component of LEU from Russia declined
$591.9 million or 78 percent in 2014 compared to 2013 following the
conclusion of the Russian Contract in December 2013 and the
commencement of lower quantities purchased under the Russian Supply
Agreement in June 2013 and reflecting differences in timing of
delivery.
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 $84.3
million in 2014 and $194.2 million in 2013.
Cost of sales for the contract services segment increased $52.8
million in 2014 compared to 2013 primarily due to American
Centrifuge work performed under the ACTDO Agreement, as well as
increased absorption of fixed costs for government services
contracts at the Paducah GDP.
Advanced Technology, SG&A Expense and Special
Charges
Advanced technology costs declined $124.8 million in 2014
compared to 2013 reflecting a decrease in development activity
under the Cooperative Agreement with DOE, which expired in
accordance with its terms on April 30, 2014. Effective May 1, 2014,
we continue to perform research, development and demonstration of
the American Centrifuge technology under the ACTDO Agreement with
UT-Battelle, as operator of ORNL, for which revenue and cost of
sales are recognized in the contract services segment. We incurred
$17.0 million in 2014 for certain demobilization and maintenance
costs related to American Centrifuge that are included in advanced
technology costs. In January 2015, ORNL exercised its option to
extend the period of performance for the ACTDO Agreement by an
additional six months to September 30, 2015.
Selling, general and administrative (SG&A) expenses were
$42.4 million in 2014. SG&A expenses in 2014 were 9 percent
lower compared to the corresponding periods in 2013 as compensation
and benefit costs declined $4.6 million due to reduced staffing
levels and reductions in incentive compensation.
The cessation of enrichment at the Paducah GDP and evolving
business needs have resulted in workforce reductions since July
2013 of 1,081 employees, consisting of 1,036 employees at the
Paducah GDP and 45 employees at American Centrifuge and
headquarters. Special charges in 2014 consisted of termination
benefits of $8.2 million, less $4.0 million of severance paid by
the Company and invoiced to DOE for its share of Paducah employee
severance. Special charges in 2013 included termination benefits of
$25.2 million, less $1.2 million of severance paid by the Company
and invoiced to DOE. Special charges in 2013 also included costs of
$11.0 million for advisors on the restructuring of our balance
sheet.
Successor
Predecessor Non-GAAP Predecessor 3 Mos.
Ended 9 Mos. Ended Combined Dec. 31, 2014
Sep. 30, 2014 2014 2013 Change %
Gross profit (loss) $ (18.5 ) $ (22.8 ) $ (41.3 ) $ (94.9 ) $ 53.6
56 % Advanced technology costs 4.7 56.6 61.3 186.1 124.8 67 %
Selling, general and administrative 10.2 32.2 42.4 46.8 4.4 9 %
Amortization of intangible assets 4.3 — 4.3 — (4.3 ) — % Special
charges for workforce reductions and advisory costs 2.1 2.1 4.2
57.2 53.0 93 % Other (income) (1.3 ) (39.4 ) (40.7 ) (154.3 )
(113.6 ) (74 )% Operating (loss) (38.5 ) (74.3 ) (112.8 ) (230.7 )
117.9 51 % Interest expense 4.9 14.0 18.9 40.1 21.2 53 % Interest
(income) (0.2 ) (0.5 ) (0.7 ) (0.7 ) — — % Reorganization items,
net 1.5 (426.9 ) (425.4 ) — 425.4 — % Income
(loss) from continuing operations before income taxes (44.7 ) 339.1
294.4 (270.1 ) 564.5 209 % Provision (benefit) for income taxes
(2.4 ) (1.0 ) (3.4 ) (86.5 ) (83.1 ) (96 )% Income (loss) from
continuing operations (42.3 ) 340.1 297.8 (183.6 ) 481.4 262 %
Income from discontinued operations — — — 24.7
(24.7 ) (100 )% Net income (loss) $ (42.3 ) $ 340.1 $
297.8 $ (158.9 ) $ 456.7 287 %
Cash Flow
At December 31, 2014, Centrus had a cash balance of $218.8
million compared to $314.2 million at December 31, 2013. Cash flow
provided by operations in the fourth quarter of 2014 was $110.2
million, and on a combined basis with the nine-month period of 2014
cash flow used in operations was $110.1 million. In 2013, cash flow
provided by operations was $81.2 million. The combined operating
loss of $112.8 million, net of non-cash charges including
depreciation and amortization and primarily due to non-production
expenses, was a use of cash flow in 2014. In addition, cash
payments made for reorganization items of $23.8 million and
interest payments of $15.9 million made to former noteholders was a
use of cash flow in the period. Net reductions of the Russian
Supply Agreement payables balance of $200.6 million, due to the
timing of deliveries, was a significant use of cash flow in 2014,
offset by the monetization of inventory purchased or produced in
prior periods that provided cash flow as inventories declined
$200.0 million.
