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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Centrus Energy Corporation | AMEX:LEU | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.38 | 0.84% | 45.45 | 46.31 | 43.9029 | 46.31 | 182,959 | 23:30:01 |
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
52-2107911
|
(State of incorporation)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer
|
o
|
|
Accelerated filer
|
o
|
|
Non-accelerated filer
|
ý
|
Smaller reporting company
|
ý
|
|
Emerging growth company
|
o
|
|
|
|
Title of Each Class
|
Trading Symbol
|
Name of Each Exchange on Which Registered
|
Class A Common Stock, par value $0.10 per share
|
LEU
|
NYSE American
|
Rights to purchase Series A Participating Cumulative Preferred Stock, par value $1.00 per share
|
LEU*
|
Not applicable
|
|
|
Page
|
|
PART I – FINANCIAL INFORMATION
|
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
PART II – OTHER INFORMATION
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
88.3
|
|
|
$
|
123.1
|
|
Accounts receivable
|
30.2
|
|
|
60.2
|
|
||
Inventories
|
141.7
|
|
|
129.7
|
|
||
Deferred costs associated with deferred revenue
|
138.7
|
|
|
134.9
|
|
||
Deposits for financial assurance
|
18.0
|
|
|
30.3
|
|
||
Other current assets
|
7.4
|
|
|
6.3
|
|
||
Total current assets
|
424.3
|
|
|
484.5
|
|
||
Property, plant and equipment, net of accumulated depreciation of $1.9 as of June 30, 2019 and $1.6 as of December 31, 2018
|
3.9
|
|
|
4.2
|
|
||
Deposits for financial assurance
|
5.7
|
|
|
6.3
|
|
||
Intangible assets, net
|
73.7
|
|
|
76.0
|
|
||
Other long-term assets
|
7.7
|
|
|
0.7
|
|
||
Total assets
|
$
|
515.3
|
|
|
$
|
571.7
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable and accrued liabilities
|
$
|
37.9
|
|
|
$
|
52.4
|
|
Payables under SWU purchase agreements
|
14.9
|
|
|
46.0
|
|
||
Inventories owed to customers and suppliers
|
59.0
|
|
|
103.0
|
|
||
Deferred revenue and advances from customers
|
267.2
|
|
|
204.5
|
|
||
Current debt
|
33.6
|
|
|
32.8
|
|
||
Total current liabilities
|
412.6
|
|
|
438.7
|
|
||
Long-term debt
|
117.1
|
|
|
120.2
|
|
||
Postretirement health and life benefit obligations
|
132.6
|
|
|
136.2
|
|
||
Pension benefit liabilities
|
161.5
|
|
|
168.9
|
|
||
Advances from customers
|
29.4
|
|
|
15.0
|
|
||
Other long-term liabilities
|
20.4
|
|
|
14.6
|
|
||
Total liabilities
|
873.6
|
|
|
893.6
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
||
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 $123.2 as of June 30, 2019 and $119.3 as of December 31, 2018
|
4.6
|
|
|
4.6
|
|
||
Class A Common Stock, par value $0.10 per share, 70,000,000 shares authorized, 8,051,307 shares issued and outstanding as of June 30, 2019 and 8,031,307 as of December 31, 2018
|
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 June 30, 2019 and December 31, 2018
|
0.1
|
|
|
0.1
|
|
||
Excess of capital over par value
|
61.3
|
|
|
61.2
|
|
||
Accumulated deficit
|
(425.0
|
)
|
|
(388.5
|
)
|
||
Accumulated other comprehensive income, net of tax
|
(0.1
|
)
|
|
(0.1
|
)
|
||
Total stockholders’ deficit
|
(358.3
|
)
|
|
(321.9
|
)
|
||
Total liabilities and stockholders’ deficit
|
$
|
515.3
|
|
|
$
|
571.7
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Separative work units
|
$
|
—
|
|
|
$
|
