- Reaffirming annual outlook of $175-200 million in revenue and
$100-125 million cash balance for year-end 2018
- Cash balance of $124.9 million at September 30, 2018
- Gross profit of $7.8 million for the third quarter on revenue of
$34.1 million
- Net loss of $7.8 million for the quarter
BETHESDA, Md.--(BUSINESS WIRE)--Nov. 7, 2018--
Centrus Energy Corp. (NYSE American: LEU) today reported a net loss of
$7.8 million for the quarter ended September 30, 2018, compared to a net
loss of $8.5 million for the third quarter of 2017. The net loss
allocable to common stockholders was $9.7 million, or $1.06 per basic
and diluted share, for the quarter ended September 30, 2018, compared to
a net loss allocable to common stockholders of $10.5 million, or $1.15
per basic and diluted share, for the third quarter of 2017.
“Our core nuclear fuel segment showed positive results this quarter as
our purchase costs continued to decline,” said Daniel B. Poneman,
president and chief executive officer. “Despite a difficult market, we
continue to make new sales to bolster our long-term order book, and we
are well positioned with a diverse supply base to compete for the new
business we anticipate will emerge in the early 2020s.
“At the same time, our contract services team has been working to expand
our offerings to new markets. The $15.0 million work authorization we
recently signed with the U.S. Department of Energy is just one example
of how we are leveraging our technical capabilities to diversify and
bring in new business. We see great potential in other sectors as well,
including advanced reactors, precision manufacturing, and national
security programs.”
Revenue and Cost of Sales
Revenue for the third quarter was $34.1 million, a decrease of $16.2
million, or 32 percent, from the same period in 2017. Revenue in the
nine-month period was $109.2 million, an increase of $7.7 million, or 8
percent, over the period in 2017. Revenue from the Low-enriched Uranium
(LEU) Segment declined $14.6 million, or 34 percent, in the three months
and increased $0.9 million, or 1 percent, in the nine months ended
September 30, 2018, compared to the corresponding periods in 2017.
Revenue in the three months and nine months ended September 30, 2018,
includes uranium revenue of $11.3 million and $14.9 million,
respectively, with no uranium revenue in the corresponding prior
periods. The volume of separative work units (SWU) sales declined 61
percent in the three-month period and increased 31 percent in the
nine-month period ended September 30, 2018, reflecting the variability
in timing of utility customer orders. The average price billed to
customers for sales of SWU increased 2 percent in the three-month
period, reflecting the particular contracts under which SWU were sold
during the periods. The average SWU price declined 37 percent in the
nine-month period ended September 30, 2018, reflecting the trend of
lower SWU market prices in recent years and a greater concentration of
sales made under contracts under more recent market conditions.
Revenue from the Contract Services Segment declined $1.6 million, or 24
percent, in the three months and increased $6.8 million, or 35 percent,
in the nine months ended September 30, 2018, compared to the
corresponding periods in 2017, reflecting the reduced scope of work
under the contract with UT-Battelle in the current periods, partially
offset by services provided under the X-energy contract beginning in the
second quarter of 2018. The increase in the nine-month period also
reflects $9.5 million of revenue related to the January 2018 settlement
with the U.S. Department of Energy (DOE) related to past work performed.
Cost of sales for the LEU Segment declined $11.8 million, or 36 percent,
in the three months and increased $20.7 million, or 27 percent, in the
nine months ended September 30, 2018, compared to the corresponding
periods in 2017, primarily reflecting changes in SWU and uranium sales
volumes and partially offset by declines in the average cost of sales
per SWU. Cost of sales is affected by sales volumes, unit costs of
inventory, and direct charges to cost of sales such as legacy costs
related to former Gaseous Diffusion Plant employees. In the nine-month
period ended September 30, 2018, the average cost of sales per SWU
declined approximately 15 percent. The company anticipates its average
cost of sales per SWU to decline again in 2019 – with further declines
in subsequent years – as a result of lower pricing in new supply
contracts and the pricing provisions of existing contracts.
