USEC Weltmarktführer bei Areicherung von leichtem Uran (U235) - 500 Beiträge pro Seite

[schachfrucht]

Hiermit eröffne ich einen Thread über den Weltmarktführer für die Produktion von U235 - es ist das Ausgangsprodukt für den Betrieb von Atomkraftwerken.

USU (NYSE) und UEA (München, Frankfurt, Berlin) sind die Aktienkürzel.

Das Unternehmen ging im Sommer 1998 an die Börse und hat eine wechselvolle Geschichte hinter sich:
Wurden zum Börsenstart noch 14,50 USD je Stück gezahlt, fiel der Kurs Anfang 2000 bis auf knapp 4 USD. Seitdem konnte er unter großen Schwankungen bis zum ATH von USD 18,69 im April 2005 klettern, anschließend ist der Kurs bis auf USD 10,83 zurückgekommen.
Warum diese hohe und extreme Schwankungsbreite?
USEC arbeitet mit der amerikanischen Regierung an einer neuen Technologie der Urnanreicherung (ACP= American Centrifuge Project) - genauer gesprochen beteiligt sich die US-Regierung seit Jahren mit Milliardenbeträgen daran -, welches enorme Summen verschlingt. So fielen die Quartals- und Jahresberichte dementsprechend aus, je nachdem wieviel für dieses Projekt im betreffenden Zeitraum in Relation zu den Gewinnen vor ACP ausgegeben wurde. Nachdem man in den letzten beiden Quartalen aufgrunddessen in die roten Zahlen gerutscht war und auch noch Baron`s ins Horn stieß, erging es dem Kurs dementsprechend. USEC zahlt regelmäßig Dividende und zwar pro Quartal (!); in den letzten beiden Quartalen waren dies jeweils 17 Cents pro Aktie.

Vor wenigen Tagen wurde ein Restrukturierungsprogramm mit enormen Kosteneinsparungen auf den Weg gebracht und die Managementspitze umbesetzt. Hier ergaben sich am 15.9. und 16.9. wieder einmal interessante Tradingchancen.

Der Knackpunkt bei diesem Unternehmen ist: Schafft man die Technik des ACP flächendeckend technolgisch umzusetzen (es befindet sich noch in der Test- und Demonstrationsphase), sind demit erhebliche Effizienzsteigerungen und Kosteneinsparungen verbunden, die den Kurs von USEC katapultieren dürften - ein neuer, teils umfinanzierter 400 Mio. Kredit wurde erst vor kurzem auf den Weg gebracht. Auch aufgrund diesbzgl. Unsicherheiten und der Terminverzögerungen im Zusammenhang mit dem ACP ist es immer wieder zu Kurseinbrüchen in der Vergangenheit gekommen. Und Baron`s konnte nicht umhin, bei jeder "schlechten" Unternehmensmeldung darauf hinzuweisen, daß es sich beim ACP um eine Luftnummer handeln würde. Das sehen jedoch die US-Regierung und USEC anders, die exorbitante Summen in dieses Projekt gesteckt haben...
Desweiteren muß man wissen, daß USEC den Vertrag mit den Russen bzgl. der friedlichen Nutzung deren nicht mehr benötigten Atomsprengköpfe an Land gezogen hat. Und: Die Abnahme- und Lieferverträge in dieser Branche beruhen auf langfristigen Vereinbarungen (am 23.6.2005 verlängerte EXELON seinen Abnahmevertrag in Höhe von 400 Mio. USD bis 2012...) mit Fixsummen.
Auf den Punkt gebracht:
Wenn ACP greift, werden die Gewinnmargen bei USEC stark in die Höhe schießen und USEC wird eine völlige Neuberwertung erfahren. Das Risiko besteht darin, daß es zu nennenswerten weiteren Terminverzögerungen kommen könnte.

Wie schaut es nun bzgl. der Zukunft der Atomenergie aus? China und Indien planen 55 weitere AKWs in den nächsten 20 Jahren, Finnland beginnt derzeit mit dem Bau eines AKW und kaum ein Land wird aufgrund der hohen Ölpreise und der Versorgungsengpässe demnächst Kraftwerke stilllegen. Der Uranpreis kennt nur eine Richtung und hat ein ATH bei 30,75 USD/pd. erklommen.

Wie kann man überhaupt in diese Branche investieren?
1. Uranexploratoren: Hier wäre Cameco als der größte zu nennen...
2. USEC
3. an der Börse notierte Kraftwerkbetreiber: Hier wäre nur Exelon als markant zu nennen.
Man sieht, es gibt nicht allzu viele Möglichkeiten.

Bei den Analysten scheiden sich die Geister: So hat Tobin Smith (Changewave investing) USEC in seinem Musterdepot und stuft diese Aktie unter 12 USD als strong buy ein, wohingegen beispielweise Jon D. Markman (Realmoney.com) USEC kritisch sieht.

