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August 14, 2014
11:10 EDTUSUUSEC rises after reporting drop in net losses
Shares of micro-cap USEC Inc. (USU) are rising in early trading after the company last night reported a net loss per share of ($5.71) for its fiscal second quarter, compared to a net loss of ($8.35) per share for the second quarter of 2013. Revenue for the second quarter was $121.2M, a decrease of 57% compared to the same quarter of 2013, which reflect a 63% reduction in revenue from the low enriched uranium segment following the cessation of enrichment at the Paducah Gaseous Diffusion Plant in last year's second quarter. John Welch, USEC president and CEO said, “During the second quarter, we continued to execute our Paducah transition plan to return the facility to DOE in October, we delivered LEU to our customers on time and in specification, and we earned a gross profit. Over the past year, the non-production costs related to preparing the Paducah GDP for return have weighed on our profitability, but we are nearing the conclusion of this process. We have also been focused on successfully concluding the Chapter 11 process in the near term. The voting period for those investors holding USEC convertible notes and preferred equity ended on August 11, which is another important milestone in the process. Voting results are being certified and will be filed with the Bankruptcy Court in advance of a confirmation hearing that is scheduled for September 5. We anticipate emerging from bankruptcy protection shortly thereafter." USEC said it is going through "a period of transition during 2014" and that given the uncertain and incremental nature of federal funding for work under the ACTDO Agreement that its guidance for financial results and metrics for 2014 will "continue to be limited." PRICE ACTION: In morning trading, USEC shares rose $2.09, or 46%, to $6.66.
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