BETHESDA, Md., Aug. 11, 2021 /PRNewswire/ -- Centrus Energy
Corp. (NYSE American: LEU) today reported net income of
$11.6 million for the quarter ended
June 30, 2021, compared to net income
of $33.7 million for the second
quarter of 2020. The prior period included a one-time payment of
$32.4 million collected from a
customer as part of the customer's bankruptcy proceeding. The net
income allocable to common stockholders in the second quarter of
2021 was $10.9 million, or
$0.81 (basic) and $0.79 (diluted) per common share.
"The second quarter was another profitable and productive one
for Centrus," said Daniel B.
Poneman, Centrus president and chief executive officer. "The
Nuclear Regulatory Commission approved our license amendment
application to produce High-Assay, Low-Enriched Uranium at our
Piketon, Ohio, facility – making
Centrus the only company in the United
States licensed to enrich HALEU. We continue to make good
progress on the HALEU demonstration program despite the impacts of
COVID on our supply chain, and look forward to beginning production
next year."
Financial Results
Centrus generated total revenue of $62.4
million for the second quarter of 2021, a decrease of
$13.3 million, or 18 percent, from
the prior year period.
Revenue from the LEU segment decreased $18.2 million in the three months and
$10.8 million in the six months ended
June 30, 2021, compared to the
corresponding periods in 2020. SWU revenue in 2020 included a
one-time payment of $32.4 million
collected from a customer as part of the customer's bankruptcy
proceeding. Excluding this one-time payment in 2020, revenue from
the sales of SWU increased $19.0
million in the three months and $26.4
million in the six months ended June
30, 2021. The volume of SWU sold increased 106 percent for
the six-month period ended June 30,
2021, and the average SWU price decreased 29 percent,
largely due to the variability in timing of utility customer orders
and the particular contracts under which SWU were sold during the
periods. There were no uranium sales in the six months ended
June 30, 2021, compared to
$4.8 million in the corresponding
period in 2020.
Cost of sales for the LEU segment increased $8.1 million in the three months and $20.2 million in the six months ended
June 30, 2021, compared to the
corresponding periods in 2020, largely reflecting increases in SWU
sales volume partially offset by decreases in the average SWU unit
cost.
Revenue from the technical solutions segment increased
$4.9 million in the three months and
$8.1 million in the six months ended
June 30, 2021, compared to the
corresponding periods in 2020, due to increased work performed
under the HALEU and X-energy contracts.
Cost of sales for the technical solutions segment increased
$5.3 million in the three months and
$11.7 million in the six months ended
June 30, 2021, compared to the
corresponding periods in 2020, largely reflecting the increase in
contract work performed. Cost of sales benefited by $4.6 million in the current six-month period and
$5.3 million in the prior six-month
period for previously accrued contract losses attributable to work
performed under the HALEU contract.
Centrus realized a gross profit of $17.1
million in the three months and $28.8
million in the six months ended June
30, 2021, compared to a gross profit of $43.8 million and $63.4
million in the corresponding periods in 2020. Gross profit
in the three and six months ended June 30,
2020, included a one-time payment of $32.4 million collected from a customer as part
of the customer's bankruptcy proceeding. Excluding these proceeds
from the 2020 periods, gross profit increased $5.7 million in the three-month period and
decreased $2.2 million in the
six-month period.
Selling, general and administrative expenses decreased
$2.6 million in the three months
ended June 30, 2021, and decreased
$2.9 million in the six months ended
June 30, 2021, compared to the
corresponding periods in 2020. Consulting costs decreased
$2.6 million for the quarter and
$3.6 million for the six months.
Compensation expense increased $0.2
million for the quarter, and other SG&A expenses
increased by a net $0.2 million.
Centrus ended the second quarter of 2021 with a consolidated cash
balance of $176.0 million.
About Centrus Energy Corp.
Centrus Energy is a trusted supplier of nuclear fuel and
services for the nuclear power industry. Centrus provides value to
its utility customers through the reliability and diversity of its
supply sources – helping them meet the growing need for clean,
affordable, carbon-free electricity. Since 1998, the Company has
provided its utility customers with more than 1,750 reactor years
of fuel, which is equivalent to 7 billion tons of coal. With
world-class technical and engineering capabilities, Centrus is also
advancing the next generation of centrifuge technologies so that
America can restore its domestic uranium enrichment capability in
the future. Find out more at www.centrusenergy.com.