Zum Traden ist USEC bestens geeignet, sowohl auf der long-, als auch auf der short-Seite. Und wenns denn mit dem ACP definitiv bestätigt werden wird, wird USEC wie eine Cruise Missile abgehen...

[farang03]

Also der Chart sieht ja nicht gerade nach Kauf aus...was war denn Ende Juli los? In München ein Gap zum Atom U-Boot verstecken...

[schachfrucht]

Richtig, der Chart schaut nícht einladend zum KAUF aus.

Aber man kann ja auch shorten... Ende Juli wurde das 2. Quartal mit Verlust gemeldet und Barron`s hat in die Kerbe gehauen... Am Tag nach dem 2. Quartalsergebnis konnte man am Anfang des Handelstages in den USA (!) doch glatt noch bei 15,80 USD short gehen, der Absturz folgte 1 Stunde später...
Derzeit gehe ich von einem nochmailgen Test bei ca. 10,40 USD aus...
Schaut man sich an, was nach den 5 Black crows im September (letztere mit gap down) im September passiert ist, wird es spannend bleiben...

[jerobeam]

Ich bin LONG in USEC inc.
Die Dividende ist gut und stabil, man kann also abwarten.
Es gibt nur 4 Unternehmen auf der Welt die Zentrifugen betreiben, und 2 davon sind komplett in Staatsbesitz (Russland und Deutschland). Areva ist Börsennotiert und auch ein gutes Investment, ist aber größtenteils in Staatshand.
USEC hat schlechtere und ältere Technologie als Areva, aber dafür greift das DOE Usec kräftig unter die Arme und hilft beim Bau der neuen Zentrifugen. Schliesslich muss man weg vom Öl, und Uran ist erstmal die beste Alternative. Und es lässt sich nun mal nur 235U in Kraftwerken benutzen, dazu braucht man Zentrifugen (für die Anreicherung)
Ich bin mir ziemlich sicher da einen (mindestens) Verdoppler zu haben.

[Kostolany4]

Uran gehört nicht ins Öl-und Gasforum, sondern ins Forum "Gold, Silber, Minen, Explorer" !

[jerobeam]

wohl war, aber USEC hat mit "Gold, Silber, Minen, Explorer" rein gar nichts zu tun. Eigentlich sollte es ein "Energie" Forum geben. Eigentlich ist der USEC thread hier besser aufgehoben als bei Gold&Silber.

[Statistix]

Meiner Meinung nach wird die Karawane über NG diesen Winter schließlich zu Uran und Kohle wandern. Müßte man nur noch die aussichtsreichsten finden. Das Ding hier ist mir lediglich persönlich zu groß.

[jerobeam]

tja, leider gibt`s nix anderes (Ausser Areva)
Das einzige was sonst geht sind kleinere Ingeniergesellschaften die spezialisiert sind auf den Aufbau und Instandhaltung von Kernkraftanlagen - ich habe da einige im Blick baue gerade Bestände auf ...

[schachfrucht]

Der Chart liefert derzeit keine ausreichenden Long-/Shortsignale. Die Stochastik zeigt eine bullische Divergenz, also watch out...


Eine neuere Meldung:

Megatons to Megawatts Eliminates Equivalent of 10,000 Nuclear Warheads
Wednesday September 21, 12:28 pm ET
President Bush Cites Program as Model of U.S-Russian Cooperation
America`s Utilities Operating Nuclear Power Plants Make the Program Successful


BETHESDA, Md.--(BUSINESS WIRE)--Sept. 21, 2005--The Megatons to Megawatts program has completed the elimination of weapons-grade uranium equal to 10,000 nuclear warheads, USEC Inc. (NYSE:USU - News) announced today. Highly enriched uranium (HEU) from former Soviet nuclear warheads once aimed at the United States has been converted, diluted and recycled into low-enriched uranium (LEU) fuel purchased by USEC.




USEC markets the fuel to its utility customers for use in their commercial nuclear power plants. Once the material becomes LEU, it is no longer weapons-capable. This achievement marks the halfway point in this 20-year program.

USEC`s utility customers have used Megatons to Megawatts fuel in more than 90 power reactors in 31 states. The fuel generates about 10 percent of America`s electricity each year. To date, the total fuel purchased from Russia could generate enough electricity to power the United States for one year.

At a White House press conference last week following his meeting with Russian President Vladimir Putin, President Bush said, "This year we reached a milestone in nonproliferation cooperation by completing the conversion of 10,000 Russian nuclear warheads into peaceful fuel for U.S. power reactors. And I appreciate very much that sense of cooperation. That`s good for the world to see."

James R. Mellor, USEC chairman, president and CEO, said, "Nuclear power plants help to hold the line on global climate change by being emission-free, and those plants that use Megatons to Megawatts fuel also play a vital role in achieving nuclear threat reduction. The benefits of nuclear power go beyond reliability and the environment. Together with our customers, USEC and our Russian partner OAO Techsnabexport (TENEX) are helping to make the world safer."

