Centrus Energy Corp. (LEU) saw its loss narrow to $41.30 million, or $4.54 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $55.10 million, or $6.05 a share.
Revenue during the quarter dropped 26.71 percent to $21.40 million from $29.20 million in the previous year period. Gross margin for the quarter stood at negative 9.81 percent as compared to a negative 83.56 percent for the previous year period.
Operating loss for the quarter was $36.70 million, compared with an operating loss of $50.40 million in the previous year period.
"With a large percentage of customer deliveries occurring in the fourth quarter, we expected a slow quarter in the fuel segment, but we are on track to meet our sales volume and revenue guidance for 2016," said Daniel B. Poneman, Centrus president and chief executive officer.
For financial year 2016, Usec projects revenue to be in the range of $275 million to $300 million.
Operating cash flow remains negative
Centrus Energy Corp. has spent $51.90 million cash to meet operating activities during the nine month period as against cash outgo of $45.10 million in the last year period.
The company has spent $1.50 million cash to meet investing activities during the nine month period as against cash inflow of $6.60 million in the last year period
Cash flow from financing activities was almost stable for the quarter at $9.80 million, when compared with the previous year period.
Cash and cash equivalents stood at $170.80 million as on Sep. 30, 2016, down 5.27 percent or $9.50 million from $180.30 million on Sep. 30, 2015.
Working capital declines
Centrus Energy Corp. has witnessed a decline in the working capital over the last year. It stood at $255.40 million as at Sep. 30, 2016, down 20.83 percent or $67.20 million from $322.60 million on Sep. 30, 2015. Current ratio was at 2.27 as on Sep. 30, 2016, down from 2.50 on Sep. 30, 2015.
Days sales outstanding were almost stable at 75 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 364 days for the quarter compared with 551 days for the previous year period.
Debt comes down
Centrus Energy Corp. has recorded a decline in total debt over the last one year. It stood at $234.10 million as on Sep. 30, 2016, down 5.45 percent or $13.50 million from $247.60 million on Sep. 30, 2015. Usec has recorded a decline in long-term debt over the last one year. It stood at $234.10 million as on Sep. 30, 2016, down 5.45 percent or $13.50 million from $247.60 million on Sep. 30, 2015. Total debt was 38.14 percent of total assets as on Sep. 30, 2016, compared with 28.77 percent on Sep. 30, 2015.
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