32.9
|
|
|
$
|
12.4
|
|
|
$
|
50.6
|
|
Uranium
|
2.6
|
|
|
—
|
|
|
25.3
|
|
|
3.6
|
|
||||
Contract services
|
8.0
|
|
|
6.5
|
|
|
11.6
|
|
|
20.9
|
|
||||
Total revenue
|
10.6
|
|
|
39.4
|
|
|
49.3
|
|
|
75.1
|
|
||||
Cost of Sales:
|
|
|
|
|
|
|
|
||||||||
Separative work units and uranium
|
7.7
|
|
|
42.9
|
|
|
46.0
|
|
|
77.7
|
|
||||
Contract services
|
7.2
|
|
|
7.2
|
|
|
13.1
|
|
|
13.4
|
|
||||
Total cost of sales
|
14.9
|
|
|
50.1
|
|
|
59.1
|
|
|
91.1
|
|
||||
Gross loss
|
(4.3
|
)
|
|
(10.7
|
)
|
|
(9.8
|
)
|
|
(16.0
|
)
|
||||
Advanced technology costs
|
5.1
|
|
|
5.4
|
|
|
11.7
|
|
|
13.4
|
|
||||
Selling, general and administrative
|
7.7
|
|
|
9.7
|
|
|
15.8
|
|
|
20.9
|
|
||||
Amortization of intangible assets
|
1.2
|
|
|
1.5
|
|
|
2.3
|
|
|
2.8
|
|
||||
Special charges (credits) for workforce reductions and advisory costs
|
(2.9
|
)
|
|
0.3
|
|
|
(3.0
|
)
|
|
0.9
|
|
||||
Gain on sales of assets
|
(0.1
|
)
|
|
(0.2
|
)
|
|
(0.5
|
)
|
|
(0.3
|
)
|
||||
Operating loss
|
(15.3
|
)
|
|
(27.4
|
)
|
|
(36.1
|
)
|
|
(53.7
|
)
|
||||
Nonoperating components of net periodic benefit expense (income)
|
—
|
|
|
(1.7
|
)
|
|
(0.1
|
)
|
|
(3.3
|
)
|
||||
Interest expense
|
1.0
|
|
|
1.0
|
|
|
2.0
|
|
|
2.0
|
|
||||
Investment income
|
(0.7
|
)
|
|
(0.6
|
)
|
|
(1.4
|
)
|
|
(1.2
|
)
|
||||
Loss before income taxes
|
(15.6
|
)
|
|
(26.1
|
)
|
|
(36.6
|
)
|
|
(51.2
|
)
|
||||
Income tax benefit
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||
Net loss and comprehensive loss
|
(15.6
|
)
|
|
(26.1
|
)
|
|
(36.5
|
)
|
|
(51.1
|
)
|
||||
Preferred stock dividends - undeclared and cumulative
|
2.0
|
|
|
2.0
|
|
|
4.0
|
|
|
4.0
|
|
||||
Net loss allocable to common stockholders
|
$
|
(17.6
|
)
|
|
$
|
(28.1
|
)
|
|
$
|
(40.5
|
)
|
|
$
|
(55.1
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net loss per common share - basic and diluted
|
$
|
(1.84
|
)
|
|
$
|
(3.08
|
)
|
|
$
|
(4.24
|
)
|
|
$
|
(6.05
|
)
|
Average number of common shares outstanding - basic and diluted (in thousands)
|
9,565
|
|
|
9,118
|
|
|
9,549
|
|
|
9,111
|
|
|
Six Months Ended
June 30, |
||||||
|
2019
|
|
2018
|
||||
OPERATING
|
|
|
|
||||
Net loss
|
$
|
(36.5
|
)
|
|
$
|
(51.1
|
)
|
Adjustments to reconcile net loss to cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
2.6
|
|
|
3.3
|
|
||
PIK interest on paid-in-kind toggle notes
|
0.7
|
|
|
0.9
|
|
||
Gain on sales of assets
|
(0.5
|
)
|
|
(0.3
|
)
|
||
Inventory valuation adjustments
|
2.3
|
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
24.6
|
|
|
32.1
|
|
||
Inventories, net
|
(6.6
|
)
|
|
20.4
|
|
||
Payables under SWU purchase agreements
|
(31.1
|
)
|
|
(59.9
|
)
|
||
Deferred revenue and advances from customers, net of deferred costs
|
27.0
|
|
|
9.8
|
|
||
Accounts payable and other liabilities
|
(15.8
|
)
|
|
(12.5
|
)
|
||
Pension and postretirement liabilities
|
(11.1
|
)
|
|
(9.0
|
)
|
||
Other, net
|
(0.7
|
)
|
|
0.6
|
|
||
Cash used in operating activities
|
(45.1
|
)
|
|
(65.7
|
)
|
||
|
|
|
|
||||
INVESTING
|
|
|
|
||||
Capital expenditures
|
—
|
|
|
(0.1
|
)
|
||
Proceeds from sales of assets
|
0.5
|
|
|
0.3
|
|
||
Cash provided by investing activities
|
0.5
|
|
|
0.2
|
|
||
|
|
|
|
||||
FINANCING
|
|
|
|
||||
Payment of interest classified as debt
|
(3.1
|
)
|
|
(3.0
|
)
|
||
