- Cash balance of $180.3 million at
September 30, 2015
- Year-end 2015 cash balance expected
to be in range of $175 - $200 million
- $55.1 million net loss includes
remeasurement of pension obligations and a special charge for
anticipated workforce reductions
- Approximately 40 percent of annual
revenue expected in the fourth quarter
Centrus Energy Corp. (NYSE MKT: LEU) today reported a net loss
of $55.1 million for the quarter ended September 30, 2015, compared
to net income of $418.9 million for the third quarter of 2014. For
the nine months ended September 30, 2015, Centrus reported a net
loss of $85.6 million compared to net income of $340.1 million in
the same period of 2014. The prior year results were primarily
driven by net reorganization gains of $426.9 million. Among the
factors affecting third quarter 2015 results were lower separative
work unit (SWU) sales volumes, losses resulting from the
remeasurement of pension obligations of $21.6 million charged to
cost of sales and $3.2 million charged to selling, general and
administrative expenses, and special charges for workforce
reductions of $9.8 million.
“This has been a difficult quarter because of reduced revenues
due to the timing of customer orders, as well as charges taken to
reflect a pension remeasurement and accruals for potential
termination costs at our American Centrifuge program,” said Daniel
Poneman, Centrus president and chief executive officer. “That said,
our 2015 outlook has not changed, and we expect to generate
approximately 40 percent of our revenue for the year in the fourth
quarter.
“We remain focused on aligning our sources of supply with our
existing contracts, pursuing future sales opportunities, and
adjusting our corporate costs to fit our business objectives. We
have a solid plan in place to expand our nuclear fuel business in
the years to come, and we are making steady progress in
implementing that plan.
“While the market cannot support building new capacity at this
time, we believe it is vital for the United States to continue to
play a leading role in the world enrichment market. Our continuing
work on the American Centrifuge Project will support that role, and
we are continuing our efforts to ensure the success of that
project.”
Revenue
Revenue for the third quarter of 2015 was $29.2 million, a
decrease of $91.5 million or 76 percent compared to the same
quarter of 2014. In the nine-month period ending September 30,
2015, revenue was $260.3 million, a decrease of $130.2 million or
33 percent from the same period in 2014. The volume of SWU sales
declined 88 percent in the three-month period and 58 percent in the
nine-month period reflecting the variability in timing of utility
customer orders and the expected decline in SWU deliveries in 2015
compared to 2014.
SWU is a component of LEU, and revenue is recognized at the time
LEU is delivered under the terms of customer contracts. Our
revenues, operating results and cash flows can fluctuate
significantly from quarter to quarter and year to year. Customer
demand is affected by, among other things, electricity markets,
reactor operations, maintenance and the timing of refueling
outages. Revenues for the SWU component of LEU typically average
approximately $15 to $20 million per order. As a result, a
relatively small change in the timing of customer orders for LEU
due to a change in a customer’s refueling schedule may cause
operating results to be substantially above or below expectations.
In addition, Centrus continues its transition during 2015, and we
expect to deliver significantly less SWU to customers than when we
began our transition in 2013. In 2013, we delivered approximately 8
million SWU, and during 2014, we delivered approximately 3 million
SWU. We expect to deliver approximately 2 million SWU in 2015 and
approximately the same quantity in 2016.
The average price billed to customers for sales of SWU declined
24 percent in the three-month period and increased 6 percent in the
nine-month period reflecting the particular contracts under which
SWU were sold during the periods.
Revenue from the contract services segment declined $2.9 million
or 12 percent in the three months ended September 30, 2015,
compared to the corresponding period in 2014, reflecting a decline
in contract services work performed for U.S. Department of Energy
(DOE) and DOE contractors. Revenue from the contract services
segment increased $19.5 million or 45 percent in the nine months
ended September 30, 2015, compared to the corresponding period in
2014, reflecting American Centrifuge work performed under the
American Centrifuge Technology, Demonstration and Operations
(ACTDO) Agreement beginning May 1, 2014, partially offset by a
decline in contract services work performed for DOE and DOE
contractors.
