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USEC Reports First Quarter 2012 Results

01.05.2012  |  Business Wire
  • Net loss of $28.8 million on revenue of $561.5 million
  • Gross profit and gross profit margin improve over first quarter
    2011
  • RD&D program expense increases advanced technology expense to
    $36.8 million
  • Cash flow provided by operations remains positive at $47.7
    million


USEC Inc. (NYSE:USU) today reported a net loss of $28.8 million or 24
cents per share for the quarter ended March 31, 2012, compared to a net
loss of $16.6 million or 14 cents per share for the first quarter of
2011.


The financial results for the first quarter reflect a 74 percent
increase in separative work unit (SWU) revenue and a 179 percent
increase in overall gross profit as a result of a higher gross profit
margin. The gross profit margin was 6.9 percent in the first quarter of
2012 compared to 3.7 percent in the same quarter last year. Offsetting
this improvement was higher advanced technology expense related to the
research, development and demonstration (RD&D) program for the American
Centrifuge technology proposed by the Department of Energy (DOE). Since
the fourth quarter of 2011, USEC has expensed all American Centrifuge
project costs, including interest expense that was previously
capitalized.


'Although we recorded a net loss in the first quarter, we are pleased to
report higher revenue, a higher gross profit and gross profit margin,
and positive cash flow from operations in the quarter compared to the
first quarter of 2011,? said John K. Welch, USEC president and chief
executive officer.


'We have continued working toward the goals of the RD&D program with
USEC funding, but to achieve the program′s goals, we need federal funds
through 2013. We are pleased with the strong support and progress by
House and Senate appropriators in the past week on fiscal 2013 funding.
But, we are quickly running out of time to obtain the necessary fiscal
2012 funding. Our credit facility severely limits spending on the
American Centrifuge project after May 31 unless we have federal RD&D
funding in place. That means we need action this month, or we will be
forced to demobilize the project,? Welch said.


'We continue to be in discussions regarding a multi-party arrangement to
produce U.S.-origin low enriched uranium by enriching a portion of DOE′s
depleted uranium tails inventory at Paducah. If we are successful, we
expect the agreement to support operating Paducah for another year
through May 31, 2013, as we work with DOE on the longer term transition
plan for the plant,? he said. 'However, as with any transaction, a deal
is not final until all approvals have been provided and final agreements
signed.?

Revenue


Revenue for the first quarter of 2012 was $561.5 million, an increase of
$181.0 million compared to the same quarter of 2011. Revenue from the
sale of SWU for the quarter was $537.9 million compared to $308.5
million in the same period last year. The volume of SWU sales increased
73 percent in the quarter reflecting the variability in timing of
utility customer orders, including orders that USEC and its customers
have advanced from later in 2012 and from 2013. The average price billed
to customers increased 1 percent. There was no revenue from the sale of
uranium in the first quarter of 2012 compared to $14.0 million in the
first quarter of 2011. Revenue from the contract services segment was
$23.6 million in the first quarter of 2012 compared to $58.0 million in
the same period of 2011. The decrease was due to a 98 percent reduction
in contract services revenue at the Portsmouth site as work was
transferred to a decontamination and decommissioning contractor for DOE
over the course of 2011. Revenue by subsidiary NAC International
increased $11.9 million or 157 percent in the three-month period
primarily as a result of increased sales of dry cask storage systems.


In a number of sales transactions, USEC transfers title and collects
cash from customers but does not recognize the revenue until the low
enriched uranium is physically delivered. At March 31, 2012, deferred
revenue totaled $146.8 million compared to $181.5 million at December
31, 2011. The gross profit associated with deferred revenue as of March
31, 2012, was $7.1 million.


A majority of reactors served by USEC are refueled on an 18-to-24-month
cycle, which can lead to significant quarterly and annual swings in SWU
sales volume that reflects the mix of refueling cycles. Therefore,
short-term comparisons of USEC′s financial results are not necessarily
indicative of longer-term results.

Cost of Sales and Gross Profit Margin


Cost of sales for the quarter ended March 31, 2012, for SWU and uranium
was $501.2 million, an increase of $194.0 million or 63 percent,
compared to the corresponding period in 2011 due to the associated
increase in SWU sales volume. Cost of sales per SWU was 2 percent lower
in the quarter compared to the first quarter of 2011 due to revisions to
prior accrued amounts associated with estimated disposal costs for
depleted uranium and property taxes related to enrichment operations.
Excluding the effect of these items, cost of sales per SWU was
approximately 1 percent higher than the first quarter of 2011. Cost of
sales for SWU reflects monthly moving average inventory costs based on
production and purchase costs.