Forward-Looking Statements
This news release contains "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934.
In this context, forward-looking statements mean statements related
to future events, may address our expected future business and
financial performance, and often contain words such as "expects",
"anticipates", "intends", "plans", "believes", "will", "should",
"could", "would" or "may" and other words of similar meaning.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. For Centrus Energy Corp.,
particular risks and uncertainties that could cause our actual
future results to differ materially from those expressed in our
forward-looking statements include but are not limited to the
following which are, and will be, exacerbated by the novel
coronavirus ("COVID-19") pandemic and any worsening of the global
business and economic environment as a result: risks related to
natural and other disasters, including the continued impact of the
March 2011 earthquake and tsunami in
Japan on the nuclear industry and
on our business, results of operations and prospects; risks related
to financial difficulties experienced by customers, including
possible bankruptcies, insolvencies or any other inability to pay
for our products or services or delays in making timely payment;
risks related to pandemics and other health crises, such as the
global COVID-19 pandemic and emerging variants; the impact and
potential extended duration of the current supply/demand imbalance
in the market for low-enriched uranium ("LEU"); risks related to
our ability to sell the LEU we procure pursuant to our purchase
obligations under our supply agreements; risks related to the
imposition of sanctions, restrictions or other requirements,
including those imposed under the 1992 Russian Suspension Agreement
("RSA"), as amended, international trade legislation and other
international trade restrictions; risks related to existing or new
trade barriers and contract terms that limit our ability to deliver
LEU to customers; pricing trends and demand in the uranium and
enrichment markets and their impact on our profitability; movement
and timing of customer orders; our dependence on others for
deliveries of LEU including deliveries from the Russian
government-owned entity TENEX, Joint-Stock Company ("TENEX"), under
a commercial supply agreement with TENEX and deliveries under a
long-term commercial supply agreement with Orano Cycle ("Orano");
risks associated with our reliance on third-party suppliers to
provide essential products and services to us; the fact that we
face significant competition from major producers who may be less
cost sensitive or are wholly or partially government owned; our
ability to compete in foreign markets may be limited for various
reasons; our revenue is largely dependent on our largest customers;
risks related to our sales order book, including uncertainty
concerning customer actions under current contracts and in future
contracting due to market conditions and our lack of current
production capability; risks related to whether or when government
funding or demand for high-assay low-enriched uranium ("HALEU") for
government or commercial uses will materialize; risks and
uncertainties regarding funding for continuation and deployment of
the American Centrifuge technology; risk related to our ability to
perform and absorb costs under our agreement with the U.S.
Department of Energy ("DOE") to demonstrate the capability to
produce HALEU or obtain funding to be able to continue operations
and our ability to obtain and/or perform under other agreements;
uncertainty regarding our ability to commercially deploy
competitive enrichment technology; the potential for further
demobilization or termination of our American Centrifuge work;
risks that we will not be able to timely complete the work that we
are obligated to perform; risks related to our ability to perform
fixed-price and cost-share contracts such as our agreement with DOE
to demonstrate the capability to produce HALEU, including the risk
that costs could be higher than expected; risks related to our
significant long-term liabilities, including material unfunded
defined benefit pension plan obligations and postretirement health
and life benefit obligations; risks relating to our 8.25% notes
(the "8.25% Notes") maturing in February
2027 and our Series B Senior Preferred Stock; the risks of
revenue and operating results fluctuating significantly from
quarter to quarter, and in some cases, year to year; the impact of
financial market conditions on our business, liquidity, prospects,
pension assets and insurance facilities; risks related to the
Company's capital concentration; risks related to the value of our
intangible assets related to the sales order book and customer
relationships; risks related to the limited trading markets in our
securities; risks related to decisions made by our Class B
stockholders and our Series B Senior Preferred stockholders