Cost of Sales and Gross Profit
Cost of sales for the quarter ended September 30, 2015, was
$53.6 million, a decrease of $72.5 million or 57 percent compared
to the corresponding period in 2014, due to lower SWU sales
volumes, partially offset by a direct charge of $21.6 million
resulting from the pension remeasurement. For the nine-month period
of 2015, cost of sales was $273.5 million, a reduction of $139.8
million or 34 percent compared to the same period in 2014, due to
lower SWU sales volumes and lower direct charges, partially offset
by higher uranium sales volumes and higher costs in the contract
services segment commensurate with higher revenue.
Cost of sales per SWU, excluding direct charges, declined 2
percent in the three months ended September 30, 2015, compared to
the corresponding period in 2014. 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. Our
purchases of SWU since our emergence from Chapter 11 bankruptcy on
September 30, 2014, have had the effect of reducing our average SWU
inventory cost, but the effect has been largely offset by the
increase to book value of SWU inventories recorded as of September
30, 2014, as part of the application of fresh start accounting.
Cost of sales per SWU, excluding direct charges, increased 5
percent in the nine months ended September 30, 2015, compared to
the corresponding period in 2014. Approximately two-thirds of our
sales in the prior nine-month period were derived from previously
deferred sales, whereby customers made advance payments to be
applied against future deliveries. The unit cost per SWU for these
sales reflects the average inventory cost when the customer took
title to the SWU. These costs were accumulated in deferred costs
and were then recognized as cost of sales as the SWU is
delivered.
Since ceasing uranium 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. Direct charges totaled
$23.9 million and $32.5 million in the three and nine months ended
September 30, 2015, and $17.5 million and $66.7 million in the
corresponding periods in 2014.
Our gross loss increased $19.0 million in the three months ended
September 30, 2015, compared to the corresponding period in 2014,
primarily due to the remeasurement of pension obligations that
resulted in a direct charge to cost of sales of $21.6 million. Our
gross loss declined $9.6 million in the nine months ended September
30, 2015 due to the decline in direct charges and the increase in
the average SWU price billed to customers, partially offset by
lower SWU sales volumes and the higher average cost per SWU
resulting from the recognition of previously deferred sales. The
gross loss of $13.2 million for the nine months ended September 30,
2015, includes the direct charge to cost of sales of $21.6 million
for the remeasurement of pension obligations.
Our loss margin was 83.6 percent in the three months ended
September 30, 2015, compared to 4.5 percent in the corresponding
period in 2014, and 5.1 percent in the nine months ended September
30, 2015, compared to 5.8 percent in the corresponding period in
2014.
Our gross profit from the contract services segment increased by
$0.1 million in the three months and was flat for the nine months
ended September 30, 2015, compared to the corresponding periods in
2014.
Advanced Technology, SG&A and Special Charges
Advanced technology costs declined $3.4 million in the three
months and $48.9 million in the nine months ended September 30,
2015, compared to the corresponding periods in 2014. The decline in
the nine-month period reflects development work performed in the
prior period under the Cooperative Agreement with DOE, which
expired in accordance with its terms on April 30, 2014.
American Centrifuge costs incurred by the Company that are
outside of the current ACTDO Agreement are included in advanced
technology costs, including certain demobilization and maintenance
costs. Such costs totaled $1.9 million in the three months and $7.7
million in the nine months ended September 30, 2015, and $5.3
million in the three months and $12.3 million in the nine months
ended September 30, 2014.
Selling, general and administrative (SG&A) expenses
increased $3.1 million in the three months ended September 30,
2015, compared to the corresponding period in 2014, due to a loss
of $3.2 million resulting from the remeasurement of pension
obligations, partially offset by a decline in salaries, benefits
and other compensation.
SG&A expenses declined $0.1 million in the nine months ended
September 30, 2015, compared to the corresponding period in 2014.
Salaries, benefits and other compensation declined $2.9 million in
the nine-month period resulting primarily from reduced staffing
levels and reductions in incentive compensation. The $3.2 million
loss resulting from the remeasurement of pension obligations in the
third quarter was offset by a pension remeasurement gain of $3.9
million in the second quarter. The remeasurements resulted from the
level of lump-sum payments to former employees including those
affected by workforce reductions. In the nine-month period, office
related expenses increased $1.3 million and consulting costs
increased $1.3 million compared to the corresponding period in
2014.
