Centrus continues strategy of reducing, restructuring, retiring debt

By Devika Patel

Knoxville, Tenn., March 26 – Centrus Energy Corp. continued its efforts to reduce and retire debt last year, repaying $27.5 million of notes in the third quarter.

“I’m pleased to report that it was a very strong year for Centrus,” president and chief executive officer Daniel B. Poneman said on the company’s fourth quarter and year ended Dec. 31, 2019 earnings conference call on Thursday.

“At the end of the third quarter, right on schedule, we fully repaid $27.5 million in notes that came due on Sept. 30.

“That note repayment marked another milestone in our effort to reduce, restructure and retire our debt,” he said.

Despite having a good year in 2019, the recent pandemic and resulting economic uncertainty kept the CEO from making any predictions for the upcoming year.

“Given the period of global economic volatility that we have now entered, we’re just not comfortable making a prediction one way or another with respect to overall profitability,” Poneman said.

Cash and cash equivalents were $130.7 million as of Dec. 31, 2019, compared to $123.1 million as of Dec. 31, 2018.

Long-term debt was $114.1 million as of Dec. 31, 2019, compared to $120.2 million as of Dec. 31, 2018.

Centrus is a Bethesda, Md.-based supplier of nuclear fuel and advanced technology services.

© 2015 Prospect News.
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