regarding their investment in the Company based upon factors that
are unrelated to the Company's performance; risk that a small
number of Class A stockholders, whose interests may not be aligned
with other Class A stockholders, may exert significant influence
over the direction of the Company; risks related to the use of our
net operating loss ("NOLs") carryforwards and net unrealized
built-in losses ("NUBILs") to offset future taxable income and the
use of the Rights Agreement (as defined herein) to prevent an
"ownership change" as defined in Section 382 of the Internal
Revenue Code of 1986, as amended (the "Code") and our ability to
generate taxable income to utilize all or a portion of the NOLs and
NUBILs prior to the expiration thereof; failures or security
breaches of our information technology systems; our ability to
attract and retain key personnel; the potential for DOE to seek to
terminate or exercise its remedies under its agreements with the
Company; risks related to actions, including government reviews,
that may be taken by the United
States government, the Russian government or other
governments that could affect our ability to perform under our
contract obligations or the ability of our sources of supply to
perform under their contract obligations to us; risks related to
our ability to perform and receive timely payment under agreements
with DOE or other government agencies, including risks and
uncertainties related to the ongoing funding by the government and
potential audits; any changes or termination of agreements with the
U.S. government; the competitive environment for our products and
services; changes in the nuclear energy industry; the competitive
bidding process associated with obtaining contracts, including
government contracts; risks that we will be unable to obtain new
business opportunities or achieve market acceptance of our products
and services or that products or services provided by others will
render our products or services obsolete or noncompetitive;
potential strategic transactions that could be difficult to
implement, disrupt our business or change our business profile
significantly; the outcome of legal proceedings and other
contingencies (including lawsuits and government investigations or
audits); the impact of government regulation and policies including
by the DOE and the U.S. Nuclear Regulatory Commission; risks of
accidents during the transportation, handling or processing of
hazardous or radioactive material that may pose a health risk to
humans or animals, cause property or environmental damage, or
result in precautionary evacuations; risks associated with claims
and litigation arising from past activities at sites that we no
longer operate, including the Paducah,
Kentucky, and Portsmouth,
Ohio, gaseous diffusion plants; and other risks and
uncertainties discussed in this and our other filings with the
Securities and Exchange Commission, including under Part I, Item1A
- "Risk Factors" in our Annual Report on Form 10-K for the year
ended December 31, 2020 and under
Part II, Item 1A – "Risk Factors" of this Quarterly Report on Form
10-Q.
These factors may not constitute all factors that could cause
actual results to differ from those discussed in any
forward-looking statement. Accordingly, forward-looking statements
should not be relied upon as a predictor of actual results. Readers
are urged to carefully review and consider the various disclosures
made in this report and in our other filings with the Securities
and Exchange Commission that attempt to advise interested parties
of the risks and factors that may affect our business. We do not
undertake to update our forward-looking statements to reflect
events or circumstances that may arise after the date of the
Quarterly Report on Form 10-Q, except as required by law.
Contacts:
Investors: Dan Leistikow (301)
564-3399 or LeistikowD@centrusenergy.com
Media: Lindsey Geisler (301)
564-3392 or GeislerLR@centrusenergy.com
CENTRUS ENERGY CORP.
ADJUSTED NET INCOME PER
SHARE RECONCILIATION TABLE
The Company measures Net Income per Share both on a GAAP basis
and adjusted to exclude deemed dividends allocable to retired
preferred stock shares ("Adjusted Net Income per Share"). We
believe Adjusted Net Income per Share, a non-GAAP financial
measure, provides investors with additional understanding of the
Company's financial performance and period-to-period
comparability.
On February 2, 2021, the Company
completed the exchange of 3,873 shares of its outstanding
Preferred Stock, for (i) 231,276 shares of its Class A Common
Stock, and (ii) the Warrant to purchase 250,000 shares of Class A
Common Stock at an exercise price of $21.62 per share, for an aggregate valuation of
approximately $7.5 million. The
carrying value on the Balance Sheet was $1.00 per share par value. The aggregate
liquidation preference, including accrued but unpaid dividends, was
$1,291.04 per share as of
December 31, 2020.
