Centrus Energy ends 2015 with $234 million cash, an increase over 2014

By Lisa Kerner

Charlotte, N.C., March 22 – Centrus Energy Corp. came a long way in 2015, according to president and chief executive officer Daniel B. Poneman.

“We won significant new sales contracts, extended and diversified our supply base and positioned Centrus to begin growing again,” Poneman said during the company’s fourth-quarter earnings call on Tuesday.

The company also recruited a new senior management team and successfully renegotiated its Russian supply agreement to provide greater contract flexibilities so it can address current and mid-term market conditions.

Poneman said Centrus is focused on three key areas: growing its fuel supply business, developing partnerships in the industry and providing enrichment capacity.

The company generated a gross profit of $69 million in 2015, a $110 million improvement over last year and a $164 million improvement over 2013, said Poneman.

Centrus had a strong fourth quarter, senior vice president and chief financial officer Stephen Greene said on the call.

Revenue for the fourth quarter was up 28% year over year at $157.9 million, while full-year revenue declined 18% to $418.2 million. Full-year 2016 total revenue is expected to be in the range of $275 million to $300 million, according to the earnings news release.

The company ended 2015 with $234 million of cash, compared with about $219 million at the end of 2014.

Looking ahead, Centrus expects to end 2016 with cash and cash equivalents in the range of $200 million to $250 million, according to Greene.

Long-term debt was about $248 million at Dec. 31, compared with $240 million for 2014.

Financial highlights

Centrus had a net loss of $101.8 million, or $11.19 per share, for the quarter. This compares with a net loss of $42.3 million, or $4.70 per share, in the fourth quarter of 2014.

For the full year, Centrus had a net loss of $187.4 million, or $20.82 per share, compared with net income of $297.8 million in 2014. The results in 2015 include the impairment of excess reorganization value in the fourth quarter of $137.2 million, according to Centrus.

Net cash flow provided by operating activities for the full year was $8.5 million.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.