Cash used in financing activities
|
(3.1
|
)
|
|
(3.0
|
)
|
||
|
|
|
|
||||
Decrease in cash, cash equivalents and restricted cash
|
(47.7
|
)
|
|
(68.5
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
(1)
|
159.7
|
|
|
244.8
|
|
||
Cash, cash equivalents and restricted cash, end of period
(1)
|
$
|
112.0
|
|
|
$
|
176.3
|
|
|
|
|
|
||||
Supplemental cash flow information:
|
|
|
|
||||
Interest paid in cash
|
$
|
0.4
|
|
|
$
|
0.4
|
|
Non-cash activities:
|
|
|
|
||||
Conversion of interest payable-in-kind to debt
|
$
|
0.7
|
|
|
$
|
0.9
|
|
|
Preferred Stock,
Series B
|
|
Common Stock,
Class A,
Par Value
$.10 per Share
|
|
Common Stock,
Class B,
Par Value
$.10 per Share
|
|
Excess of
Capital Over
Par Value
|
|
Accumulated Deficit
|
|
Accumulated
Other Comprehensive Income
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at December 31, 2018
|
$
|
4.6
|
|
|
$
|
0.8
|
|
|
$
|
0.1
|
|
|
$
|
61.2
|
|
|
$
|
(388.5
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(321.9
|
)
|
Net loss for the three months ended March 31, 2019
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20.9
|
)
|
|
—
|
|
|
(20.9
|
)
|
|||||||
Issuance and amortization of restricted stock units and stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|||||||
Balance at March 31, 2019
|
4.6
|
|
|
0.8
|
|
|
0.1
|
|
|
61.3
|
|
|
(409.4
|
)
|
|
(0.1
|
)
|
|
(342.7
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net loss for the three months ended June 30, 2019
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15.6
|
)
|
|
—
|
|
|
(15.6
|
)
|
|||||||
Balance at June 30, 2019
|
$
|
4.6
|
|
|
$
|
0.8
|
|
|
$
|
0.1
|
|
|
$
|
61.3
|
|
|
$
|
(425.0
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(358.3
|
)
|
|
Preferred Stock,
Series B
|
|
Common Stock,
Class A,
Par Value
$.10 per Share
|
|
Common Stock,
Class B,
Par Value
$.10 per Share
|
|
Excess of
Capital Over
Par Value
|
|
Accumulated Deficit
|
|
Accumulated
Other Comprehensive Income
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at December 31, 2017
|
$
|
4.6
|
|
|
$
|
0.8
|
|
|
$
|
0.1
|
|
|
$
|
60.0
|
|
|
$
|
(284.5
|
)
|
|
$
|
0.1
|
|
|
$
|
(218.9
|
)
|
Adoption of Accounting Standards Codification 606 as of January 1, 2018
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||||||
Net loss for the three months ended March 31, 2018
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25.0
|
)
|
|
—
|
|
|
(25.0
|
)
|
|||||||
Issuance and amortization of restricted stock units and stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|||||||
Balance at March 31, 2018
|
4.6
|
|
|
0.8
|
|
|
0.1
|
|
|
60.1
|
|
|
(309.4
|
)
|
|
0.1
|
|
|
(243.7
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net loss for the three months ended June 30, 2018
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26.1
|
)
|
|
—
|
|
|
(26.1
|
)
|
|||||||
Other comprehensive loss, net of tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|||||||
Issuance and amortization of restricted stock units and stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|||||||
Balance at June 30, 2018
|
$
|
4.6
|
|
|
$
|
0.8
|
|
|
$
|
0.1
|
|
|
$
|
60.2
|
|
|
$
|
(335.5
|
)
|
|
$
|
—
|
|
|
$
|
(269.8
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
United States
|
$
|
2.6
|
|
|
$
|
32.9
|
|
|
$
|
37.7
|
|
|
$
|
54.0
|
|
Foreign
