Centrus Reports Net Income of $297.8 Million for 2014

Uranium enrichment company Centrus Energy Corporation reported a net income of $297.8 million for 2014, a big boost compared to the net loss of $42.3 million in 2013, according to financial results released yesterday. Revenue from low enriched uranium declined 65 percent last year after the end of operations at the Paducah Gaseous Diffusion Plant, while that was offset partially as the handover of the Paducah plant to the Department of Energy decreased non-production expenses. USEC also saw increased revenue from contract services under a subcontract with Oak Ridge National Laboratory for American Centrifuge work.

 

The results come after Centrus, formerly USEC, completed a Chapter 11 bankruptcy restructuring last year. “2014 will be remembered as a year of transition for our Company,” John Castellano, interim president and chief executive officer, said in a statement. “We successfully completed the research, development and demonstration program for the American Centrifuge technology under our cooperative agreement in April and transitioned to the ACTDO contract in May. We completed the balance sheet restructuring in September and returned the Paducah GDP to the government in October. The selection of Daniel Poneman as the new president and chief executive officer of Centrus is an important next step in our transition. We have a solid team in place to move Centrus forward.”