Nuclear Energy Institute President and CEO Skip Bowman said, "This milestone in the Megatons to Megawatts program demonstrates another link between the country`s energy security, national security and nuclear non-proliferation. We have taken material from weapons once intended to do us harm and turned it into a safe, clean and affordable source of electricity that is powering our country."

Since 1995, 250 metric tons of HEU taken from dismantled nuclear weapons from the former Soviet Union has been recycled into LEU fuel, thus eliminating the equivalent of 10,000 nuclear warheads. USEC and TENEX will recycle a total of 500 metric tons of warhead HEU by the program`s end in 2013, the equivalent of 20,000 nuclear warheads. Facilities in Russia convert the warhead material to LEU. USEC then takes delivery of the fuel for shipment to the United States and sale to its customers.

At the direction of both the U.S. government and the Russian Federation, the program has been commercially operated by USEC and TENEX, serving as executive agents for the two governments. Commercial implementation ensures that the program is financially self-sustaining--no taxpayer funds are required to operate the Megatons to Megawatts program.

USEC purchases of Megatons to Megawatts fuel are valued at nearly $500 million annually and total nearly $4 billion to date. Based on current market prices, by the end of the program, USEC estimates it will have paid Russia nearly $8 billion for the enrichment component of fuel purchases. Russia uses the funds for reliability and safety improvements of its nuclear industry, environmental protection and strengthening of the non-proliferation regime.

USEC Inc., a global energy company, is the world`s leading supplier of enriched uranium fuel for commercial nuclear power plants.

[schachfrucht]

Press Release Source: NAC International

NAC Awarded Three-Year Extension of NMMSS Contract
Friday September 30, 1:02 pm ET

NORCROSS, Ga.--(BUSINESS WIRE)--Sept. 30, 2005--The U.S. Department of Energy has awarded NAC International a three-year, $25 million contract extension to manage the Nuclear Materials Management and Safeguards System (NMMSS). The extension is effective October 1, 2005, and runs through September 30, 2008.
NMMSS is the U.S. government`s official database for tracking nuclear material inventories and shipments by government and commercial nuclear facilities in the United States. NAC has managed NMMSS since 1995.
Peter Walier, NAC president and CEO, said, "We are pleased to continue managing this important program in support of U.S. nuclear nonproliferation missions."

Since 1968, NAC has been a leader in providing solutions and services to the nuclear industry throughout the world, working with both government and commercial organizations. NAC specializes in nuclear fuel transport, spent fuel management technology, and fuel cycle consulting. NAC maintains its corporate headquarters in Norcross, Georgia, and has offices in Moscow; London; Tokyo; Croton-on-Hudson, New York; and Aiken, South Carolina. NAC is a subsidiary of USEC Inc. (NYSE:USU - News).

[jerobeam]

USEC Statement on Atomic Safety and Licensing Board Ruling
Friday October 7, 3:37 pm ET

BETHESDA, Md.--(BUSINESS WIRE)--Oct. 7, 2005--In another positive step toward licensing of the American Centrifuge Plant, the U.S. Nuclear Regulatory Commission`s Atomic Safety and Licensing Board (ASLB) today denied the petitions of the only two interveners seeking to participate in the hearing process for the plant`s license application. The ASLB reviewed and found inadmissible each of the more than 25 individual contentions submitted by the petitioners concerning USEC Inc.`s application to build and operate the uranium enrichment plant in Piketon, Ohio. The interveners may appeal the decision to the Commission within 10 days.

USEC Inc. (NYSE:USU - News), a global energy company, is the world`s leading supplier of enriched uranium fuel for commercial nuclear power plants.

[schachfrucht]

Am 3.11. kommen die Zahlen zum 3. Quartal.

USEC Inc. Board of Directors Declares Quarterly Dividend
Wednesday October 19, 3:40 pm ET

BETHESDA, Md.--(BUSINESS WIRE)--Oct. 19, 2005--The Board of Directors of USEC Inc. (NYSE:USU - News) today declared a quarterly dividend of 13.75 cents per share on USEC`s common stock. The dividend is payable December 15, 2005 to shareholders of record on November 25, 2005. This will be USEC`s 29th consecutive quarterly dividend payment since its initial public offering in 1998.