Production costs increased $3.2 million, or 2 percent, as production
volume increased 4 percent in the three months ended March 31, 2012,
compared to the corresponding period in 2011. The unit production cost,
however, declined 3 percent in the first quarter of 2012 compared to the
corresponding period in 2011. USEC purchased supplemental power during
the first quarter of 2012 from the Tennessee Valley Authority (TVA) that
had been deferred from 2011 due to regional flood conditions. The
average cost per megawatt hour declined 5 percent reflecting lower TVA
fuel cost adjustments, partially offset by the fixed, annual increase in
the TVA contract price. Although the unit cost of production declined,
the SWU unit cost of sales was negatively affected by higher production
and purchase costs embedded in our inventory costs from prior periods.


We purchase approximately 5.5 million SWU per year under the Megatons to
Megawatts program, but under our agreed upon shipping schedule, there
were no deliveries in the first quarter of either 2011 or 2012.


Cost of sales for contract services was $21.5 million in the first
quarter, a decrease of $37.9 million or 64 percent over the same period
last year, reflecting the transition of contract services work at the
Portsmouth site, partially offset by increased sales by NAC.


The gross profit for the first quarter was $38.8 million, an increase of
$24.9 million over the same period in 2011. The gross profit margin for
the 2012 period was 6.9 percent compared to 3.7 percent in the first
quarter of 2011. Gross profit for the LEU segment was $21.4 million
higher due to higher SWU sales volume and lower costs. Gross profit for
the contract services segment increased $3.5 million in the three months
compared to the corresponding period in 2011, reflecting increased gross
profit for NAC and a $3.2 million pension curtailment charge in the
prior period related to the transition of Portsmouth site contract
service workers to DOE′s decontamination and decommissioning contractor.

Advanced Technology, Special Charges and Interest


Advanced technology expense, primarily related to the demonstration of
the American Centrifuge technology, was $36.8 million in the quarter
compared to $26.7 million in the first quarter of 2011. As previously
noted, beginning in the fourth quarter 2011, all American Centrifuge
project costs incurred have been expensed. Although overall project
spending has been reduced, costs charged to expense were greater in
2012. Advanced technology expense includes expenses by NAC to develop
and expand its MAGNASTOR? storage and transportation technology of $0.1
million during the first quarter 2012 compared to $0.4 million in the
same period of 2011.


Selling, general and administrative expenses in the first quarter were
$14.9 million, a decrease of $0.6 million over the same period in 2011,
primarily due to slightly lower salary, employee benefit costs and other
small expense reductions.


USEC′s business is in a state of significant transition, and in early
2012 we initiated an internal review of our organizational structure. We
engaged a management consulting firm to support this review, and costs
for the management consulting firm and other advisors totaled $4.5
million in the first quarter of 2012.


Initial actions taken related to our organizational structure resulted
in workforce reductions at our American Centrifuge design and
engineering operations in Oak Ridge, Tenn., and at our headquarters
operations located in Bethesda, Md. The reductions involved 25
employees, including two senior corporate officers. A charge of $1.9
million was incurred in the first quarter of 2012 for one-time
termination benefits consisting of severance payments and short-term
health care coverage. Related cash expenditures of $0.7 million were
incurred in the first quarter of 2012, and most of the remainder is
expected to be incurred in the second quarter of 2012.


In April, we took additional action to reduce costs with a focus on
headquarters operations in Bethesda and central services located in
Piketon, Ohio. Approximately 20 positions were eliminated and related
severance costs of $1.1 million are expected in the second quarter 2012.


Interest expense was $12.7 million in the three months ended March 31,
2012. As noted above, all American Centrifuge related project costs
incurred have been expensed, including interest expense that previously
would have been capitalized. For comparison, in the three months ended
March 31, 2011, interest costs of $11.0 million were capitalized.
Interest expense in the first quarter of 2012 included $1.4 million of
previously deferred financing costs related to the former credit
facility that were expensed in connection with the amended and restated
credit facility obtained in March 2012.