The aggregate valuation of approximately $7.5 million, less accrued but unpaid dividends
attributable to the acquired and retired Series B preferred shares,
is considered for purposes of Net Income per Share to be a deemed
dividend to the extent it exceeds the carrying value on the Balance
Sheet, or $6.6 million.
Below we present Net Income Per Share and Adjusted Net Income
per Share. The non-GAAP financial measure is used in addition to
and in conjunction with results presented in accordance with our
GAAP results. The non-GAAP financial measure should be viewed in
addition to, and not as a substitute for, or superior to, the
financial measure calculated in accordance with GAAP. The non-GAAP
financial measure used by the Company may be calculated differently
from, and therefore may not be comparable to, non-GAAP financial
measures used by other companies.
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Numerator (in
millions):
|
|
|
|
|
|
|
|
Net income
|
$
|
11.6
|
|
|
$
|
33.7
|
|
|
$
|
16.7
|
|
|
$
|
45.0
|
|
Less: Preferred stock
dividends - undeclared and cumulative
|
0.7
|
|
|
2.0
|
|
|
1.4
|
|
|
4.0
|
|
Less: Distributed
earnings allocable to retired preferred shares
|
—
|
|
|
—
|
|
|
6.6
|
|
|
—
|
|
Net income allocable
to common stockholders
|
$
|
10.9
|
|
|
$
|
31.7
|
|
|
$
|
8.7
|
|
|
41.0
|
|
|
|
|
|
|
|
|
Adjusted net income,
including distributed earnings allocable to retired preferred
shares (Non-GAAP)
|
$
|
10.9
|
|
|
$
|
31.7
|
|
|
$
|
15.3
|
|
|
$
|
41.0
|
|
|
|
|
|
|
|
|
|
Denominator (in
thousands):
|
|
|
|
|
|
|
|
Average common shares
outstanding - basic
|
13,443
|
|
|
9,675
|
|
|
13,132
|
|
|
9,647
|
|
Average common shares
outstanding - diluted
|
13,743
|
|
|
9,927
|
|
|
13,452
|
|
|
9,882
|
|
|
|
|
|
|
|
|
|
Net income per share
(in dollars):
|
|
|
|
|
|
|
|
Basic
|
$
|
0.81
|
|
|
$
|
3.28
|
|
|
$
|
0.66
|
|
|
$
|
4.25
|
|
Diluted
|
$
|
0.79
|
|
|
$
|
3.19
|
|
|
$
|
0.65
|
|
|
$
|
4.15
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income
per Share (Non-GAAP) (in dollars):
|
|
|
|
|
|
|
|
Basic
|
$
|
0.81
|
|
|
$
|
3.28
|
|
|
$
|
1.17
|
|
|
$
|
4.25
|
|
Diluted
|
$
|
0.79
|
|
|
$
|
3.19
|
|
|
$
|
1.14
|
|
|
$
|
4.15
|
|
CENTRUS ENERGY
CORP. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE
INCOME (Unaudited; in millions, except
share and per share data)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenue:
|
|
|
|
|
|
|
|
Separative work
units
|
$
|
45.2
|
|
|
$
|
58.6
|
|
|
$
|
83.3
|
|
|
$
|
89.3
|
|
Uranium
|
—
|
|
|
4.8
|
|
|
—
|
|
|
4.8
|
|
Technical
solutions
|
17.2
|
|
|
12.3
|
|
|
34.7
|
|
|
26.6
|
|
Total
revenue
|
62.4
|
|
|
75.7
|
|
|
118.0
|
|
|
120.7
|
|
Cost of
Sales:
|
|
|
|
|
|
|
|
Separative work units
and uranium
|
27.0
|
|
|
18.9
|
|
|
52.4
|
|
|
32.2
|
|
Technical
solutions
|
18.3
|
|
|
13.0
|
|
|
36.8
|
|
|
25.1
|
|
Total cost of
sales
|
45.3
|
|
|
31.9
|
|
|
89.2
|
|
|
57.3
|
|
Gross
profit
|
17.1
|
|
|
43.8
|
|
|
28.8
|
|
|
63.4
|
|
Advanced technology
costs
|
0.2
|
|
|
0.7
|
|
|
0.7
|
|
|
1.6
|
|
Selling, general and
administrative
|