[schachfrucht]

USEC Reports Third Quarter 2005 Financial Results
Wednesday November 2, 5:08 pm ET


BETHESDA, Md.--(BUSINESS WIRE)--Nov. 2, 2005--USEC Inc. (NYSE:USU - News):
-- $5.2 million net loss for third quarter; pro forma net income
$7.2 million before American Centrifuge expenses

-- $7.3 million net loss for nine months; pro forma net income
$33.4 million before American Centrifuge expenses

-- Cash flow from operations improves $182.4 million year over
year

-- SG&A expenses decline 20% compared to same quarter in 2004

-- John K. Welch leads USEC as new chief executive officer

-- New $400 million bank credit facility provides financial
flexibility

USEC Inc. (NYSE:USU - News) today reported that its business fundamentals continued to improve. The impact of spending on the American Centrifuge resulted in GAAP-basis net losses of $5.2 million and $7.3 million for the third quarter and nine-month period of 2005, respectively. Pro forma net income before American Centrifuge expenses was $7.2 million for the third quarter and $33.4 million for the nine-month period ended September 30, 2005. Pro forma net income before American Centrifuge expenses in the same periods of 2004 was $7.9 million and $17.9 million for the quarter and nine-month period, respectively.

Several financial measures showed significant improvement in the first nine months as revenue increased by $240.9 million, gross profit improved by $22.7 million and cash flow from operations improved by $182.4 million dollars compared to the same period in 2004.

"The strength of our core business has been clearly evident in 2005," said John K. Welch, USEC president and chief executive officer. "Revenue from all business segments, gross profit and cash flow are all substantially higher year over year through the third quarter. Customer orders indicate strong revenue again this year in the fourth quarter and we expect a solid finish to 2005.

"In my first month as CEO, I have visited all of USEC`s facilities to learn more about our business. I`ve been impressed with the management team, the professionalism and enthusiasm of our employees, and the exciting potential of the American Centrifuge technology. I`m also in the process of reviewing the overall goals and schedules for the American Centrifuge. My experience with major projects and complex technical deployments gives me confidence that the American Centrifuge technology will perform as expected."

As planned, American Centrifuge expenses have increased year over year as more employees and contractors become involved in demonstrating the advanced uranium enrichment technology and preparing the American Centrifuge Plant. USEC is currently expensing most of its spending related to the American Centrifuge, and this accounting treatment directly reduces net income. To help investors evaluate the impact of these adjustments to current business results, USEC is reporting a non-GAAP financial measure: pro forma net income before American Centrifuge expenses. A table reconciling this measure to net income is included in this news release.

On a GAAP basis, USEC reported a net loss of $5.2 million or 6 cents per share for its third quarter ended September 30, 2005, compared to a loss of $2.3 million or 3 cents per share in the same quarter of 2004. In the nine-month period, the Company reported a net loss of $7.3 million or 8 cents per share compared to a loss of $4.7 million or 6 cents per share in the same period of 2004. USEC substantially completed a corporate headquarters restructuring during the third quarter that resulted in a charge of $4.5 million ($2.8 million after tax). USEC previously restated quarterly results for 2004; financial data in this news release reflects that restatement.

Revenue

Revenue for the third quarter was $421 million, an increase of $165.1 million or 65 percent over the same quarter last year. The improvement was due to higher SWU sales volumes offset by a slightly lower average price billed to customers. Uranium revenue nearly tripled compared to the same quarter last year when sales volume was low. Revenue in the nine-month period was $1,009.6 million, a 31 percent increase over the same period of 2004. The improvement in the nine-month period reflects a 30 percent increase in SWU sales volume, a 34 percent increase in uranium sales volume, and a 29 percent increase in revenue from U.S. government contracts, which includes NAC International activities.

Much of the natural uranium delivered during the third quarter was contracted several years ago at prices well below today`s market indicators while uranium generated more recently through underfeeding the enrichment process at the Paducah plant is being sold at today`s higher prices. Under the Company`s revenue recognition policy, USEC transfers title and collects cash from customers for uranium sales but does not recognize the revenue until the uranium leaves USEC property as low enriched uranium. At September 30, 2005, $133 million in revenue has been deferred until subsequent quarters with an expected gross profit of $64 million.

Cost of Sales, Gross Profit Margin and Expenses

The strong increase in SWU sales volume in the quarter and nine-month periods produced a corresponding increase in the cost of sales for SWU and uranium. Cost of sales for SWU is determined by a combination of production costs, purchase costs, and inventory level and its cost. The average unit cost of SWU sales during the nine-month period was 3 percent higher than in the same period of 2004, reflecting the impact of increasing production costs due to higher costs for electricity and depleted uranium disposal and higher purchase prices paid to Russia.

Gross profit rose to $126.4 million, an increase of $22.7 million during the nine-month period, primarily due to higher sales volume. The gross profit margin for the quarter was 8.7 percent compared to 14.6 percent in the same quarter of 2004, and was 12.5 percent in the nine-month period compared to 13.5 percent in the same period last year. The lower gross profit margin in the quarter reflects higher unit costs and lower average SWU and uranium prices billed to customers under contracts signed when market prices were significantly lower.