We notified our American Centrifuge employees in September 2015
of possible layoffs beginning in November 2015 as a result of DOE’s
decision to reduce funding for advanced uranium enrichment
centrifuge research under our contract with ORNL. Based on the
number of American Centrifuge employees likely to be laid off, we
incurred a special charge of $8.7 million in the third quarter of
2015 for estimated termination benefits consisting primarily of
payments under our severance plan.
In addition, the cessation of enrichment at the Paducah GDP and
evolving business needs have resulted in workforce reductions since
July 2013. In the three and nine months ended September 30, 2015,
special charges included related termination benefits of $1.1
million and $4.9 million, respectively, less $0.3 million in the
nine-month period for severance paid by the Company and invoiced to
DOE for its share of employee severance.
Cash Flow
At September 30, 2015, Centrus had a cash balance of $180.3
million compared to $218.8 million at December 31, 2014, and $105.4
million at September 30, 2014. Cash flow used by operations in the
nine-month period of 2015 was $45.1 million, compared to cash flow
used by operations of $220.3 million in the corresponding period of
2014. Monetization of inventory purchased or produced in prior
periods provided cash flow in the nine months ended September 30,
2015 as inventories declined $114.9 million due to sales deliveries
exceeding product received under SWU purchase agreements. In
addition, accounts receivable declined $39.0 million due to
monetization in the current nine-month period without increased
sales and billings. The net reduction of the SWU purchase payables
balance of $131.7 million, due to the timing of purchase
deliveries, was a significant use of cash flow in the nine-month
period. The net loss of $85.6 million in the nine months ended
September 30, 2015, net of non-cash charges including depreciation,
amortization and actuarial losses from pension remeasurements, was
a use of cash flow.
In the corresponding period in 2014, payment of the SWU purchase
payables balance of $293.4 million, due to the timing of purchase
deliveries, was a significant use of cash flow, as were cash
payments made for reorganization items of $15.6 million and
interest payments of $15.9 million made to former noteholders.
Monetization of inventory purchased or produced in prior periods
provided cash flow in the nine-month period as inventories declined
$177.0 million.
American Centrifuge Funding
As reported on September 11, Oak Ridge National Laboratory
(ORNL) informed us that DOE had decided to reduce funding for the
American Centrifuge program and therefore ORNL intended to contract
with us at a reduced level for the period from October 1, 2015, to
September 30, 2016, with the possibility for additional extensions.
The reduced scope excludes continued cascade operations at our
Piketon, Ohio facility. Funding would be reduced by approximately
60 percent to $35 million per year, and the scope of activities
would be limited to development and testing activities in Oak
Ridge, Tennessee. The new contract is anticipated to be a firm
fixed-price contract that would provide for payments on a monthly
basis of approximately $2.9 million per month effective October
2015, down from approximately $6.9 million per month through
September 2015. We have no assurance that a final contract will be
executed or that the amount and scope of the contract will be at
the $2.9 million per month level. We have been in discussions with
DOE concerning obtaining additional funding to permit operations at
Piketon to continue but have no assurance that additional funding
will be provided.
We notified our American Centrifuge employees in September 2015
of possible layoffs beginning in November 2015 as a result of DOE’s
decision to reduce funding under the contract with ORNL. We
initiated a voluntary workforce reduction opportunity in October
2015 that is subject to management acceptance of volunteers. The
voluntary selection process will be followed by an involuntary
workforce reduction if funding for Piketon operations is not
restored. We expect to make payments for these workforce reductions
over the next 18 months.
While we are moving forward with actions to reduce costs and
demobilize Piketon operations, we are doing so in a manner that
preserves our ability to restore operations should funding be
provided. Unless funding for Piketon operations is restored, we may
begin to take actions in the first quarter of 2016, including
beginning to dismantle installed equipment and machines, that would
increase the cost, time and difficulty of restoring operations at
the Piketon facility.
Should funding not be restored for operations at the Piketon,
Ohio, facility, we could incur costs associated with the reduction
in scope. These costs could commence in the fourth quarter of 2015
as the Piketon workforce shifted to demobilization efforts and
could extend into 2016.
