USEC reports $158.9 million net loss on $1.31 billion revenue for 2013

By Kali Hays

New York, March 31 - USEC Inc. reported a net loss of $158.9 million on $1.31 billion in revenue for the year ended Dec. 31, 2013, according to a Monday news release from the company.

The numbers compare to a net loss of $1.2 billion reported for the year ended Dec. 31, 2012 on revenue of $1.86 billion.

The company also reported a cash balance of $314.2 million at the end of 2013.

USEC cited the combined factors of "non-production expenses related to the cessation of enrichment and transition of leased facilities back to the Department of Energy," increased purchase costs of separative work units from Russia, and employee severance costs as cause for the loss.

"These costs will continue to reduce our profitability in 2014 until the facilities are returned to the DOE," the release stated.

USEC, a Bethesda, Md.-based supplier of nuclear fuel and advanced technology services, filed for bankruptcy on March 5 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 14-10475.

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