BLUE SKY BREAKOUT

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LEU Q3 Result: Cash balance of $180.3 million at September 30, 2015


Centrus Reports Third Quarter 2015 Results
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Cash balance of $180.3 million at September 30, 2015
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Year-end 2015 cash balance expected to be in range of $175 - $200 million
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$55.1 million net loss includes remeasurement of pension obligations and a special charge for anticipated workforce reductions
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Approximately 40 percent of annual revenue expected in the fourth quarter
BETHESDA, Md. – 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.”


http://www.centrusenergy.com/news/centrus-reports-third-quarter-2015-results