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
||||
Revenue - SWU and uranium
|
$
|
2.6
|
|
|
$
|
32.9
|
|
|
$
|
37.7
|
|
|
$
|
54.2
|
|
|
|
June 30,
2019
|
|
December 31, 2018
|
|
Year-To-Date Change
|
||||||
Contract assets
|
|
|
|
|
|
|
||||||
Accounts receivable:
|
|
|
|
|
|
|
||||||
Billed
|
|
$
|
20.1
|
|
|
$
|
50.4
|
|
|
$
|
(30.3
|
)
|
Unbilled
|
|
5.6
|
|
|
—
|
|
|
5.6
|
|
|||
Uranium feed receivable
|
|
4.5
|
|
|
9.8
|
|
|
(5.3
|
)
|
|||
Accounts receivable
|
|
$
|
30.2
|
|
|
$
|
60.2
|
|
|
$
|
(30.0
|
)
|
|
|
|
|
|
|
|
||||||
Deferred costs associated with deferred revenue
|
|
$
|
138.7
|
|
|
$
|
134.9
|
|
|
$
|
3.8
|
|
|
|
|
|
|
|
|
||||||
Contract liabilities
|
|
|
|
|
|
|
||||||
Accounts payable and accrued liabilities
|
|
$
|
0.5
|
|
|
$
|
—
|
|
|
$
|
0.5
|
|
Deferred revenue - current
|
|
$
|
220.5
|
|
|
$
|
204.5
|
|
|
$
|
16.0
|
|
Advances from customers - current
|
|
$
|
46.7
|
|
|
$
|
—
|
|
|
$
|
46.7
|
|
Advances from customers - noncurrent
|
|
$
|
29.4
|
|
|
$
|
15.0
|
|
|
$
|
14.4
|
|
|
Deferred Sales in the Period
|
|
Previously Deferred Sales Recognized in the Period
|
|
Year-To-Date Change
|
||||||
Deferred costs associated with deferred revenue
|
$
|
3.8
|
|
|
$
|
—
|
|
|
$
|
3.8
|
|
Deferred revenue
|
16.0
|
|
|
—
|
|
|
16.0
|
|
|
|
Liability
December 31,
2018
|
|
Six Months Ended
June 30, 2019 |
|
Liability
June 30,
2019
|
||||||||||
|
|
|
Charges (Credits) for Termination Benefits
|
|
Paid/
Settled
|
|
||||||||||
Workforce reductions:
|
|
|
|
|
|
|
|
|
||||||||
Corporate functions
|
|
$
|
0.9
|
|
|
$
|
—
|
|
|
$
|
(0.7
|
)
|
|
$
|
0.2
|
|
Piketon facility
|
|
3.2
|
|
|
(2.9
|
)
|
|
0.1
|
|
|
0.4
|
|
||||
Total
|
|
$
|
4.1
|
|
|
$
|
(2.9
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
0.6
|
|
|
June 30,
2019
|
|
December 31, 2018
|
||||
|
|
|
|
||||
Cash and cash equivalents
|
$
|
88.3
|
|
|
$
|
123.1
|
|
Deposits for financial assurance - current
|
18.0
|
|
|
30.3
|
|
||
Deposits for financial assurance - noncurrent
|
5.7
|
|
|
6.3
|
|
||
Total cash, cash equivalents and restricted cash
|
$
|
112.0
|
|
|
$
|
159.7
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Current
|
|
Long-Term
|
|
Current
|
|
Long-Term
|
||||||||
NRC license
|
$
|
16.9
|
|
|
$
|
—
|
|
|
$
|
16.6
|
|
|
$
|
—
|
|
DOE lease
|
—
|
|
|
—
|
|
|
13.5
|
|
|
—
|
|
||||
Workers compensation
|
0.6
|
|
|
5.4
|
|
|
—
|
|
|
6.0
|
|
||||
Other
|
0.5
|
|
|
0.3
|
|
|
0.2
|
|
|
0.3
|
|
||||
Total deposits for financial assurance
|
$
|
18.0
|
|
|
$
|
5.7
|
|
|
$
|
30.3
|
|
|
$
|
6.3
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Current
Assets
|
|
Current
Liabilities
(a)
|
|
Inventories, Net
|
|
Current
Assets
|
|
Current
Liabilities
(a)
|
|
Inventories, Net
|
||||||||||||
Separative work units
|
$
|
18.4
|
|
|
$
|
0.5
|
|
|
$
|
17.9
|
|
|
$
|
20.1
|
|
|
$
|
3.6
|
|
|
$
|
16.5
|
|
Uranium
|
123.3
|
|
|
58.5
|
|
|
64.8
|
|
|
109.6
|
|
|
99.4
|
|
|
10.2
|
|
||||||
Total
|
$
|
141.7
|
|
|
$
|
59.0
|
|
|
$
|
82.7
|
|
|
$
|
129.7
|
|
|
$
|
103.0
|
|
|
$
|
26.7
|
|
(a)
|
Inventories owed to customers and suppliers, included in current liabilities, include SWU and uranium inventories owed to fabricators.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Amount
|
||||||||||||
Sales order book
|
$
|
54.6
|
|
|
$
|
28.0
|
|
|
$
|
26.6
|
|
|
$
|
54.6