In addition to severance and demobilization costs, we ultimately
will have costs associated with the decontamination and
decommissioning (D&D) of the Piketon facility in accordance
with the requirements of the U.S. Nuclear Regulatory Commission
(NRC) and DOE. DOE has title to certain American Centrifuge
equipment. In the event we return the Piketon facility to DOE
pursuant to our lease, DOE retains title to and responsibility for
disposition of this equipment, and we would seek reimbursement for
any D&D costs we incurred related to this equipment.
We are required to provide financial assurance to the NRC and
DOE for D&D and lease turnover costs under a
regulatory-prescribed methodology that includes potential
contingent costs and reserves. As of September 30, 2015 and
December 31, 2014, we have provided financial assurance to the NRC
and DOE in the form of surety bonds totaling $29.4 million, which
are fully cash collateralized by us. We expect to receive cash as
surety bonds are cancelled following our performance of
D&D.
Russian Supply Agreement
We acquire Russian LEU under the terms of a 10-year commercial
agreement with Russia that runs through 2022. We have worked with,
and intend to continue to work with, the Russian government entity
Joint Stock Company TENEX to adjust the terms in a mutually
beneficial manner under the Russian Supply Agreement to better
align our purchase obligations in light of market conditions
generally, our contract backlog, and restrictions on the sale of
Russian LEU. On October 27, 2015, we signed non-binding principles
of agreement setting out the framework for an anticipated
modification of the contract to better align our purchase
obligations. Centrus has no assurance that a modification to the
contract will be signed or that its terms will not be changed from
that set forth in the principles.
2015 Outlook
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, related
deliveries, and purchases of LEU or components;
- The outcome of legal proceedings and
other contingencies;
- Execution and funding of a new
agreement with ORNL for the continuation of American Centrifuge
development and testing activities in Oak Ridge following the
expiration of the ACTDO Agreement on 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 commercial nuclear power plants in the United States and
around the world.
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 emergence from Chapter 11 bankruptcy, our resulting 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 or other production; 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”); risks related to our ability
to sell the LEU we procure under our purchase obligations under the
Russian Supply Agreement including the allocation of 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; 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, lack
of production capability and the delay and uncertainty in
deployment of the American Centrifuge technology or other
production capability; risks related to our ability to manage our
liquidity without a credit facility; 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; 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; 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; risks related to our
ability to perform the work required under a contract being
negotiated to fund certain activities of the American Centrifuge
program 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 or
might take in the future to reduce spending on the American
Centrifuge project, including increased costs of demobilization,
the potential loss of key suppliers and employees and impacts to
cost, schedule and the ability to remobilize for deployment of the
American Centrifuge technology; 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
concerning the ultimate success of our efforts to obtain additional
government support for the project and the timing and terms
thereof; the dependency of government funding or other government
support for the American Centrifuge project on Congressional
appropriations or on actions by DOE or Congress; 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; changes
in the nuclear energy industry; the impact of volatile financial
market conditions on our business, liquidity, prospects, pension
assets 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 and subsequent Quarterly Reports on Form
10-Q.
Readers are urged to carefully review and consider the various
disclosures made in this release 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 except