Cost of sales for the Contract Services Segment declined $0.9 million,
or 14 percent, in the three months and $1.1 million, or 6 percent, in
the nine months ended September 30, 2018, compared to the corresponding
periods in 2017, reflecting the reduced scope of work under the contract
with UT-Battelle over the current nine-month period, partially offset by
costs for services provided under the X-energy contract beginning in the
second quarter of 2018.
Gross Profit
Centrus realized a gross profit of $7.8 million in the three months
ended September 30, 2018, a decline of $3.5 million compared to the
gross profit of $11.3 million in the corresponding period in 2017. In
the nine months ended September 30, 2018, the Company realized a gross
loss of $8.2 million, down $11.9 million compared to the gross profit of
$3.7 million in the corresponding period in 2017. Excluding the $9.5
million of revenue in the current period from the January 2018
settlement with DOE related to past work performed, Centrus realized a
gross loss in the nine months ended September 30, 2018, of $17.7 million.
The gross profit for the LEU Segment in the three months ended September
30, 2018, was $8.0 million compared to $10.8 million in the
corresponding period in 2017. The decline of $2.8 million was primarily
due to the decline in SWU sales volume. In the nine months ended
September 30, 2018, the gross loss for the LEU Segment was $15.5
million, down $19.8 million compared to the gross profit of $4.3 million
in the corresponding period in 2017. SWU sales in the nine months ended
September 30, 2018, reflect a greater concentration of sales made under
contracts that reflect lower prices under more recent market conditions.
For the Contract Services Segment, Centrus realized a gross loss of $0.2
million in the three months ended September 30, 2018, compared to a
gross profit of $0.5 million in the corresponding period in 2017. The
Company realized a gross profit of $7.3 million in the nine months ended
September 30, 2018, including $9.5 million of revenue from the January
2018 settlement with DOE, compared to a gross loss of $0.6 million in
the corresponding period in 2017. Gross losses are due to costs incurred
that are greater than the revenue under the contracts with UT-Battelle
and X-energy.
Advanced Technology License and Decommissioning Costs
Advanced technology license and decommissioning costs consist of
American Centrifuge expenses that are outside of Centrus’ customer
contracts in the Contract Services Segment, including ongoing costs for
work at the Piketon, Ohio, facility. Costs increased $1.3 million, or 29
percent, in the three months and $4.2 million, or 28 percent, in the
nine months ended September 30, 2018, compared to the corresponding
periods in 2017. In the current periods, efforts at the Piketon facility
were focused on supporting U.S. Nuclear Regulatory Commission
requirements, including working towards an elimination of the required
financial assurance, and DOE lease turnover activities, and the related
costs were charged to expense. In the prior period, efforts were
primarily focused on decontamination and decommissioning (D&D) of the
Piketon facility, and the related costs were recorded as a reduction of
the D&D liability. In addition, a greater allocation of Piketon facility
costs was charged to advanced technology license and decommissioning
costs in the current periods following the relocation of certain
corporate functions from the Piketon facility.
SG&A
Selling, general and administrative (SG&A) expenses declined $2.2
million, or 20 percent, in the three months and $3.4 million, or 10
percent, in the nine months ended September 30, 2018, compared to the
corresponding periods in 2017. Overhead allocated to SG&A expenses
declined $0.5 million in the three months and $2.1 million in the nine
months ended September 30, 2018, following the relocation of certain
corporate functions from the Piketon facility. Compensation and benefits
declined $0.8 million in the three-month period and $1.2 million in the
nine-month period. Consulting costs declined $0.4 million in the
three-month period and increased $0.2 million in the nine-month period,
primarily for work related to business development.
Cash Flow
Centrus ended the third quarter of 2018 with a consolidated cash balance
of $124.9 million. The net reduction of $64.8 million in the SWU
purchase payables balance, due to the timing of purchase deliveries, was
a significant use of cash in the nine months ended September 30, 2018.
The operating loss of $62.8 million in the nine months ended September
30, 2018, net of non-cash expenses, was a use of cash. Sources of cash
included the net reduction in receivables from utility customers of
$42.1 million.