Cash Flow


At March 31, 2012, USEC had a cash balance of $72.3 million compared to
$37.6 million at December 31, 2011. Cash flow provided by operations in
the first quarter of 2012 was $47.7 million, compared to cash flow
provided by operations of $51.3 million in the previous year.
Inventories declined $347.8 million in the three-month period due to
monetization of inventory produced in the prior year. The increase in
accounts receivable of $36.0 million reflects the lag in some inventory
monetization. Payment of the Russian Contract payables balance of $206.9
million, due to the timing of deliveries, was a significant use of cash
flow in the three months ended March 31, 2012. The decrease in accrued
depleted uranium disposition in the first quarter associated with the
$44.0 million uranium transfer agreement with DOE will not generate cash
flow until surety bonds can be modified and cash collateral returned.
Capital expenditures were significantly reduced due to our decision to
expense all costs related to the American Centrifuge project. In the
same period of 2011, capital expenditures totaled $50.7 million.


On March 13, 2012, USEC amended and restated its existing $310.0 million
credit facility, scheduled to mature on May 31, 2012, to a $235.0
million credit facility that matures on May 31, 2013. The amended and
restated credit facility includes a revolving credit facility of $150.0
million (including up to $75.0 million in letters of credit) and a term
loan of $85.0 million. Under the amended and restated credit facility,
commencing December 3, 2012, the aggregate revolving commitments and
term loan principal will be reduced by $5.0 million per month through
the expiration of the credit facility. As with the former facility, the
credit facility is secured by the assets of USEC Inc. and its
subsidiaries. Borrowings under the credit facility are subject to
limitations based on established percentages of eligible accounts
receivable and USEC-owned inventory pledged as collateral to the lenders.

Paducah Plant Update


We have recently been in discussions regarding a potential one-year
extension of Paducah enrichment operations through a multi-party
arrangement involving the participation of Energy Northwest, a West
Coast power supplier, the Bonneville Power Administration (BPA), a
federal agency within DOE, TVA and DOE. The proposed arrangement would
involve the enrichment of depleted uranium tails currently owned by DOE
to produce U.S. origin low enriched uranium (LEU). As part of this
arrangement, we would enter into an amendment to our existing power
contract with TVA to purchase the power needed to operate the Paducah
plant through the term of this arrangement. We hope to finalize the
agreements among the parties in the near term. However, we have no
assurance that we will reach an agreement, and if we are not successful,
we expect to be ramping down enrichment operations at Paducah in May.


Even if we are successful in a one-year extension of Paducah enrichment
operations, we have no assurance that we will continue enrichment
operations at Paducah beyond the one-year term of an agreement. Even if
market demand improves in the next year, market demand and plant
economics may not support continued enrichment operations. Although the
plant continues to operate at a very high level of efficiency, the
technology uses significant amounts of electric power and is not
cost-competitive with gas centrifuge plants operated by our competitors.
During 2012, USEC expects to engage in continuing discussions with DOE
regarding the future of the Paducah plant and the transition of Paducah
operations. Under our lease, DOE has the obligation for decontamination
and decommissioning of the Paducah plant. If enrichment operations
cannot be extended, we will be working with DOE to achieve an orderly
termination of enrichment operations and phased de-lease of the
facilities to minimize transition costs.

American Centrifuge Update


During the first quarter of 2012, USEC began work on the RD&D program
and expects to fund the program activities through May 31, 2012. DOE
proposed this two-year cost share program to enhance the technical and
financial readiness of the centrifuge technology for commercialization.
Under the cost-sharing arrangement, DOE′s total contribution would be
capped at $300 million. Despite the lack of a conditional commitment for
a loan guarantee, DOE′s proposal to share the cost of the RD&D program
reflects the importance the U.S. government places on having a source of
domestic uranium enrichment. The terms of USEC′s new credit facility
allows spending on the American Centrifuge project of up to $15 million
per month through May 31, 2012, but significantly limits spending after
May 31. Unless we enter into definitive agreements with DOE for federal
funding of the RD&D program, our spending on the project after May 31
will generally be limited to $1 million per month, an amount that will
not support continuation of the proposed RD&D program.