|
|
|
$
|
28.0
|
|
|
$
|
26.6
|
|
Customer relationships
|
68.9
|
|
|
21.8
|
|
|
47.1
|
|
|
68.9
|
|
|
19.5
|
|
|
49.4
|
|
||||||
Total
|
$
|
123.5
|
|
|
$
|
49.8
|
|
|
$
|
73.7
|
|
|
$
|
123.5
|
|
|
$
|
47.5
|
|
|
$
|
76.0
|
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Maturity
|
|
Current
|
|
Long-Term
|
|
Current
|
|
Long-Term
|
||||||||
8.25% Notes:
|
Feb. 2027
|
|
|
|
|
|
|
|
|
||||||||
Principal
|
|
|
$
|
—
|
|
|
$
|
74.3
|
|
|
$
|
—
|
|
|
$
|
74.3
|
|
Interest
|
|
|
6.1
|
|
|
42.8
|
|
|
6.1
|
|
|
45.9
|
|
||||
8.25% Notes
|
|
|
$
|
6.1
|
|
|
$
|
117.1
|
|
|
$
|
6.1
|
|
|
$
|
120.2
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
8% PIK Toggle Notes
|
Sep. 2019
(a)
|
|
$
|
27.5
|
|
|
$
|
—
|
|
|
$
|
26.7
|
|
|
$
|
—
|
|
Less deferred issuance costs
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
8% PIK Toggle Notes
|
|
|
$
|
27.5
|
|
|
$
|
—
|
|
|
$
|
26.7
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total
|
|
|
$
|
33.6
|
|
|
$
|
117.1
|
|
|
$
|
32.8
|
|
|
$
|
120.2
|
|
|
June 30, 2019
|
|
Classification on the Balance Sheet
|
||
Lease assets
|
$
|
7.3
|
|
|
Other long-term assets
|
Lease liabilities:
|
|
|
|
||
Current
|
2.4
|
|
|
Accounts payable and accrued liabilities
|
|
Noncurrent
|
7.3
|
|
|
Other long-term liabilities
|
|
Total lease liabilities
|
$
|
9.7
|
|
|
|
Remainder of 2019
|
$
|
1.8
|
|
2020
|
2.6
|
|
|
2021
|
2.6
|
|
|
2022
|
1.7
|
|
|
2023
|
1.0
|
|
|
Thereafter
|
3.8
|
|
|
Total lease payments
|
13.5
|
|
|
Less imputed interest
|
3.8
|
|
|
Present value of lease payments
|
$
|
9.7
|
|
2019
|
$
|
0.9
|
|
2020
|
0.9
|
|
|
2021
|
0.9
|
|
|
2022
|
1.0
|
|
|
2023
|
1.0
|
|
|
Thereafter
|
3.8
|
|
|
|
$
|
8.5
|
|
•
|
Level 1 – quoted prices for identical instruments in active markets.
|
•
|
Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.
|
•
|
Level 3 – valuations derived using one or more significant inputs that are not observable.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash and cash equivalents
|
$
|
88.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
88.3
|
|
|
$
|
123.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
123.1
|
|
Deferred compensation asset (a)
|
1.7
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
1.4
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deferred compensation obligation (a)
|
$
|
1.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.7
|
|
|
$
|
1.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.4
|
|
(a)
|
The deferred compensation obligation represents the balance of deferred compensation plus net investment earnings. The deferred compensation plan is funded through a rabbi trust. Trust funds are invested in mutual funds for which unit prices are quoted in active markets and are classified within Level 1 of the valuation hierarchy.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Carrying Value
|
|
Estimated Fair Value
(a)
|
|
Carrying Value
|
|
Estimated Fair Value
(a)
|
||||||||
8.25% Notes
|
$
|
123.2
|
|
(b)
|
$
|
61.1
|
|
|
$
|
126.3
|
|
(b)
|
$
|
57.9
|
|
8% PIK Toggle Notes
|
27.5
|
|
|
23.4
|
|
|
26.7
|
|
|
21.8
|
|
(b)
|
The carrying value of the 8.25% Notes consists of the principal balance of
$74.3 million
and the sum of current and noncurrent interest payment obligations until maturity. Refer to
Note 7, Debt
.