2018 Outlook
Centrus continues to anticipate SWU and uranium revenue in 2018 in a
range of $150 million to $175 million and total revenue in a range of
$175 million to $200 million. Consistent with prior years, revenue
continues to be most heavily weighted to the fourth quarter; Centrus
expects nearly one-half of its 2018 revenue to be generated in the
fourth quarter. The Company expects to end 2018 with a cash and cash
equivalents balance in a range of $100 million to $125 million.
The Company’s financial guidance is subject to a number of assumptions
and uncertainties that could affect results either positively or
negatively. Variations from its expectations could cause differences
between the guidance and the ultimate results. Among the factors that
could affect the results are:
-
Additional short-term purchases or sales of SWU and uranium;
-
Timing of customer orders, related deliveries, and purchases of LEU or
components;
-
The outcome of legal proceedings and other contingencies;
-
Potential use of cash for strategic initiatives;
-
Actions taken by Centrus’ customers, including actions that might
affect the Company’s existing contracts, as a result of market and
other conditions impacting its customers and the industry; and
-
Timing of return of cash collateral supporting financial assurance.
About Centrus Energy Corp.
Centrus is a trusted supplier of nuclear fuel and services for the
nuclear power industry. Centrus provides value to its utility customers
through the reliability and diversity of its supply sources – helping
them meet the growing need for clean, affordable, carbon-free
electricity. Since 1998, the Company has provided its utility customers
with more than 1,750 reactor years of fuel, which is equivalent to 7
billion tons of coal.
With world-class technical capabilities, Centrus offers turnkey
engineering and advanced manufacturing solutions to its customers. The
Company is also advancing the next generation of centrifuge technologies
so that America can restore its domestic uranium enrichment capability
in the future. Find out more at www.centrusenergy.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) - 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”, “should”, “could”, “would” or “may” and other words of similar
meaning. Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. For Centrus Energy Corp.,
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 relating to our outstanding 8.0% paid-in-kind (“PIK”) toggle notes
(the “8% PIK Toggle Notes”) maturing in September 2019, our 8.25% notes
(the “8.25% Notes”) maturing in February 2027 and our Series B Senior
Preferred Stock, including the potential termination of the guarantee by
our principal subsidiary United States Enrichment Corporation of the 8%
PIK Toggle Notes; risks related to the use of our net operating losses
(“NOLs”) and net unrealized built-in losses (“NUBILs”) to offset future
taxable income and the use of the Rights Agreement (as defined herein)
to prevent an “ownership change” as defined in Section 382 of the
Internal Revenue Code of 1986, as amended (the “Code”) and our ability
to generate taxable income to utilize all or a portion of the NOLs and
NUBILs prior to the expiration thereof; risks related to the limited
trading markets in our securities; risks related to our ability to
maintain the listing of our Class A Common Stock on the NYSE American
LLC (the “NYSE American”); risks related to decisions made by our Class
B stockholders regarding their investment in the Company based upon
factors that are unrelated to the Company’s performance; the continued
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 and potential extended duration of the current supply/demand
imbalance in the market for low-enriched uranium (“LEU”); our dependence
on others for deliveries of LEU including deliveries from the Russian
government entity Joint Stock Company “TENEX” (“TENEX”) under a
commercial supply agreement with TENEX and deliveries under a long-term
supply agreement with Orano Cycle; risks related to our ability to sell
the LEU we procure pursuant to our purchase obligations under our supply
agreements; risks relating to our sales order book, including
uncertainty concerning customer actions under current contracts and in
future contracting due to market conditions and lack of current
production capability; risks related to financial difficulties
experienced by customers, including possible bankruptcies, insolvencies
or any other inability to pay for our products or services; pricing
trends and demand in the uranium and enrichment markets and their impact
on our profitability; movement and timing of customer orders; risks
related to the value of our intangible assets related to the sales order
book and customer relationships; risks associated with our reliance on
third-party suppliers to provide essential services to us; risks related
to existing or new trade barriers and contract terms that limit our
ability to deliver LEU to customers; risks related to actions that may
be taken by the U.S. government, the Russian government or other
governments that could affect our ability to perform or the ability of
our sources of supply to perform under their contract obligations to us,
including the imposition of sanctions, restrictions or other
requirements; the impact of government regulation including by the U.S.