USEC has been working with Congress and DOE on legislation to provide
federal funding for the RD&D program in government fiscal year 2012, but
federal funding for the program has yet to be approved. The current
political environment in Washington has significantly slowed the
legislative process and obtaining legislation providing for 2012 funding
prior to May 31, or at all, is highly uncertain. We are also pursuing a
non-legislative path to funding for 2012 with DOE. President Obama′s
fiscal year 2013 budget proposal includes $150 million for the RD&D
program. The U.S. House and Senate are considering appropriations bills
that include funding for the program. However, given the significant
uncertainty surrounding our prospects for finalizing an agreement and
obtaining funding from DOE for an RD&D program and the timing thereof,
we are also in parallel preparing for a demobilization of the project.
Our evaluation of these options is ongoing.

2012 Outlook Update


We will make a number of decisions during 2012 regarding our business
that will significantly affect financial results for the year and future
years. For example, we are in discussions with Energy Northwest, BPA,
TVA and DOE on a multi-party arrangement that involves enriching DOE
depleted uranium tails, which would allow us to continue enrichment
operations at the Paducah plant for another year. During 2012, we expect
to engage in continuing discussions with DOE regarding the future of the
Paducah GDP and the transition of Paducah operations. We also continue
to work with DOE and Congress regarding funding for the RD&D program. We
expect to fund RD&D program activities through May 31, 2012, but our
credit facility significantly restricts our spending on the American
Centrifuge project beyond that date. As a consequence, the amount of
advanced technology expense beyond that date is uncertain and dependent
on government funding for the RD&D program. In addition, we are in the
midst of an organizational structure review that we anticipate will
result in long-term cost reductions, but that will require short-term
charges to reflect the costs for outside advisors and the cost of
implementing personnel reductions. Given this continued uncertainty
regarding key elements of our business, we are not providing guidance at
this time for earnings or cash flow from operations, but we are
providing guidance on expected revenue.


We expect to deliver significant quantities of LEU to customers in 2012.
Revenue from the sale of SWU is expected to be approximately $1.4 to
$1.5 billion, but could increase depending on the terms of a potential
arrangement to enrich DOE depleted uranium tails. Uranium revenue in
2012 is expected to be lower than in recent years and is dependent on
the level of Paducah production in 2012 and our obligations to return
uranium to TENEX under the Russian Contract. We anticipate buying 5.5
million SWU from Russia under the Megatons to Megawatts program during
2012. Under the pricing formula, the price we pay Russia will increase 2
percent compared to deliveries in 2011.


Our contract services work at the former Portsmouth GDP for DOE was
largely completed in September 2011, and revenue for that segment is
expected to decline significantly in 2012. In prior years, contract work
at Portsmouth represented approximately three-quarters of the revenue
for the contract services segment. Our subsidiary NAC will represent a
majority of revenue for the segment going forward, and we expect annual
revenue for contract services in 2012 of approximately $85 million.


USEC Inc., a global energy company, is a leading supplier of enriched
uranium fuel and nuclear industry related services for commercial
nuclear power plants.

