Centrus Receives Non-Compliance Notice from NYSE MKT
23 Novembro 2015 - 7:15PM
Business Wire
- Company remains listed on NYSE MKT
- Expects strong 4th Quarter
revenues
- Reiterates annual guidance for revenue
and cash balance
Centrus Energy Corp. (NYSE MKT: LEU) announced today that on
November 17, 2015, it received a letter from the NYSE MKT
indicating that it is not in compliance with the continued listing
standards as set forth in Sections 1003 (a)(i) and (ii) of the NYSE
MKT Company Guide. The notice has no immediate impact on the
listing of the Company’s common stock, and Centrus today reiterated
its annual guidance for 2015.
“Centrus continues to expect a strong fourth quarter –
accounting for about 40 percent of our annual revenue,” said Daniel
B. Poneman, Centrus president and chief executive officer. “We are
on track to achieve our 2015 annual guidance, with $425 million to
$450 million in total revenue and end of year cash and cash
equivalents of $175 million to $200 million. We are continuing to
book new sales and develop additional sources of supply to serve
our customers’ needs. We will submit a plan of compliance to the
NYSE MKT reflecting our expectation of the continued expansion of
our nuclear fuel business in the years to come.”
The notice from the NYSE MKT indicated that the Company is not
in compliance with Sections 1003(a)(i) and (ii) of the NYSE MKT
Company Guide since it reported a stockholders’ deficit as of
September 30, 2015 and net losses in its fiscal years ended
December 31, 2011, 2012 and 2013. The Company will submit a plan of
compliance to the NYSE MKT by December 17, 2015, that
demonstrates the Company's ability to regain compliance by May
17, 2017.
In reiterating Centrus’ annual guidance, Poneman also noted
that:
- Centrus has repositioned itself to
strengthen the business, including by building a new management
team focused on business development and future growth.
- Centrus has strengthened its
relationships with customers and suppliers
- Centrus’ deep technical expertise is a
key asset that the company intends to leverage for future
growth.
“With an order book that extends many years into the future,
Centrus has a solid foundation to build upon as we work to regain
our market position and grow our nuclear fuel business in the years
ahead,” Poneman concluded.
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. Our mission is to provide reliable and
competitive fuel goods and services to meet the needs of our
customers, consistent with the highest levels of integrity, safety,
and security.
Forward-Looking Statements:
This release contains “forward-looking statements” within the
meaning of Section 21E of the Securities Exchange Act of 1934
related to future events. These forward-looking statements
including statements regarding our plan to submit a plan to regain
compliance with the NYSE MKT listing standards and other statements
regarding 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 are
not guarantees of future performance, are based on certain
assumptions and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company's control, and
cannot be predicted or quantified and consequently, actual results
may differ materially from those expressed or implied by such
forward looking statements. Particular risks and uncertainties that
could cause our actual future results to differ materially from
those expressed in our forward-looking statements include, 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 impact and potential extended duration of the
current supply/demand imbalance in the market for low enriched
uranium; risks related to the ongoing transition of our business,
risks related to our ability to manage our liquidity without a
credit facility; pricing trends and demand in the uranium and
enrichment markets and their impact on our profitability; movement
and timing of customer orders; 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; 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 dependency on government funding or other
government support for the American Centrifuge project on
Congressional appropriations or on actions by the Department of
Energy or Congress; 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151123006240/en/
Centrus Energy Corp.Investors:Don Hatcher,
301-564-3460orMedia:Jeremy Derryberry, 301-564-3392
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