Department of Energy and the U.S. Nuclear Regulatory Commission;
uncertainty regarding our ability to commercially deploy competitive
enrichment technology; risks and uncertainties regarding funding for the
American Centrifuge project and our ability to obtain and/or perform
under our future agreements with UT-Battelle, LLC (“UT-Battelle”), the
management and operating contractor for Oak Ridge National Laboratory
(“ORNL”), for continued research and development of the American
Centrifuge technology; the potential for further demobilization or
termination of the American Centrifuge project; risks related to the
current demobilization of portions of the American Centrifuge project,
including risks that the schedule could be delayed and costs could be
higher than expected; failures or security breaches of our information
technology systems; potential strategic transactions, which could be
difficult to implement, disrupt our business or change our business
profile significantly; 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 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 our filings with the
Securities and Exchange Commission, including under Part 1. Item1A -
“Risk Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2017.
|
|
| CENTRUS ENERGY CORP. |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Unaudited; in millions, except share and per share data) |
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
| Revenue: |
|
|
|
|
|
|
|
|
|
Separative work units
|
|
$
|
17.6
|
|
|
$
|
43.5
|
|
|
$
|
68.2
|
|
|
$
|
82.2
|
|
|
Uranium
|
|
11.3
|
|
|
—
|
|
|
14.9
|
|
|
—
|
|
|
Contract services
|
|
5.2
|
|
|
6.8
|
|
|
26.1
|
|
|
19.3
|
|
| Total revenue |
|
34.1 |
|
|
50.3 |
|
|
109.2 |
|
|
101.5 |
|
| Cost of Sales: |
|
|
|
|
|
|
|
|
|
Separative work units and uranium
|
|
20.9
|
|
|
32.7
|
|
|
98.6
|
|
|
77.9
|
|
|
Contract services
|
|
5.4
|
|
|
6.3
|
|
|
18.8
|
|
|
19.9
|
|
| Total cost of sales |
|
26.3 |
|
|
39.0 |
|
|
117.4 |
|
|
97.8 |
|
|
Gross profit (loss)
|
|
7.8
|
|
|
11.3
|
|
|
(8.2
|
)
|
|
3.7
|
|
|
Advanced technology license and decommissioning costs
|
|
5.8
|
|
|
4.5
|
|
|
19.2
|
|
|
15.0
|
|
|
Selling, general and administrative
|
|
8.8
|
|
|
11.0
|
|
|
29.7
|
|
|
33.1
|
|
|
Amortization of intangible assets
|
|
1.7
|
|
|
2.5
|
|
|
4.5
|
|
|
5.7
|
|
|
Special charges for workforce reductions and advisory costs
|
|
0.6
|
|
|
2.4
|
|
|
1.5
|
|
|
7.1
|
|
|
Gains on sales of assets
|
|
—
|
|
|
(0.6
|
)
|
|
(0.3
|
)
|
|
(2.3
|
)
|
|
Operating loss
|
|
(9.1
|
)
|
|
(8.5
|
)
|
|
(62.8
|
)
|
|
(54.9
|
)
|
|
Gain on early extinguishment of debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33.6
|
)
|
|
Nonoperating components of net periodic benefit expense (income)
|
|
(1.6
|
)
|
|
(0.3
|
)
|
|
(4.9
|
)
|
|
(1.1
|
)
|
|
Interest expense
|
|
1.0
|
|
|
0.7
|
|
|
3.0
|
|
|
4.3
|
|
|
Investment income
|
|
(0.7
|
)
|
|
(0.4
|
)
|
|
(1.9
|
)
|
|
(1.0
|
)
|
| Loss before income taxes |