Forward Looking Statements


This news release contains 'forward-looking statements? within the
meaning of Section 21E of the Securities Exchange Act of 1934 ? that is,
statements related to future events. In this context, forward-looking
statements may address our expected future business and financial
performance, and often contain words such as 'expects?, 'anticipates?,
'intends?, 'plans?, 'believes?, 'will? and other words of similar
meaning. Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. For USEC, particular risks and
uncertainties that could cause our actual future results to differ
materially from those expressed in our forward-looking statements
include, but are not limited to: risks related to the ongoing transition
of our business, including uncertainty regarding the transition of the
Paducah gaseous diffusion plant and uncertainty regarding continued
funding for the American Centrifuge project and the impact of decisions
we may make in the near term on our business and prospects; our success
in reaching a multi-party agreement for the enrichment of depleted
uranium tails to support continued Paducah enrichment operations through
May 2013; the terms of any multi-party agreement we may reach and our
dependency on such an agreement; the 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 of excess supply in the
market and the lack of uncommitted demand for low enriched uranium over
the next two to four years; the potential impacts of a decision to cease
enrichment operations at Paducah; the outcome of ongoing discussions
with DOE regarding the RD&D program, including uncertainty regarding the
timing, amount and availability of funding for such RD&D program and the
dependency of government funding on Congressional appropriations;
restrictions in our credit facility on our spending on the American
Centrifuge project after May 31, 2012 and the potential for us to
demobilize the project; the impact of any conditions that are placed on
us or on the American Centrifuge project in connection with or as a
condition to the RD&D program or other funding, including a
restructuring of our role and investment in the project; limitations on
our ability to provide any required cost sharing under the RD&D program;
the ultimate success of efforts to obtain a DOE loan guarantee for the
American Centrifuge project, including the ability through the RD&D
program or otherwise to address the concerns raised by DOE with respect
to the financial and project execution depth of the project, and the
timing and terms thereof; the impact of actions we have taken or may
take to reduce spending on the American Centrifuge project, including
the potential loss of key suppliers and employees, and impacts to cost
and schedule; the impact of delays in the American Centrifuge project
and uncertainty regarding our ability to remobilize the project; the
potential for DOE to seek to exercise its remedies under the June 2002
DOE-USEC agreement; risks related to the completion of the remaining two
phases of the three-phased strategic investment by Toshiba ?Corporation
('Toshiba?) and ?Babcock & Wilcox Investment Company ('B&W?), including
uncertainty regarding the potential participation of Toshiba and B&W in
any potential project structure that may be required under the RD&D
program, and the potential for immediate termination of the securities
purchase agreement governing their investments; our ability to extend,
renew or replace our credit facility that matures on May 31, 2013 and
the impact of a failure to timely renew on our ability to continue as a
going concern; restrictions in our credit facility that may impact our
operating and financial flexibility and spending on the American
Centrifuge project; our ability to actively manage and enhance our
liquidity and working capital and the potential adverse consequences of
any actions taken on the long term value of our ongoing operations;
uncertainty regarding the cost of electric power used at our gaseous
diffusion plant; our dependence on deliveries of LEU from Russia under a
commercial agreement (the 'Russian Contract?) with a Russian government
entity known as Techsnabexport ('TENEX?) and on a single production
facility and the potential for us to cease commercial enrichment of
uranium in the event of a decision to shut down Paducah enrichment
operations; limitations on our ability to import the Russian LEU we buy
under the new supply agreement into the United States and other
countries; our inability under many existing long-term contracts to
directly pass on to customers increases in our costs; the decrease or
elimination of duties charged on imports of foreign-produced low
enriched uranium; 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 contracts
with the U.S. government, risks related to delays in payment for our
contract services work performed for DOE; changes in U.S. government
priorities and the availability of government funding, including loan
guarantees; our subsidiary NAC may not perform as expected; 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; risks related to the underfunding of
our defined benefit pension plans and the impact of the potential
requirement to accelerate the funding of these obligations on our
liquidity; uncertainty regarding the continued capitalization of certain
assets related to the American Centrifuge Plant and the impact of a
potential impairment of these assets on our results of operations; the
impact of a potential de-listing of our common stock on the NYSE if we
are unable to maintain the minimum share price and other listing
requirements; the impact of potential changes in the ownership of our
stock on our ability to realize the value of our deferred tax benefits;
the timing of recognition of previously deferred revenue; 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 at www.usec.com.
Revenue and operating results can fluctuate significantly from quarter
to quarter, and in some cases, year to year. We do not undertake to
update our forward-looking statements to reflect events or circumstances
that may arise after the date of this news release except as required by
law.


 ?

USEC Inc.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

(millions, except per share data)


 ?

 ?

 ?

 ?
Three Months Ended

March 31,

2012


 ?

 ?

2011


Revenue:

Separative work units

$537.9

$308.5

Uranium

-

14.0

Contract services
23.6
 ?
58.0
 ?

Total Revenue

561.5

380.5

Cost of Sales:

Separative work units and uranium

501.2

307.2

Contract services
21.5
 ?
59.4
 ?

Total Cost of Sales
522.7
 ?
366.6
 ?

Gross profit


38.8


13.9


Advanced technology costs

36.8

26.7

Selling, general and administrative

14.9

15.5

Special charge for workforce reductions and advisory costs

6.4

-

Other (income)
-
 ?