|
|
Three Months Ended June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Service costs
|
$
|
0.8
|
|
|
$
|
0.9
|
|
|
$
|
1.6
|
|
|
$
|
1.7
|
|
Interest costs
|
7.6
|
|
|
7.2
|
|
|
15.2
|
|
|
14.4
|
|
||||
Expected return on plan assets (gains)
|
(9.1
|
)
|
|
(10.3
|
)
|
|
(18.2
|
)
|
|
(20.5
|
)
|
||||
Net periodic benefit (credits)
|
$
|
(0.7
|
)
|
|
$
|
(2.2
|
)
|
|
$
|
(1.4
|
)
|
|
$
|
(4.4
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest costs
|
$
|
1.5
|
|
|
$
|
1.5
|
|
|
$
|
3.0
|
|
|
$
|
2.9
|
|
Amortization of prior service costs (credits), net
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||
Net periodic benefit costs
|
$
|
1.5
|
|
|
$
|
1.4
|
|
|
$
|
2.9
|
|
|
$
|
2.8
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator (in millions):
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(15.6
|
)
|
|
$
|
(26.1
|
)
|
|
$
|
(36.5
|
)
|
|
$
|
(51.1
|
)
|
Preferred stock dividends - undeclared and cumulative
|
2.0
|
|
|
2.0
|
|
|
4.0
|
|
|
4.0
|
|
||||
Net loss allocable to common stockholders
|
$
|
(17.6
|
)
|
|
$
|
(28.1
|
)
|
|
$
|
(40.5
|
)
|
|
$
|
(55.1
|
)
|
|
|
|
|
|
|
|
|
||||||||
Denominator (in thousands):
|
|
|
|
|
|
|
|
||||||||
Average common shares outstanding - basic
|
9,565
|
|
|
9,118
|
|
|
9,549
|
|
|
9,111
|
|
||||
Potentially dilutive shares related to stock options and restricted stock units
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Average common shares outstanding - diluted
|
9,565
|
|
|
9,118
|
|
|
9,549
|
|
|
9,111
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss per common share (in dollars) - basic and diluted:
|
$
|
(1.84
|
)
|
|
$
|
(3.08
|
)
|
|
$
|
(4.24
|
)
|
|
$
|
(6.05
|
)
|
|
|
|
|
|
|
|
|
||||||||
(a) Common stock equivalents excluded from the diluted calculation as a result of a net loss in the period (in thousands)
|
77
|
|
|
3
|
|
|
80
|
|
|
10
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Options outstanding and considered anti-dilutive as their exercise price exceeded the average share market price (in thousands)
|
360
|
|
|
360
|
|
|
360
|
|
|
360
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
|
|
|
|
|
|
|
||||||||
LEU segment:
|
|
|
|
|
|
|
|
||||||||
Separative work units
|
$
|
—
|
|
|
$
|
32.9
|
|
|
$
|
12.4
|
|
|
$
|
50.6
|
|
Uranium
|
2.6
|
|
|
—
|
|
|
25.3
|
|
|
3.6
|
|
||||
Total
|
2.6
|
|
|
32.9
|
|
|
37.7
|
|
|
54.2
|
|
||||
Contract services segment
|
8.0
|
|
|
6.5
|
|
|
11.6
|
|
|
20.9
|
|
||||
Total revenue
|
$
|
10.6
|
|
|
$
|
39.4
|
|
|
$
|
49.3
|
|
|
$
|
75.1
|
|
|
|
|
|
|
|
|
|
||||||||
Segment Gross Profit (Loss)
|
|
|
|
|
|
|
|
||||||||
LEU segment
|
$
|
(5.1
|
)
|
|
$
|
(10.0
|
)
|
|
$
|
(8.3
|
)
|
|
$
|
(23.5
|
)
|
Contract services segment
|
0.8
|
|
|
(0.7
|
)
|
|
(1.5
|
)
|
|
7.5
|
|
||||
Gross loss
|
$
|
(4.3
|
)
|
|
$
|
(10.7
|
)
|
|
$
|
(9.8
|
)
|
|
$
|
(16.0
|
)
|
•
|
sales of the SWU component of LEU;
|
•
|
sales of both the SWU and uranium components of LEU; and
|
•
|
sales of natural uranium.
|
•
|
Additional purchases or sales of SWU and uranium;
|
•
|
Conditions in the LEU and energy markets, including pricing, demand, operations, and regulations;
|
•
|
Timing of customer orders, related deliveries, and purchases of LEU or components;
|
•
|
Timing of execution of agreements for HALEU and with UT-Battelle, and terms established in the final definitized contracts;
|
•
|
Financial market conditions and other factors that may affect pension and benefit liabilities and the value of related assets;
|
•
|
The outcome of legal proceedings and other contingencies;
|
•
|
Potential use of cash for strategic initiatives;
|
•
|
Actions taken by customers, including actions that might affect existing contracts, as a result of market, trade and other conditions impacting Centrus’ customers and the industry; and
|
•
|
Timing of return of cash collateral supporting financial assurance for the Piketon facility.