Selling, general and administrative (SG&A) expenses totaled $12.3 million in the quarter, a 20 percent reduction from the same quarter in 2004. For the nine-month period, SG&A expenses were $41.5 million, a 12 percent reduction year over year. USEC achieved these reductions in headquarters expenses despite $4.5 million in additional SG&A expense during the nine-month period related to the NAC subsidiary, which was acquired in November 2004. The impact on SG&A expense of a corporate headquarters restructuring completed in the third quarter will be seen in the fourth quarter and in 2006.

Cash Flow

At September 30, 2005, USEC had a cash balance of $147.3 million compared to $15 million one year earlier. Cash flow from operations was $182.4 million more than the comparable nine-month period of 2004. Because about one-third of the Company`s annual SWU deliveries will occur in the fourth quarter of 2005, USEC expects substantial cash flow from operating activities in the fourth quarter and the first quarter of 2006 from customer collections.

USEC expects to initially repay the $325 million 6.625% senior notes due January 20, 2006 with a combination of cash on hand and borrowings under the revolving credit facility. USEC also expects to file a shelf registration statement with the U.S. Securities and Exchange Commission in the first half of 2006 to enable the Company to sell various securities, including debt and equity.

American Centrifuge Update

As expected, demonstration costs for the American Centrifuge increased 80 percent to $65.6 million ($40.7 million after tax) in the first nine months of 2005, compared to $36.4 million ($22.6 million after tax) in the same period last year. The higher costs reflect an increased number of employees and specialized outside contractors working on demonstrating the technology and refurbishing the American Centrifuge Plant, as well as equipment purchases and centrifuge manufacturing activities. Spending that was capitalized in the nine-month period totaled $11.9 million. In addition, Advanced Technology costs include $1.5 million of research and development by NAC on MAGNASTOR(TM), its spent fuel storage product.

USEC is in the process of demonstrating its next-generation American Centrifuge uranium enrichment technology. Progress has been made in addressing performance and component material issues reported in August, and the Company remains on track to meet all milestones established in the DOE-USEC Agreement. The next milestone - satisfactory reliability and performance data obtained from the lead cascade - is in October 2006.

USEC is currently testing individual prototype machines in special test equipment located in Oak Ridge, Tennessee. Testing at this facility allows for modifications to be made to centrifuge components before a group of centrifuge machines are constructed and configured into the Lead Cascade of the American Centrifuge Demonstration Facility, which is expected to begin operating in the first half of 2006. USEC continues to confirm the performance metrics previously demonstrated by DOE and these metrics` relationship to schedule and cost. We believe the effort taken now will allow USEC to optimize the machines and cascade configuration for the commercial plant.

During the quarter, the process to license the American Centrifuge Plant continued as the U.S. Nuclear Regulatory Commission (NRC) held a public hearing on the draft environmental impact statement. The NRC is expected to release the final environmental impact statement in April 2006. In addition, the NRC`s Atomic Safety and Licensing Board denied the petitions of the only two interveners seeking to participate in the hearing process for the plant`s license application. The licensing board reviewed and found inadmissible each of the more than 25 individual contentions submitted by the petitioners concerning USEC`s application to build and operate the uranium enrichment plant. The interveners have appealed the decision.

Outlook

USEC reiterates its guidance of 2005 net income in the range of $18 to $23 million, or 21 to 27 cents per share. USEC anticipates that 2005 revenue will total approximately $1.5 billion and that the average gross margin for all business segments will be approximately 14 percent for the year. As noted earlier, USEC has recorded $133 million in deferred revenue on its balance sheet for uranium sales where the revenue has not yet been recognized. This deferred revenue has an expected gross profit of $64 million. Because this revenue cannot be recognized until the uranium leaves USEC property as low enriched uranium, which is determined by customer requirements, USEC cannot forecast with certainty when the recognition will occur. The net income guidance reflects the charge for staff reductions at USEC`s headquarters and an anticipated fourth quarter charge for field operation reductions, which are part of the companywide restructuring effort.

Cash flow from operations in 2005 is expected to be in a range from $135 to $140 million. This estimate is approximately $50 million below the previous guidance due to the timing of customer orders and the resulting movement of accounts receivable into the first quarter of 2006, and timing of federal tax payments. USEC anticipates ending 2005 with a cash balance in a range of $230 to $240 million, which could be reduced by early repurchases of bonds due in January 2006.