(3.7

)


Operating (loss)

(19.3

)

(24.6

)

Interest expense

12.7

-

Interest (income)
(0.1)(0.2)

(Loss) before income taxes


(31.9


)


(24.4


)


Provision (benefit) for income taxes
(3.1)(7.8)

Net (loss)
$(28.8)$(16.6)

Net (loss) per share ? basic


$(.24


)


$(.14

)

Net (loss) per share ? diluted


$(.24


)


$(.14

)

Weighted-average number of shares outstanding:

Basic

122.3

119.6

Diluted

122.3

119.6

 ?
USEC Inc.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(millions)

 ?

 ?

 ?

 ?
March 31,

2012


 ?

 ?
December 31,

2011

ASSETS

Current Assets

Cash and cash equivalents

$72.3

$37.6

Accounts receivable, net

198.0

162.0

Inventories

1,941.4

1,752.0

Deferred costs associated with deferred revenue

139.7

175.5

Other current assets
68.364.8

Total Current Assets

2,419.7

2,191.9

Property, Plant and Equipment, net

1,181.9

1,187.1

Other Long-Term Assets

Deposits for surety bonds

151.3

151.3

Deferred financing costs, net

11.6

12.2

Goodwill
6.86.8

Total Other Long-Term Assets
169.7170.3

Total Assets
$3,771.3$3,549.3

 ?
LIABILITIES AND STOCKHOLDERS′ EQUITY

Current Liabilities

Accounts payable and accrued liabilities

$110.7

$120.1

Payables under Russian Contract

-

206.9

Inventories owed to customers and suppliers

1,407.3

870.1

Deferred revenue and advances from customers

169.1

205.2

Credit facility term loan

85.0

85.0

Convertible preferred stock
91.588.6

Total Current Liabilities

1,863.6

1,575.9

Long-Term Debt

530.0

530.0

Other Long-Term Liabilities

Depleted uranium disposition

100.0

145.2

Postretirement health and life benefit obligations

210.2

207.8

Pension benefit liabilities

260.3

258.3

Other liabilities
78.379.7

Total Other Long-Term Liabilities

648.8

691.0

Stockholders′ Equity
728.9752.4

Total Liabilities and Stockholders′ Equity
$3,771.3$3,549.3

 ?

 ?
USEC Inc.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(millions)

 ?

 ?

 ?

 ?
Three Months Ended

March 31,

2012


 ?

 ?

2011

Cash Flows from Operating Activities

Net (loss)

$(28.8

)

$(16.6

)

Adjustments to reconcile net (loss) to net cash provided by
operating activities:

Depreciation and amortization

10.2

15.0

Deferred income taxes

(2.3

)

(1.9

)

Other non-cash income on release of disposal obligation

-

(0.6

)

Capitalized convertible preferred stock dividends paid-in-kind

2.9

2.5

Gain on extinguishment of convertible senior notes

-

(3.1

)

Changes in operating assets and liabilities:

Accounts receivable ? (increase) decrease

(36.0

)

63.8

Inventories, net ? decrease

347.8

147.4

Payables under Russian Contract ? (decrease)

(206.9

)

(201.2

)

Deferred revenue, net of deferred costs ? increase (decrease)

(1.6

)

62.3

Accrued depleted uranium disposition ? increase (decrease)

(45.2

)

5.0

Accounts payable and other liabilities ? increase (decrease)

2.3

(18.2

)

Other, net
5.3
 ?
(3.1)

Net Cash Provided by Operating Activities
47.7
 ?
51.3
 ?

 ?
Cash Flows Used in Investing Activities

Capital expenditures
(2.9)(50.7)

Net Cash (Used in) Investing Activities
(2.9)(50.7)

 ?
Cash Flows Used in Financing Activities

Borrowings under revolving credit facility

96.5

-

Repayments under revolving credit facility

(96.5

)

-

Payments for deferred financing costs

(9.7

)

-

Common stock issued (purchased), net
(0.4)(1.8)

Net Cash (Used in) Financing Activities
(10.1)(1.8)

Net Increase (Decrease)

34.7

(1.2

)

Cash and Cash Equivalents at Beginning of Period
37.6
 ?
151.0
 ?

Cash and Cash Equivalents at End of Period
$72.3
 ?
$149.8
 ?

Supplemental Cash Flow Information:

Interest paid, net of amount capitalized

$3.0

$ -

Income taxes paid, net of refunds

0.3

1.2

 ?


USEC Inc.

Investors: Steven Wingfield (301) 564-3354

Media: ?Paul
Jacobson ? ?(301) 564-3399



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