as required by law.
CENTRUS ENERGY CORP. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited) (in millions, except
per share data) Three Months
Ended Nine Months Ended September 30,
September 30, Successor
Predecessor Successor
Predecessor 2015 2014 2015 2014
Revenue: Separative work units $ 8.8 $ 97.4 $ 154.6 $ 347.5 Uranium
— — 43.2 — Contract services 20.4 23.3 62.5
43.0 Total Revenue 29.2 120.7 260.3 390.5 Cost of Sales:
Separative work units and uranium 33.8 103.3 210.1 369.4 Contract
services 19.8 22.8 63.4 43.9 Total Cost
of Sales 53.6 126.1 273.5 413.3 Gross
(loss) (24.4 ) (5.4 ) (13.2 ) (22.8 ) Advanced technology costs 1.9
5.3 7.7 56.6 Selling, general and administrative 13.5 10.4 32.1
32.2 Amortization of intangible assets 1.1 — 7.1 — Special charges
for workforce reductions 9.8 0.1 13.3 2.1 Other (income) (0.3 )
(4.8 ) (1.8 ) (39.4 ) Operating (loss) (50.4 ) (16.4 ) (71.6 )
(74.3 ) Interest expense 4.8 4.7 14.6 14.0 Interest (income) (0.1 )
(0.1 ) (0.3 ) (0.5 ) Reorganization items, net — (440.0 ) —
(426.9 ) Income (loss) before income taxes (55.1 ) 419.0
(85.9 ) 339.1 Provision (benefit) for income taxes — 0.1
(0.3 ) (1.0 ) Net income (loss)
$ (55.1
) $ 418.9 $ (85.6
) $ 340.1 Net income (loss) per
share - basic $ (6.05 ) $ 85.49 $ (9.51 ) $ 69.41 Net income (loss)
per share - diluted $ (6.05 ) $ 55.51 $ (9.51 ) $ 45.93
Weighted-average number of shares outstanding: Basic 9.1 4.9 9.0
4.9 Diluted 9.1 7.6 9.0 7.6
CENTRUS ENERGY
CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions) September
30, December 31, 2015 2014 ASSETS
Current Assets Cash and cash equivalents $ 180.3 $ 218.8 Accounts
receivable, net 20.3 58.9 Inventories 257.8 462.2 Deferred costs
associated with deferred revenue 63.0 82.9 Other current assets
15.8 19.6 Total current assets 537.2 842.4 Property, plant
and equipment, net 3.5 3.5 Deferred taxes 20.7 26.0 Deposits for
surety bonds 29.8 34.8 Intangible assets, net 112.0 119.2 Excess
reorganization value 137.2 137.2 Other long-term assets 20.1
20.6 Total Assets
$ 860.5 $
1,183.7 LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT) Current Liabilities Accounts payable and accrued
liabilities $ 40.7 $ 50.5 Payables under SWU purchase agreements
8.4 140.1 Deferred taxes 20.7 26.0 Inventories owed to customers
and suppliers 69.4 158.9 Deferred revenue 75.4 100.9 Total
current liabilities 214.6 476.4 Long-term debt 247.6 240.4
Postretirement health and life benefit obligations 216.3 211.4
Pension benefit liabilities 194.2 179.3 Other long-term liabilities
51.7 54.6 Total Liabilities 924.4 1,162.1 Stockholders’
Equity (Deficit) (63.9 ) 21.6 Total Liabilities and Stockholders’
Equity (Deficit)
$ 860.5 $
1,183.7 CENTRUS ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in millions) Nine Months Ended
September 30, Successor
Predecessor 2015 2014 Cash Flows from
Operating Activities Net income (loss) $ (85.6 ) $ 340.1
Adjustments to reconcile net income (loss) to net cash (used in)
operating activities: Depreciation and amortization 7.5 4.2
Immediate recognition of net actuarial losses 20.9 — PIK interest
on paid-in-kind toggle notes 5.4 — Gain on sales of assets (1.8 )
(5.7 ) Non-cash reorganization items — (442.5 ) Changes in
operating assets and liabilities: Accounts receivable – decrease
39.0 79.0 Inventories, net – decrease 114.9 177.0 Payables under
SWU purchase agreements – (decrease) (131.7 ) (293.4 ) Deferred
revenue, net of deferred costs – (decrease) (5.7 ) (9.7 ) Accounts
payable and other liabilities – (decrease) (12.1 ) (65.8 ) Other,
net 4.1 (3.5 ) Net Cash (Used in) Operating Activities (45.1
) (220.3 )
Cash Flows Provided by (Used In) Investing
Activities Deposits for surety bonds - net decrease 5.0 3.9
Proceeds from sales of assets 1.8 8.4 Capital expenditures (0.2 ) —
Net Cash Provided by Investing Activities 6.6 12.3
Cash Flows (Used in) Financing Activities
Payments for deferred financing costs — (0.7 ) Common stock issued
(purchased), net — (0.1 ) Net Cash (Used in) Financing
Activities — (0.8 ) Net (Decrease) (38.5 ) (208.8 )
Cash and Cash Equivalents at Beginning of Period 218.8 314.2
Cash and Cash Equivalents at End of Period
$
180.3 $ 105.4
Supplemental cash flow information: Interest paid $ 12.2 $ 15.9
Non-cash activities: Conversion of interest payable-in-kind to
long-term debt $ 1.8 $ —
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151110007001/en/
Centrus Energy Corp.Investors:Don Hatcher,
301-564-3460orMedia:Jeremy Derryberry, 301-564-3392
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