|
(7.8 |
) |
|
(8.5 |
) |
|
(59.0 |
) |
|
(23.5 |
) |
|
Income tax benefit
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.2
|
)
|
| Net loss |
|
(7.8 |
) |
|
(8.5 |
) |
|
(58.9 |
) |
|
(23.3 |
) |
|
Preferred stock dividends - undeclared and cumulative
|
|
1.9
|
|
|
2.0
|
|
|
5.9
|
|
|
5.0
|
|
| Net loss allocable to common stockholders |
|
$ |
(9.7 |
) |
|
$ |
(10.5 |
) |
|
$ |
(64.8 |
) |
|
$ |
(28.3 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per common share - basic and diluted
|
|
$
|
(1.06
|
)
|
|
$
|
(1.15
|
)
|
|
$
|
(7.11
|
)
|
|
$
|
(3.12
|
)
|
|
Average number of common shares outstanding - basic and diluted (in
thousands)
|
|
9,133
|
|
|
9,103
|
|
|
9,118
|
|
|
9,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CENTRUS ENERGY CORP. |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (Unaudited; in millions, except share and per share data) |
|
|
|
|
|
|
|
September 30,
2018
|
|
December 31,
2017
|
| ASSETS |
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
124.9
|
|
|
$
|
208.8
|
|
|
Accounts receivable
|
|
2.5
|
|
|
60.2
|
|
|
Inventories
|
|
129.4
|
|
|
153.1
|
|
|
Deferred costs associated with deferred revenue
|
|
122.7
|
|
|
122.3
|
|
|
Deposits for financial assurance
|
|
30.2
|
|
|
16.3
|
|
|
Other current assets
|
|
6.9
|
|
|
6.2
|
|
| Total current assets |
|
416.6 |
|
|
566.9 |
|
|
Property, plant and equipment, net of accumulated depreciation of
$1.5 as of September 30, 2018 and $1.9 as of December 31, 2017
|
|
4.4
|
|
|
4.9
|
|
|
Deposits for financial assurance
|
|
6.2
|
|
|
19.7
|
|
|
Intangible assets, net
|
|
78.1
|
|
|
82.7
|
|
|
Other long-term assets
|
|
0.7
|
|
|
1.1
|
|
| Total assets |
|
$ |
506.0 |
|
|
$ |
675.3 |
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
46.9
|
|
|
$
|
48.2
|
|
|
Payables under SWU purchase agreements
|
|
14.6
|
|
|
79.4
|
|
|
Inventories owed to customers and suppliers
|
|
70.2
|
|
|
77.9
|
|
|
Deferred revenue and advances from customers
|
|
175.6
|
|
|
191.8
|
|
|
Current debt
|
|
39.1
|
|
|
6.1
|
|
| Total current liabilities |
|
346.4 |
|
|
403.4 |
|
|
Long-term debt
|
|
120.2
|
|
|
157.5
|
|
|
Postretirement health and life benefit obligations
|
|
150.9
|
|
|
154.2
|
|
|
Pension benefit liabilities
|
|
143.5
|
|
|
161.6
|
|
|
Advances from customers
|
|
14.5
|
|
|
—
|
|
|
Other long-term liabilities
|
|
8.0
|
|
|
17.5
|
|
| Total liabilities |
|
783.5 |
|
|
894.2 |
|
| Stockholders’ deficit: |
|
|
|
|
|
Preferred stock, par value $1.00 per share, 20,000,000 shares
authorized
|
|
|
|
|
|
Series A Participating Cumulative Preferred Stock, none issued
|
|
—
|
|
|
—
|
|
|
Series B Senior Preferred Stock, 7.5% cumulative, 104,574 shares
issued and outstanding and an aggregate liquidation preference of
$117.4 as of September 30, 2018 and $111.5 as of December 31, 2017
|
|
4.6
|
|
|
4.6
|
|
|
Class A Common Stock, par value $0.10 per share, 70,000,000 shares
authorized, 7,632,669 shares issued and outstanding as of September
