Financial Performance - Total revenue for the three months ended June 30, 2020, was 75.7million,asignificantincreasefrom10.6 million in the same period of 2019, representing a growth of 613%[14] - Gross profit for the six months ended June 30, 2020, was 63.4million,comparedtoagrosslossof9.8 million for the same period in 2019, indicating a turnaround in profitability[14] - Net income for the three months ended June 30, 2020, was 33.7million,comparedtoanetlossof15.6 million in the same period of 2019, marking a positive shift in financial performance[14] - For the six months ended June 30, 2020, total revenue was 94.1million,upfrom37.7 million in the same period of 2019, indicating a growth of 149%[23] - The company reported a net income of 33.7millionforthethreemonthsendedJune30,2020,comparedtoanetlossof15.6 million for the same period in 2019[54] - Basic net income per common share for the three months ended June 30, 2020, was 3.28,whiledilutednetincomepercommonsharewas3.19[54] Assets and Liabilities - Total current assets increased to 386.1millionasofJune30,2020,comparedto369.6 million as of December 31, 2019, reflecting a growth of approximately 4.4%[12] - Total liabilities decreased to 760.6millionasofJune30,2020,downfrom792.8 million, a reduction of about 4.1%[12] - The accumulated deficit improved to (360.0)millionfrom(405.0) million, indicating a reduction in losses[12] - Long-term debt decreased to 111.0millionfrom114.1 million, a reduction of about 2.9%[12] - The company reported a total stockholders' deficit of (291.7)million,improvedfrom(336.9) million[12] - Cash and cash equivalents decreased to 119.3millionfrom130.7 million, a decline of about 8.5%[12] Revenue Sources - Revenue from separative work units (SWU) and uranium sales for the three months ended June 30, 2020, was 63.4million,comparedto2.6 million in the same period of 2019, representing a significant increase[23] - The LEU segment generated revenue of 63.4millioninthethreemonthsendedJune30,2020,comparedto2.6 million in the same period of 2019[73] - The technical solutions segment generated revenue of 12.3millioninthethreemonthsendedJune30,2020,comparedto8.0 million in the same period of 2019[73] - The Company collected approximately 32.4millionasarecoveryonclaimsrelatedtoalong−termcontractbreachwithFirstEnergy,includedinSWUrevenueforthesixmonthsendedJune30,2020[70]CashFlowandOperatingActivities−CashusedinoperatingactivitiesforthesixmonthsendedJune30,2020,was8.4 million, a reduction from 45.1millioninthesameperiodof2019,reflectingimprovedcashflowmanagement[15]−Thecompanyreportedadecreaseincash,cashequivalents,andrestrictedcashof11.4 million for the six months ended June 30, 2020, compared to a decrease of 47.7millioninthesameperiodof2019[15]CustomerAdvancesandReceivables−Accountsreceivableroseto31.2 million, up from 21.1million,representinganincreaseofapproximately47.944.4 million as of June 30, 2020, from 29.4millionasofDecember31,2019,reflectingagrowthof5131.2 million, an increase from 21.1millionasofDecember31,2019,reflectingagrowthof4831.9 million, up from 14.9millioninthesameperiodof2019,indicatingincreasedoperationalactivity[14]−UraniuminventoriesasofJune30,2020,amountedto73.8 million, compared to 56.7millionasofDecember31,2019,indicatinganincreaseof300.8 million in Q2 2020 due to the release of a valuation allowance on state net deferred tax assets[52] - The company maintains a full valuation allowance on its federal net deferred tax assets due to a three-year cumulative pretax loss position as of June 30, 2020[53] Supply Agreements - The company has commitments under the Russian Supply Agreement with TENEX, which includes minimum purchase obligations for SWU each year[55] - The Company entered into a long-term supply agreement with Orano for SWU contained in LEU, starting in 2020 and extending to 2028, with an option to extend for an additional two years[59]
Centrus Energy (LEU)2020-08-05 21:58