|
|
Three Months Ended
June 30, |
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
LEU segment
|
|
|
|
|
|
|
|
|||||||
Revenue:
|
|
|
|
|
|
|
|
|||||||
SWU revenue
|
$
|
—
|
|
|
$
|
32.9
|
|
|
$
|
(32.9
|
)
|
|
(100
|
)%
|
Uranium revenue
|
2.6
|
|
|
—
|
|
|
2.6
|
|
|
—
|
%
|
|||
Total
|
2.6
|
|
|
32.9
|
|
|
(30.3
|
)
|
|
(92
|
)%
|
|||
Cost of sales
|
7.7
|
|
|
42.9
|
|
|
35.2
|
|
|
82
|
%
|
|||
Gross loss
|
$
|
(5.1
|
)
|
|
$
|
(10.0
|
)
|
|
$
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Contract services segment
|
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
$
|
8.0
|
|
|
$
|
6.5
|
|
|
$
|
1.5
|
|
|
23
|
%
|
Cost of sales
|
7.2
|
|
|
7.2
|
|
|
—
|
|
|
—
|
%
|
|||
Gross profit (loss)
|
$
|
0.8
|
|
|
$
|
(0.7
|
)
|
|
$
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
$
|
10.6
|
|
|
$
|
39.4
|
|
|
$
|
(28.8
|
)
|
|
(73
|
)%
|
Cost of sales
|
14.9
|
|
|
50.1
|
|
|
35.2
|
|
|
70
|
%
|
|||
Gross loss
|
$
|
(4.3
|
)
|
|
$
|
(10.7
|
)
|
|
$
|
6.4
|
|
|
|
|
Six Months Ended
June 30, |
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
LEU segment
|
|
|
|
|
|
|
|
|||||||
Revenue:
|
|
|
|
|
|
|
|
|||||||
SWU revenue
|
$
|
12.4
|
|
|
$
|
50.6
|
|
|
$
|
(38.2
|
)
|
|
(75
|
)%
|
Uranium revenue
|
25.3
|
|
|
3.6
|
|
|
21.7
|
|
|
603
|
%
|
|||
Total
|
37.7
|
|
|
54.2
|
|
|
(16.5
|
)
|
|
(30
|
)%
|
|||
Cost of sales
|
46.0
|
|
|
77.7
|
|
|
31.7
|
|
|
41
|
%
|
|||
Gross loss
|
$
|
(8.3
|
)
|
|
$
|
(23.5
|
)
|
|
$
|
15.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Contract services segment
|
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
$
|
11.6
|
|
|
$
|
20.9
|
|
|
$
|
(9.3
|
)
|
|
(44
|
)%
|
Cost of sales
|
13.1
|
|
|
13.4
|
|
|
0.3
|
|
|
2
|
%
|
|||
Gross profit
|
$
|
(1.5
|
)
|
|
$
|
7.5
|
|
|
$
|
(9.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
$
|
49.3
|
|
|
$
|
75.1
|
|
|
$
|
(25.8
|
)
|
|
(34
|
)%
|
Cost of sales
|
59.1
|
|
|
91.1
|
|
|
32.0
|
|
|
35
|
%
|
|||
Gross loss
|
$
|
(9.8
|
)
|
|
$
|
(16.0
|
)
|
|
$
|
6.2
|
|
|
|
|
Three Months Ended
June 30, |
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
Gross loss
|
$
|
(4.3
|
)
|
|
(10.7
|
)
|
|
$
|
6.4
|
|
|
60
|
%
|
|
Advanced technology costs
|
5.1
|
|
|
5.4
|
|
|
0.3
|
|
|
6
|
%
|
|||
Selling, general and administrative
|
7.7
|
|
|
9.7
|
|
|
2.0
|
|
|
21
|
%
|
|||
Amortization of intangible assets
|
1.2
|
|
|
1.5
|
|
|
0.3
|
|
|
20
|
%
|
|||
Special charges (credits) for workforce reductions and advisory costs
|
(2.9
|
)
|
|
0.3
|
|
|
3.2
|
|
|
1,067
|
%
|
|||
Gain on sales of assets
|
(0.1
|
)
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(50
|
)%
|
|||
Operating loss
|
(15.3
|
)
|
|
(27.4
|
)
|
|
12.1
|
|
|
44
|
%
|
|||
Nonoperating components of net periodic benefit expense (income)
|
—
|
|
|
(1.7
|
)
|
|
(1.7
|
)
|
|
(100
|
)%
|
|||
Interest expense
|
1.0
|
|
|
1.0
|
|
|
—
|
|
|
—
|
%
|
|||
Investment income
|
(0.7
|
)
|
|
(0.6
|
)
|
|
0.1
|
|
|
17
|
%
|
|||
Loss before income taxes
|
(15.6
|
)
|
|
(26.1
|
)
|
|
10.5
|
|
|
40
|
%
|