Other Business Matters

In August, USEC entered into a five-year, $400 million revolving credit facility that replaced an expiring three-year, $150 million credit facility. The credit facility provides financial flexibility and is available to finance working capital needs, refinance existing debt and fund capital programs, including the American Centrifuge Plant. Borrowings under the new facility are subject to limitations based on established percentages of eligible accounts receivable and inventory. USEC has not borrowed on its credit facilities in 2005 and does not expect to borrow for the remainder of this year.
Discussions regarding electric power arrangements continue between USEC and the Tennessee Valley Authority, as well as other energy providers. Capacity and prices under the Company`s 10-year contract with TVA are fixed through May 2006, and power arrangements beyond that time are being discussed. The Company purchased approximately $305 million in electricity in 2004.
As part of its workforce realignment, USEC has initiated a staff reduction of approximately 200 employees at its field operations in Paducah, Ky. and Piketon, Ohio. A severance benefits charge in a range of $2 to $3 million is expected in the fourth quarter. The reductions are expected to result in approximately $10 million in annual production costs savings beginning in 2006.
Use of Non-GAAP Financial Information

The earnings release contains a non-GAAP financial measure - pro forma net income before American Centrifuge expenses. Management believes that, because pro forma net income before American Centrifuge expenses excludes the significant charges related to the Company`s development of the American Centrifuge uranium enrichment technology, which is not the technology the Company now uses in its uranium enrichment operations, it is more reflective of the Company`s current core operating results and provides investors with additional useful information to measure the Company`s performance, particularly with respect to performance from period to period, and to measure management`s efforts on achieving its stated cost reduction and other objectives.

While the Company believes this non-GAAP financial measure is useful in evaluating the Company, the information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP.

Forward Looking Statements

This document contains "forward-looking statements" - that is, statements related to future events. In this context, forward-looking statements may address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "will" and other words of similar meaning. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For USEC, 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: market demand for our products and services, including the refueling cycles of our customers; changes in the nuclear energy industry; pricing trends in the uranium and enrichment markets; our dependence on deliveries under the Russian Contract and on a single production facility; the impact of the availability and cost of electric power on our production levels and costs; the implementation of agreements with the Department of Energy regarding uranium inventory remediation and the use of centrifuge technology and facilities; the success of the demonstration and deployment of the American Centrifuge technology and the costs to develop that technology; our ability to successfully execute our internal performance plans; final determinations of environmental and other liabilities; the outcome of litigation, arbitration and international trade actions; changes to existing restrictions on imports of foreign-produced low enriched uranium and uranium; our ability to issue debt and equity securities; performance under U.S. government contracts and audits of allowable costs billed under U.S. government contracts; the impact of government regulation; and other risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K/A. We do not undertake to update our forward-looking statements except as required by law.

Please refer to our SEC filings, which can be accessed through the Company`s website www.usec.com, for a more complete discussion of these factors.

USEC Inc., a global energy company, is the world`s leading supplier of enriched uranium fuel for commercial nuclear power plants.

USEC Inc.

RECONCILIATION OF NON-GAAP PRO FORMA NET INCOME BEFORE
AMERICAN CENTRIFUGE EXPENSES TO GAAP NET INCOME

Three Months Ended Nine Months Ended
Amounts in millions September 30 September 30
---------------------------------------
2005 2004 2005 2004
---------------------------------------
As As
restated restated

Pro forma net income before
American Centrifuge expenses $7.2 $7.9 $33.4 $17.9
--------- --------- --------- ---------

LESS: American Centrifuge
expenses (a) 20.0 16.4 65.6 36.4
ADD: Provision for income
taxes (based on an assumed
statutory rate of 38%) 7.6 6.2 24.9 13.8
---------------------------------------
SUBTOTAL: American
Centrifuge expenses, net
of taxes 12.4 10.2 40.7 22.6
--------- --------- --------- ---------

Net income (loss), GAAP basis $(5.2) $(2.3) $(7.3) $(4.7)
=======================================

Note (a): American Centrifuge expenses included in Advanced Technology
costs.



USEC Inc.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (LOSS) (Unaudited)
(millions, except per share data)

Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ ------------------------
2005 2004 2005 2004
------------ ----------- ----------- ------------
As restated As restated
Revenue:
Separative work
units $306.2 $194.6 $713.8 $543.1
Uranium 60.2 20.5 139.7 104.8
U.S. government
contracts and
other 54.6 40.8 156.1 120.8
------------ ----------- ----------- ------------
Total revenue 421.0 255.9 1,009.6 768.7
Cost of sales:
Separative work
units and
uranium 337.6 182.0 747.9 554.1
U.S. government
contracts and
other 46.9 36.5 135.3 110.9
------------ ----------- ----------- ------------
Total cost of
sales 384.5 218.5 883.2 665.0
------------ ----------- ----------- ------------
Gross profit 36.5 37.4 126.4 103.7
Special charge for
workforce
reductions 4.5 - 4.5 -
Advanced technology
costs 20.5 16.4 67.1 36.4
Selling, general and
administrative 12.3 15.3 41.5 47.2
------------ ----------- ----------- ------------
Operating income
(loss) (.8) 5.7 13.3 20.1
Interest expense 9.0 10.0 26.8 29.8
Interest (income) (2.3) (1.2) (7.4) (2.7)
------------ ----------- ----------- ------------
Income (loss) before
income taxes (7.5) (3.1) (6.1) (7.0)
Provision (credit)
for income taxes (2.3) (.8) 1.2 (2.3)
------------ ----------- ----------- ------------
Net income (loss) $(5.2) $(2.3) $(7.3) $(4.7)
============ =========== =========== ============
Net income (loss)
per share - basic
and diluted $(.06) $(.03) $(.08) $(.06)
Dividends per share $.1375 $.1375 $.4125 $.4125
Weighted average
number of shares
outstanding:
Basic 86.3 84.4 86.0 83.8
Diluted 86.3 84.4 86.0 83.8



