Centrus reverses 2013 loss with net income of $298 million in 2014

In a year of transition for the company, Centrus Energy Corp. turned its business around, recording net income of nearly $298 million for fiscal year 2014 after suffering a loss of approximately $159 million in 2013.
The company, which ended the year with cash on hand of approximately $219 million, did suffer a net loss of $42.3 million in the fourth quarter, although the loss was smaller than the one recorded in the fourth quarter of 2013. The loss was primarily due to reduced expenses associated with getting the Centrus Paducah Gaseous Diffusion Plant ready to return to the U.S. Department of Energy.
The year “2014 will be remembered as a year of transition for our company,” said John R. Castellano, interim president and CEO. “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."
Daniel Poneman will assume the role of permanent president and CEO, a move cited by Castellano as key to the company’s evolution. Centrus came out of Chapter 11 bankruptcy in September 2014 and adopted fresh start accounting. This made the company an entirely new firm for financial reporting purposes.

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