30, 2018 and December 31, 2017
|
|
0.8
|
|
|
0.8
|
|
|
Class B Common Stock, par value $0.10 per share, 30,000,000 shares
authorized, 1,406,082 shares issued and outstanding as of September
30, 2018 and December 31, 2017
|
|
0.1
|
|
|
0.1
|
|
|
Excess of capital over par value
|
|
60.3
|
|
|
60.0
|
|
|
Accumulated deficit
|
|
(343.3
|
)
|
|
(284.5
|
)
|
|
Accumulated other comprehensive income, net of tax
|
|
—
|
|
|
0.1
|
|
| Total stockholders’ deficit |
|
(277.5 |
) |
|
(218.9 |
) |
| Total liabilities and stockholders’ deficit |
|
$ |
506.0 |
|
|
$ |
675.3 |
|
|
|
|
|
|
|
|
|
|
|
|
| CENTRUS ENERGY CORP. |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (Unaudited; in millions) |
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
2018 |
|
2017 |
| Operating Activities: |
|
|
|
|
|
Net loss
|
|
$
|
(58.9
|
)
|
|
$
|
(23.3
|
)
|
|
Adjustments to reconcile net loss to cash used in operating
activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
5.1
|
|
|
6.6
|
|
|
PIK interest on paid-in-kind toggle notes
|
|
1.2
|
|
|
1.2
|
|
|
Gain on early extinguishment of debt
|
|
—
|
|
|
(33.6
|
)
|
|
Gain on sales of assets
|
|
(0.3
|
)
|
|
(2.3
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
57.6
|
|
|
14.5
|
|
|
Inventories, net
|
|
30.6
|
|
|
17.9
|
|
|
Payables under SWU purchase agreements
|
|
(64.8
|
)
|
|
(42.3
|
)
|
|
Deferred revenue, net of deferred costs
|
|
(16.7
|
)
|
|
2.9
|
|
|
Accounts payable and other liabilities
|
|
(1.4
|
)
|
|
(20.1
|
)
|
|
Pension and postretirement liabilities
|
|
(21.3
|
)
|
|
(6.2
|
)
|
|
Other, net
|
|
(8.8
|
)
|
|
(1.9
|
)
|
| Cash used in operating activities |
|
(77.7 |
) |
|
(86.6 |
) |
|
|
|
|
|
| Investing Activities: |
|
|
|
|
|
Capital expenditures
|
|
(0.1
|
)
|
|
(0.3
|
)
|
|
Proceeds from sales of assets
|
|
0.4
|
|
|
2.1
|
|
| Cash provided by investing activities |
|
0.3 |
|
|
1.8 |
|
|
|
|
|
|
| Financing Activities: |
|
|
|
|
|
Payment of interest classified as debt
|
|
(6.1
|
)
|
|
(3.4
|
)
|
|
Repurchase of debt
|
|
—
|
|
|
(27.6
|
)
|
|
Payment of securities transaction costs
|
|
—
|
|
|
(9.0
|
)
|
| Cash used in financing activities |
|
(6.1 |
) |
|
(40.0 |
) |
|
|
|
|
|
|
Decrease in cash, cash equivalents and restricted cash
|
|
(83.5
|
)
|
|
(124.8
|
)
|
|
Cash, cash equivalents and restricted cash, beginning of period
|
|
244.8
|
|
|
296.7
|
|
| Cash, cash equivalents and restricted cash, end of period |
|
$ |
161.3 |
|
|
$ |
171.9 |
|
|
|
|
|
|
| Supplemental cash flow information: |
|
|
|
|
|
Interest paid in cash
|
|
$
|
0.8
|
|
|
$
|
4.2
|
|
|
Non-cash activities:
|
|
|
|
|
|
Conversion of interest payable-in-kind to debt
|
|
$
|
1.7
|
|
|
$
|
0.4
|
|
|
Exchange of debt for Series B preferred stock
|
|
$
|
—
|
|
|
$
|
4.6
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181107005943/en/
Source: Centrus Energy Corp.
Centrus Energy Corp.
Investors:
Dan Leistikow, 301-564-3399
or
Media:
Jeremy
Derryberry, 301-564-3392