7.8
|
|
|
10.4
|
|
|
16.0
|
|
|
18.9
|
|
Amortization of
intangible assets
|
1.6
|
|
|
1.7
|
|
|
3.7
|
|
|
3.1
|
|
Other (income)
expense, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1)
|
|
Operating
income
|
7.5
|
|
|
31.0
|
|
|
8.4
|
|
|
39.9
|
|
Nonoperating
components of net periodic benefit expense (income)
|
(4.3)
|
|
|
(2.2)
|
|
|
(8.6)
|
|
|
(4.4)
|
|
Interest
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
Investment
income
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.4)
|
|
Income before income
taxes
|
11.8
|
|
|
33.2
|
|
|
17.0
|
|
|
44.6
|
|
Income tax expense
(benefit)
|
0.2
|
|
|
(0.5)
|
|
|
0.3
|
|
|
(0.4)
|
|
Net income and
comprehensive income
|
11.6
|
|
|
33.7
|
|
|
16.7
|
|
|
45.0
|
|
Preferred stock
dividends - undeclared and cumulative
|
0.7
|
|
|
2.0
|
|
|
1.4
|
|
|
4.0
|
|
Distributed earnings
allocable to retired preferred shares
|
—
|
|
|
—
|
|
|
6.6
|
|
|
—
|
|
Net income allocable
to common stockholders
|
$
|
10.9
|
|
|
$
|
31.7
|
|
|
$
|
8.7
|
|
|
$
|
41.0
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.81
|
|
|
$
|
3.28
|
|
|
$
|
0.66
|
|
|
$
|
4.25
|
|
Diluted
|
$
|
0.79
|
|
|
$
|
3.19
|
|
|
$
|
0.65
|
|
|
$
|
4.15
|
|
Average number of
common shares outstanding (in thousands):
|
|
|
|
|
|
|
|
Basic
|
13,443
|
|
|
9,675
|
|
|
13,132
|
|
|
9,647
|
|
Diluted
|
13,743
|
|
|
9,927
|
|
|
13,452
|
|
|
9,882
|
|
CENTRUS ENERGY
CORP. CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited; in millions, except share and per
share data)
|
|
|
June
30,
2021
|
|
December 31,
2020
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
176.0
|
|
|
$
|
152.0
|
|
Accounts
receivable
|
19.0
|
|
|
29.6
|
|
Inventories
|
86.5
|
|
|
64.8
|
|
Deferred costs
associated with deferred revenue
|
137.2
|
|
|
151.9
|
|
Other current
assets
|
7.2
|
|
|
7.8
|
|
Total current
assets
|
425.9
|
|
|
406.1
|
|
Property, plant and
equipment, net of accumulated depreciation of $2.9 as of June 30,
2021 and $2.7 as of December 31, 2020
|
5.1
|
|
|
4.9
|
|
Deposits for
financial assurance
|
5.7
|
|
|
5.7
|
|
Intangible assets,
net
|
59.1
|
|
|
62.8
|
|
Other long-term
assets
|
4.8
|
|
|
6.8
|
|
Total
assets
|
$
|
500.6
|
|
|
$
|
486.3
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' DEFICIT
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued liabilities
|
$
|
38.7
|
|
|
$
|
50.6
|
|
Payables under SWU
purchase agreements
|
29.0
|
|
|
21.3
|
|
Inventories owed to
customers and suppliers
|
0.3
|
|
|
4.9
|
|
Deferred revenue and
advances from customers
|
276.0
|
|
|
283.2
|
|
Current
debt
|
6.1
|
|
|
6.1
|
|
Total current
liabilities
|
350.1
|
|
|
366.1
|
|
Long-term
debt
|
104.9
|
|
|
108.0
|
|
Postretirement health
and life benefit obligations
|
126.2
|
|
|
130.8
|
|
Pension benefit
liabilities
|
114.4
|
|
|
124.4
|
|
Advances from
customers
|
45.1
|
|
|
45.2
|
|
Other long-term
liabilities
|
31.3
|
|
|
32.4
|
|
Total
liabilities
|
772.0
|
|
|
806.9
|
|
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, 37,847 and 41,720 shares issued
and outstanding as of June 30, 2021 and December 31, 2020,