USEC Inc.
CONSOLIDATED CONDENSED BALANCE SHEETS
(millions)

(Unaudited)
September 30, December 31,
2005 2004
-------------- --------------
As restated
ASSETS
Current Assets
Cash and cash equivalents $147.3 $174.8
Restricted short-term investments 13.8 -
Accounts receivable - trade 277.5 238.5
Inventories 1,102.2 1,009.4
Deferred income taxes 30.6 27.0
Other current assets 89.4 39.2
-------------- --------------
Total Current Assets 1,660.8 1,488.9
Property, Plant and Equipment, net 172.7 178.0
Other Long-Term Assets
Deferred income taxes 91.9 69.6
Deposit for depleted uranium 24.6 23.5
Prepaid pension benefit costs 86.5 82.9
Inventories 84.9 156.2
Goodwill and other intangibles 10.1 4.3
-------------- --------------
Total Other Long-Term Assets 298.0 336.5
-------------- --------------
Total Assets $2,131.5 $2,003.4
============== ==============

LIABILITIES AND STOCKHOLDERS` EQUITY
Current Liabilities
Current portion of long-term debt $325.0 -
Accounts payable and accrued
liabilities 206.3 $202.3
Payables under Russian Contract 135.4 89.7
Uranium owed to customers and suppliers 4.2 44.5
Deferred revenue and advances from
customers 154.6 28.8
-------------- --------------
Total Current Liabilities 825.5 365.3
Long-Term Debt 150.0 475.0
Other Long-Term Liabilities
Advances from customers 1.8 6.9
Depleted uranium disposition 43.5 26.1
Postretirement health and life benefit
obligations 151.1 145.2
Other liabilities 69.8 66.2
-------------- --------------
Total Other Long-Term Liabilities 266.2 244.4
Stockholders` Equity 889.8 918.7
-------------- --------------
Total Liabilities and Stockholders`
Equity $2,131.5 $2,003.4
============== ==============



USEC Inc.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
(millions)

Nine Months Ended
September 30,
-----------------------
2005 2004
----------- -----------
As restated
Cash Flows from Operating Activities
Net income (loss) $(7.3) $(4.7)
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating
activities:
Depreciation and amortization 25.9 23.6
Deferred income taxes (25.8) 4.6
Depleted uranium disposition 16.3 (2.3)
Changes in operating assets and
liabilities:
Short-term investments - decrease - 35.0
Accounts receivable - (increase)
decrease (39.0) 95.1
Inventories - net (increase) (63.2) (299.5)
Payables under Russian Contract -
increase 45.7 16.8
Payment of termination settlement
obligation under power purchase
agreement - (33.2)
Deferred revenue, net of deferred costs 56.0 7.0
Accounts payable and other liabilities
- increase 8.4 5.3
Other, net 3.2 (9.9)
----------- -----------
Net Cash Provided by (Used in) Operating
Activities 20.2 (162.2)
----------- -----------

Cash Flows Used in Investing Activities
Capital expenditures (20.6) (13.1)
----------- -----------
Net Cash (Used in) Investing Activities (20.6) (13.1)
----------- -----------

Cash Flows Used in Financing Activities
Dividends paid to stockholders (35.4) (34.6)
Common stock issued 8.3 10.8
----------- -----------
Net Cash (Used in) Financing Activities (27.1) (23.8)
----------- -----------
Net (Decrease) (27.5) (199.1)
Cash and Cash Equivalents at Beginning of
Period 174.8 214.1
----------- -----------
Cash and Cash Equivalents at End of Period $147.3 $15.0
=========== ===========
Supplemental Cash Flow Information:
Interest paid $31.8 $34.2
Income taxes paid 15.8 8.1

[jerobeam]

Super Zahlen - auf der Basis kann`s weitergehen.
Sehr billige Aktie mit guten Aussichten.

[schachfrucht]

USEC Inc. (ticker: USU, exchange: New York Stock Exchange (.N)) News Release - Nov. 9, 2005


--------------------------------------------------------------------------------
USEC, Oak Ridge National Lab Receive Award for American Centrifuge Technology Transfer

BETHESDA, Md.--(BUSINESS WIRE)--Nov. 9, 2005--The Southeast Region of the Federal Laboratory Consortium for Technology Transfer (FLC) has given a Partnership Award to USEC Inc. and Oak Ridge National Laboratory (ORNL) for their cooperative efforts to develop and demonstrate USEC`s American Centrifuge uranium enrichment technology.

