Prudent spending during first quarter of 2014 allows no-cost extension of RD&D; Constructive discussions continue with Oak Ridge National Laboratory on future program
RD&D Cooperative Agreement for American Centrifuge Program Extended to April 30
USEC Reports Financial Results for the Fourth Quarter and Full Year 2013
Net loss of $158.9M due primarily to non-production costs related to Paducah GDP transition; Positive cash flow from operations supports year-end cash balance of $314M; USEC continues to pursue restructuring through a pre-arranged Chapter 11 filing; Funding for RD&D Program in place through April 15, 2014; discussions on further government funding for technology continue
USEC Inc. to Implement Financial Restructuring Plan
Files voluntary, prearranged plan of reorganization under Chapter 11. Plan supported by majority of noteholders and by preferred investors, Toshiba and B&W. Daily operations continue unaffected. Filing relates only to parent company. USEC to fully meet obligations to customers and suppliers as operations continue. USEC terminates Tax Benefit Preservation Plan.
American Centrifuge Program Passes “Station Blackout” Test
Personnel and Backup Systems Successfully Meet Stress Test of a Total Power Outage; Further Affirmation of Centrifuge Operational and Technical Readiness and Robustness; DOE, NRC Representatives Observe Test; Test Follows Recent Milestone Achievements for Technology Critical to National and Energy Security
Department of Energy Prepared to Extend American Centrifuge RD&D Program Three Months
USEC Inc. was informed today by the United States Department of Energy that it is prepared to extend the American Centrifuge cooperative research, development and demonstration program for three months beyond January 15, 2014, subject to Congressional appropriations.
USEC Inc. Reaches Agreement with Noteholder Group To Move Forward with Balance Sheet Restructuring
Agreement executed with group of noteholders representing more than 60% of notes; Restructuring relates only to parent company USEC Inc.; USEC to fully meet obligations to customers and suppliers as operations continue; Plan restructures balance sheet debt and equity only; Strong support of agreement by noteholders expected to accelerate restructuring process
USEC Achieves American Centrifuge RD&D Milestones
A full production-scale cascade of 120-machines has achieved 20-machine years of operations at commercial plant specifications. During that performance run, USEC successfully completed three important milestones set by the Department of Energy for the American Centrifuge RD&D program.
Final Megatons to Megawatts Shipment Completes Historic Program
20-year energy and nonproliferation program converted Russian nuclear warhead material into commercial nuclear fuel
U.S. International Trade Commission Votes 3-1 for Continued Duties on Imported French Low Enriched Uranium
The duties were first established in 2002 and renewed in 2007 following a comprehensive investigation by the U.S. Commerce Department and the ITC. The vote ensures that the U.S. Commerce Department’s order imposing dues on French low enriched uranium to offset dumping, which has been detrimental to America’s uranium enrichment industry, will remain in place for at least five more years.
USEC Reports Third Quarter 2013 Results
Net loss of $44.3 million reflects continuing transition costs for Paducah plant; American Centrifuge RD&D program remains under budget and on schedule, meeting milestones; DOE funding continuing in increments; Commenced full cascade operations in early October; Year-end cash balance of more than $250 million expected
USEC to Webcast Conference Call on November 5 at 8:30 a.m. ET
USEC will broadcast its next quarterly conference call with shareholders and the financial community over the Internet on Tuesday, November 5, 2013, at 8:30 a.m. ET. The Company will release its third quarter 2013 earnings report, which ended September 30, 2013, after the close of markets on Monday, November 4.
USEC Inc. Adds Distinguished Businessmen to Board
Michael Diament and Mikel H. Williams elected to complete term until next annual meeting of shareholders
Craig Hansen Named President of American Centrifuge Manufacturing
Hansen will be responsible for management and operations of the American Centrifuge Technology and Manufacturing Center located in Oak Ridge, Tenn. He most recently served as vice president of nuclear equipment at Babcock & Wilcox Nuclear Energy, Inc., where he led B&W’s global commercial nuclear manufacturing business.
NERA Study: Utilities at Risk of Higher Prices, Reduced Competition among Fuel Suppliers without American Centrifuge
Study concluded that without the American Centrifuge Plant, U.S. nuclear utilities will be dependent on foreign-owned sources of low enriched uranium, and all nuclear utilities will be at risk of losing purchasing power, facing higher prices and being subject to anti-competitive behavior by foreign enrichers.
USEC Statement on Trading in Its Common Stock
In view of the unusual market activity in the Company’s common stock, the New York Stock Exchange has contacted the Company in accordance with its usual practice. The company stated that its policy is not to comment on unusual market activity.
USEC Regains Compliance with NYSE Minimum Price Listing Standard
USEC Inc. was notified yesterday by the New York Stock Exchange that the company has regained compliance with the NYSE’s minimum share price standard for the continued listing of its stock.
USEC Reports Second Quarter 2013 Results
Net loss of $40.9 million reflecting Paducah plant transition costs; Cash balance of $194.7 million; American Centrifuge research, development and demonstration program continues on budget and on schedule, meeting DOE milestones
USEC to Webcast Conference Call on August 6 at 8:30 a.m. ET
The regularly scheduled call with shareholders and analysts will be open to listeners who may log in through the Company’s website, www.usec.com. A link to the call will be located in the Investor Relations section, and a webcast replay will be available through August 20, 2013.
American Centrifuge RD&D Program Advances
120 AC100 centrifuges operating, preparing for demonstration of cascade operations; DOE funds next increment of program funding through September 30, 2013; Sixth RD&D program milestone completed; DOE certification pending; Program remains on budget and on schedule
Additional USEC Statement on Trading in Its Common Stock
In view of the unusual market activity in the company’s stock today, the Exchange has contacted the company in accordance with its usual practice. The company stated that its policy is not to comment on unusual market activity.
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