Centrus Energy Corp. (USU) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $7.60 million, or $ 0.72 a share in the quarter, against a net loss of $14.60 million, or $1.60 a share in the last year period. Revenue during the quarter plunged 92 percent to $7.20 million from $90 million in the previous year period. Gross margin for the quarter stood at negative 34.72 percent as compared to a positive 17.56 percent for the previous year period.
Operating loss for the quarter was $23.60 million, compared with an operating loss of $10.50 million in the previous year period.
"This has been an important quarter for the company. During the past three months, we substantially reduced our long-term debt through our notes exchange, resolved our outstanding issues with the PBGC, and continued to develop opportunities to support the future growth of the company," said Daniel B. Poneman, Centrus president and chief executive officer. "As anticipated, we had a slow quarter in our nuclear fuel segment because most of our contracted annual deliveries are expected during the fourth quarter of this year. We remain on track to achieve our revenue guidance for the year."
Operating cash flow remains negative
Centrus Energy Corp. has spent $82 million cash to meet operating activities during the quarter as against cash outgo of $54.90 million in the last year period. Cash flow from investing activities was unchanged at $0.60 million for the quarter, when compared with the last year period.
Cash flow from financing activities was almost stable for the quarter at $27.60 million, when compared with the previous year period.
Cash and cash equivalents stood at $151.70 million as on Mar. 31, 2017, down 15.58 percent or $28 million from $179.70 million on Mar. 31, 2016.
Working capital drops significantly
Centrus Energy Corp. has witnessed a decline in the working capital over the last year. It stood at $176.90 million as at Mar. 31, 2017, down 40.93 percent or $122.60 million from $299.50 million on Mar. 31, 2016. Current ratio was at 1.78 as on Mar. 31, 2017, down from 2.27 on Mar. 31, 2016.
Days sales outstanding went up to 202 days for the quarter compared with 42 days for the same period last year.
Days inventory outstanding has increased to 666 days for the quarter compared with 325 days for the previous year period.
Debt comes down significantly
Centrus Energy Corp. has recorded a decline in total debt over the last one year. It stood at $159.80 million as on Mar. 31, 2017, down 37.06 percent or $94.10 million from $253.90 million on Mar. 31, 2016. Usec has recorded a decline in long-term debt over the last one year. It stood at $159.80 million as on Mar. 31, 2017, down 37.06 percent or $94.10 million from $253.90 million on Mar. 31, 2016. Total debt was 29.18 percent of total assets as on Mar. 31, 2017, compared with 36.54 percent on Mar. 31, 2016.
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