The change in cash and cash equivalents from our consolidated
statements of cash flows are as follows on a summarized basis (in
millions):
Successor
Predecessor Non-GAAP Predecessor 3 Mos.
Ended 9 Mos. Ended Combined Dec. 31, 2014
Sep. 30, 2014 2014 2013 Net Cash Provided by
(Used in) Operating Activities $ 110.2 $ (220.3 ) $ (110.1 ) $ 81.2
Net Cash Provided by Investing Activities 3.2 12.3 15.5 25.7 Net
Cash (Used in) Financing Activities — (0.8 ) (0.8 ) (85.6 )
Net Increase (Decrease) in Cash and Cash Equivalents
$
113.4 $ (208.8 ) $
(95.4 ) $ 21.3
2015 Outlook Update
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 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. 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”,
“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 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; 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
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
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 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; 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 our filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K and
quarterly reports on Form 10-Q, which are available on our website
www.centrusenergy.com. Readers are urged to carefully review and
consider the various disclosures made in our 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 new release except as required by law.
CENTRUS ENERGY CORP. CONSOLIDATED STATEMENTS OF
OPERATIONS (in millions, except per share data)
Successor Predecessor Three
Months Nine Months Ended Ended
Year Ended
December 31,
September 30,
December 31,
2014
2014
2013
Revenue: Separative work units $ 101.0 $ 347.5 $ 1,222.9 Uranium
0.8 — 71.2 Contract services 21.8 43.0 13.4
Total Revenue 123.6 390.5 1,307.5 Cost of Sales: Separative work
units and uranium 119.6 369.4 1,388.8 Contract services 22.5
43.9 13.6 Total Cost of Sales 142.1 413.3
1,402.4 Gross profit (loss) (18.5 ) (22.8 ) (94.9 )
Advanced technology costs 4.7 56.6 186.1 Selling, general and
administrative 10.2 32.2 46.8 Amortization of intangible assets 4.3
— — Special charges for workforce reductions and advisory costs 2.1
2.1 57.2 Other (income) (1.3 ) (39.4 ) (154.3 ) Operating (loss)
(38.5 ) (74.3 ) (230.7 ) Interest expense 4.9 14.0 40.1 Interest
(income) (0.2 ) (0.5 ) (0.7 ) Reorganization items, net 1.5
(426.9 ) — Income (loss) from continuing operations before
income taxes (44.7 ) 339.1 (270.1 ) Provision (benefit) for income
taxes (2.4 ) (1.0 ) (86.5 ) Income (loss) from continuing
operations (42.3 ) 340.1 (183.6 ) Income from discontinued
operations — — 24.7 Net income (loss)
$
(42.3 ) $ 340.1 $
(158.9 ) Income (loss) per share Basic income
(loss) per share: Income (loss) from continuing operations $ (4.70
) $ 69.41 $ (37.47 ) Net income (loss) $ (4.70 ) $ 69.41 $ (32.43 )
Weighted-average number of shares outstanding 9.0 4.9 4.9 Diluted
income (loss) per share: Income (loss) from continuing operations $
(4.70 ) $ 45.93 $ (37.47 ) Net income (loss) $ (4.70 ) $ 45.93 $
(32.43 ) Weighted-average number of shares outstanding 9.0 7.6 4.9
CENTRUS ENERGY CORP. CONSOLIDATED BALANCE
SHEETS (in millions, except per share data)
Successor Predecessor December
31, December 31, 2014 2013 ASSETS
Current Assets Cash and cash equivalents $ 218.8 $ 314.2 Accounts
receivable, net 58.9 163.0 Inventories 462.2 967.6 Deferred costs
associated with deferred revenue 82.9 165.5 Other current assets