respectively; aggregate liquidation preference of $50.3 as of June
30, 2021 and $53.9 as of December 31, 2020
|
0.1
|
|
|
0.1
|
|
Class A Common Stock,
par value $0.10 per share, 70,000,000 shares authorized, 13,250,103
and 11,390,189 shares issued and outstanding as of June 30, 2021
and December 31, 2020, respectively
|
1.3
|
|
|
1.1
|
|
Class B Common Stock,
par value $0.10 per share, 30,000,000 shares authorized, 719,200
shares issued and outstanding as of June 30, 2021 and December 31,
2020
|
0.1
|
|
|
0.1
|
|
Excess of capital over
par value
|
125.1
|
|
|
85.0
|
|
Accumulated
deficit
|
(398.6)
|
|
|
(407.7)
|
|
Accumulated other
comprehensive income, net of tax
|
0.6
|
|
|
0.8
|
|
Total stockholders'
deficit
|
(271.4)
|
|
|
(320.6)
|
|
Total liabilities and
stockholders' deficit
|
$
|
500.6
|
|
|
$
|
486.3
|
|
CENTRUS ENERGY
CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited; in
millions)
|
|
|
Six Months Ended
June 30,
|
|
2021
|
|
2020
|
OPERATING
|
|
|
|
Net income
|
$
|
16.7
|
|
|
$
|
45.0
|
|
Adjustments to
reconcile net income to cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
4.0
|
|
|
3.4
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
10.6
|
|
|
(10.1)
|
|
Inventories,
net
|
(11.1)
|
|
|
0.2
|
|
Accounts payable and
other liabilities
|
1.6
|
|
|
(1.8)
|
|
Payables under SWU
purchase agreements
|
7.8
|
|
|
(5.1)
|
|
Deferred revenue and
advances from customers, net of deferred costs
|
(7.8)
|
|
|
(19.3)
|
|
Accrued loss on
long-term contract
|
(4.7)
|
|
|
(5.3)
|
|
Pension and
postretirement benefit liabilities
|
(14.8)
|
|
|
(16.6)
|
|
Other, net
|
0.6
|
|
|
1.2
|
|
Cash provided by (used
in) operating activities
|
2.9
|
|
|
(8.4)
|
|
|
|
|
|
INVESTING
|
|
|
|
Capital
expenditures
|
(0.7)
|
|
|
(0.1)
|
|
Cash (used in)
investing activities
|
(0.7)
|
|
|
(0.1)
|
|
|
|
|
|
FINANCING
|
|
|
|
Proceeds from the
sale of common stock, net
|
27.2
|
|
|
—
|
|
Exercise of stock
options
|
0.4
|
|
|
0.2
|
|
Payment of equity
issuance costs
|
(0.3)
|
|
|
—
|
|
Withholding of shares
to fund grantee tax obligations under stock-based compensation
plan
|
(2.4)
|
|
|
—
|
|
Payment of interest
classified as debt
|
(3.1)
|
|
|
(3.1)
|
|
Cash provided by
(used) in financing activities
|
21.8
|
|
|
(2.9)
|
|
|
|
|
|
Increase (decrease)
in cash, cash equivalents and restricted cash
|
24.0
|
|
|
(11.4)
|
|
Cash, cash
equivalents and restricted cash, beginning of period
|
157.9
|
|
|
136.6
|
|
Cash, cash
equivalents and restricted cash, end of period
|
$
|
181.9
|
|
|
$
|
125.2
|
|
|
|
|
|
Non-cash
activities:
|
|
|
|
Common stock and
warrant issued in exchange for preferred stock
|
$
|
7.5
|
|
|
$
|
—
|
|
Reclassification of
stock-based compensation liability to equity
|
$
|
7.5
|
|
|
$
|
—
|
|
Property, plant and
equipment included in accounts payable and accrued
liabilities
|
$
|
0.1
|
|
|
$
|
—
|
|
Disposal of right to
use lease assets for lease modification.
|
$
|
1.0
|
|
|
$
|
—
|
|
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SOURCE Centrus Energy Corp.