|||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|||
Net loss
|
(15.6
|
)
|
|
(26.1
|
)
|
|
10.5
|
|
|
40
|
%
|
|||
Preferred stock dividends - undeclared and cumulative
|
2.0
|
|
|
2.0
|
|
|
—
|
|
|
—
|
%
|
|||
Net loss allocable to common stockholders
|
$
|
(17.6
|
)
|
|
$
|
(28.1
|
)
|
|
$
|
10.5
|
|
|
37
|
%
|
|
Six Months Ended
June 30, |
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
Gross loss
|
$
|
(9.8
|
)
|
|
(16.0
|
)
|
|
$
|
6.2
|
|
|
39
|
%
|
|
Advanced technology costs
|
11.7
|
|
|
13.4
|
|
|
1.7
|
|
|
13
|
%
|
|||
Selling, general and administrative
|
15.8
|
|
|
20.9
|
|
|
5.1
|
|
|
24
|
%
|
|||
Amortization of intangible assets
|
2.3
|
|
|
2.8
|
|
|
0.5
|
|
|
18
|
%
|
|||
Special charges (credits) for workforce reductions and advisory costs
|
(3.0
|
)
|
|
0.9
|
|
|
3.9
|
|
|
433
|
%
|
|||
Gain on sales of assets
|
(0.5
|
)
|
|
(0.3
|
)
|
|
0.2
|
|
|
67
|
%
|
|||
Operating loss
|
(36.1
|
)
|
|
(53.7
|
)
|
|
17.6
|
|
|
33
|
%
|
|||
Nonoperating components of net periodic benefit expense (income)
|
(0.1
|
)
|
|
(3.3
|
)
|
|
(3.2
|
)
|
|
(97
|
)%
|
|||
Interest expense
|
2.0
|
|
|
2.0
|
|
|
—
|
|
|
—
|
%
|
|||
Investment income
|
(1.4
|
)
|
|
(1.2
|
)
|
|
0.2
|
|
|
17
|
%
|
|||
Loss before income taxes
|
(36.6
|
)
|
|
(51.2
|
)
|
|
14.6
|
|
|
29
|
%
|
|||
Income tax benefit
|
(0.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
%
|
|||
Net loss
|
(36.5
|
)
|
|
(51.1
|
)
|
|
14.6
|
|
|
29
|
%
|
|||
Preferred stock dividends - undeclared and cumulative
|
4.0
|
|
|
4.0
|
|
|
—
|
|
|
—
|
%
|
|||
Net loss allocable to common stockholders
|
$
|
(40.5
|
)
|
|
$
|
(55.1
|
)
|
|
$
|
14.6
|
|
|
26
|
%
|
|
Six Months Ended
June 30, |
||||||
|
2019
|
|
2018
|
||||
Cash used in operating activities
|
$
|
(45.1
|
)
|
|
$
|
(65.7
|
)
|
Cash provided by investing activities
|
0.5
|
|
|
0.2
|
|
||
Cash used in financing activities
|
(3.1
|
)
|
|
(3.0
|
)
|
||
Decrease in cash, cash equivalents and restricted cash
|
$
|
(47.7
|
)
|
|
$
|
(68.5
|
)
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Cash and cash equivalents
|
$
|
88.3
|
|
|
$
|
123.1
|
|
Accounts receivable
|
30.2
|
|
|
60.2
|
|
||
Inventories, net
|
82.7
|
|
|
26.7
|
|
||
Deposits for financial assurance
|
18.0
|
|
|
30.3
|
|
||
Current debt
|
(33.6
|
)
|
|
(32.8
|
)
|
||
Other current assets and liabilities, net
|
(173.9
|
)
|
|
(161.7
|
)
|
||
Working capital
|
$
|
11.7
|
|
|
$
|
45.8
|
|
Exhibit No.
|
Description
|
|
|
4.1
|
|
|
|
10.1
|
|
|
|
10.2
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
101
|
Unaudited condensed consolidated financial statements from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, filed in interactive data file (XBRL) format.
|
(a)
|
Filed herewith.
|
|
Centrus Energy Corp.
|
|
|
August 12, 2019
|
/s/ Marian K. Davis
|
|
Marian K. Davis
|
|
Senior Vice-President, Chief Financial Officer and Treasurer
|
|
(Duly Authorized Officer and Principal Financial Officer)
|
1 Year Centrus Energy Chart |
1 Month Centrus Energy Chart |
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