19.6 21.7 Total current assets 842.4 1,632.0
Property, plant and equipment, net 3.5 7.9 Deferred taxes 26.0 —
Deposits for surety bonds 34.8 39.8 Intangible assets 119.2 —
Excess reorganization value 137.2 — Other long-term assets 20.6
25.8 Total Assets
$ 1,183.7
$ 1,705.5 LIABILITIES AND
STOCKHOLDERS’ EQUITY (DEFICIT) Current Liabilities Accounts
payable and accrued liabilities $ 50.5 $ 114.5 Payables under SWU
purchase agreements 140.1 340.7 Deferred taxes 26.0 — Inventories
owed to customers and suppliers 158.9 499.7 Deferred revenue 100.9
195.9 Convertible senior notes (Predecessor) — 530.0 Convertible
preferred stock (Predecessor), 85,900 shares issued — 113.9
Total current liabilities 476.4 1,794.7 Long-term debt 240.4
— Postretirement health and life benefit obligations 211.4 195.0
Pension benefit liabilities 179.3 121.2 Other long-term liabilities
54.6 52.8 Total liabilities 1,162.1 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 December 31, 2014 — — Common
stock (Successor), par value $0.10 per share, 100,000,000 shares
authorized, 9,000,000 shares issued at December 31, 2014 0.9 —
Excess of capital over par value 58.6 1,216.4 Retained earnings
(deficit) (42.3 ) (1,520.7 ) Treasury stock, no shares at December
31, 2014 and 226,000 shares at December 31, 2013 — (34.3 )
Accumulated other comprehensive income (loss), net of tax 4.4
(120.1 ) Total stockholders’ equity (deficit) 21.6
(458.2 ) Total Liabilities and Stockholders’ Equity (Deficit)
$ 1,183.7 $ 1,705.5
CENTRUS ENERGY CORP. CONSOLIDATED
STATEMENTS OF CASH FLOWS (in millions)
Successor Predecessor Three Months
Nine Months Ended Ended Year
Ended December 31, September 30, December
31, 2014 2014 2013 Cash Flows
from Operating Activities Net income (loss) $ (42.3 ) $ 340.1 $
(158.9 ) Adjustments to reconcile net income (loss) to net cash
provided by operating activities: Depreciation and amortization 4.5
4.2 27.6 Immediate recognition of net actuarial loss 10.4 — —
Non-cash reorganization items — (449.2 ) — Transfers and
retirements of machinery and equipment — — 19.8 Convertible
preferred stock dividends payable-in-kind — — 13.4 Gain on sales of
assets and subsidiary (1.3 ) (5.7 ) (35.6 ) Inventory valuation
adjustments — — 15.2 Changes in operating assets and liabilities:
Accounts receivable – (increase) decrease 31.0 79.0 (28.2 )
Inventories, net – decrease 23.0 177.0 160.1 Payables under SWU
purchase agreements – increase (decrease) 92.8 (293.4 ) 130.9
Deferred revenue, net of deferred costs – increase (decrease) 17.3
(9.7 ) 20.9 Accounts payable and other liabilities – (decrease)
(26.5 ) (58.9 ) (82.5 ) Accrued depleted uranium disposition –
increase (decrease) — (0.6 ) 0.4 Other, net 1.3 (3.1 ) (1.9
) Net Cash Provided by (Used in) Operating Activities 110.2
(220.3 ) 81.2
Cash Flows Provided by Investing
Activities Deposits for surety bonds - net (increase) decrease
1.1 3.9 (17.5 ) Proceeds from sales of assets and subsidiary 2.1
8.4 43.2 Net Cash Provided by Investing
Activities 3.2 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
Increase (Decrease) 113.4 (208.8 ) 21.3 Cash and Cash Equivalents
at Beginning of Period 105.4 314.2 292.9 Cash
and Cash Equivalents at End of Period
$ 218.8
$ 105.4 $ 314.2
Supplemental Cash Flow Information: Interest paid $ — $ 15.9 $ 20.7
Income taxes paid, net of refunds — — 0.4
Centrus Energy Corp.Media:Jeremy Derryberry,
301-564-3392orInvestors:Steven Wingfield, 301-564-3354
Centrus Energy (AMEX:LEU)
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