The first-of-its-kind award was presented by the Southeast FLC in connection with its annual awards program to honor successful technology transfer projects at the region`s federal laboratories. The FLC is a congressionally mandated forum for technology transfer professionals at the nation`s more than 700 federal laboratories.

The Southeast FLC recognized USEC, ORNL and U.S. Department of Energy (DOE) employees who were instrumental in establishing the partnership to develop USEC`s next-generation technology to produce fuel for commercial nuclear power plants. Since 2000, USEC and ORNL have been working under a cooperative research and development agreement that has been funded entirely by USEC.

Philip G. Sewell, USEC senior vice president, American Centrifuge, said "This award is a testament to the excellent working relationship between USEC, Oak Ridge National Laboratory and DOE`s Oak Ridge Operations office. I thank the Southeast FLC for recognizing a strong team effort as we move toward our goal of building and operating a commercial American Centrifuge Plant."

The American Centrifuge is based on technology originally developed by DOE. The USEC-led team is making improvements to the technology through the use of state-of-the-art materials, control systems and manufacturing processes. USEC expects to begin operating the initial series of American Centrifuge machines, known as a Lead Cascade, in the first half of 2006 in Piketon, Ohio.

Sewell added, "The American Centrifuge program highlights the many benefits of technology transfer. This program has created hundreds of new jobs, strengthened the local economies in Tennessee and Ohio, and will ultimately help ensure America`s energy security by providing a reliable and competitive source of nuclear fuel for years to come."

[schachfrucht]

Energy
Going Nuclear
Tatiana Serafin, 11.16.05, 9:00 AM ET

Related Quotes
CCJ 55.11 + 0.03
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Money manager Robert Mitchell had turned radioactive in, of all places, a meeting of uranium suppliers and buyers. Attendees were leery of him. The moderator dismissively introduced him as a representative from those strange entities called "investment funds, hedge funds, whatever." His speech about nuclear investing, delivered with energetic verve, drew tepid applause. Afterward, Mitchell sighed and said, "They don`t want me here."
Reason: Industry regulars fear he will somehow take advantage of them, as nukes are finally coming back to life and uranium prices are soaring. Some of their leeriness is cultural--a fast-talking money guy horning in on an insular society. This Santa Fe, N.M., conclave, near the atomic haven of Los Alamos National Laboratory, has for years been a clubby group, suspicious of outsiders.
Following the 1979 near-meltdown of a reactor at Pennsylvania`s Three Mile Island, the nuclear power industry suddenly had all the appeal of Dr. Strangelove in his doomsday bunker. The 1986 explosion at the Soviet Union`s Chernobyl plant made the business even scarier. Before Three Mile Island, plans were under way for 50 more nuclear plants in the U.S.; in the wake of that accident, all those plans were scrapped. The nuke crowd learned to hunker down.
You`d think they would have been happy to see Mitchell in their midst, since his presence signals a shift in the nuclear industry`s fortunes. Amid surging oil prices and talk of fossil fuels running out, nukes have lost a lot of their taint. The industry`s stocks are hot, up between 44% and 153% over the past 12 months. Companies from miners to reactor makers are now showing double-digit sales increases. The price of concentrated uranium ore (called yellowcake) has doubled from a year ago, to $33 a pound.
And there`s more growth ahead, says the ever-enthusiastic Mitchell, who buys both uranium and stock in companies that use it. Worldwide, 30 new atomic plants are under construction in 11 countries; the global inventory of 441 plants has hardly budged for years. Of the 103 existing units in the U.S., 13 are getting upgraded. In addition, three consortia are seeking licenses for new plants. Antinuke activists have lost a lot of their old fire and clout (see: "The Silence Of The Nuke Protesters"). Mitchell and others expect to see $45 uranium in the next two years.
Mitchell has stocks in four veteran nuke companies and one upstart, Canada`s UEX, on his buy list, but he steers clear of two fledgling issues and one former government entity, USEC (nyse: USU - news - people ) (see table below). Yes, the runups on some industry stocks make them pricey: Canada`s Cameco (nyse: CCJ - news - people ), which does everything from mine uranium to run plants, trades at 68 times trailing earnings. But Mitchell contends the industry`s growth prospects are so good that the shares are fairly priced. That`s much like arguing in the late 1980s for buying newly public Microsoft (nasdaq: MSFT - news - people ) despite its high price-to-earnings ratio.
Yellowcake, which is chemically an oxide of uranium metal, went for $45 a pound in the 1970s (that`s $137 in today`s dollars), until Three Mile Island and Chernobyl sent the price skidding. After a small recovery, it got slammed anew by the collapse of the Soviet Union in the 1990s. Russia, eager for cash, flooded the world with its vast stores of yellowcake, and many producers in the West were forced out of business. The price hit a low of $7 in 2000.
For individual investors, the way to play the nuke sector is via stock in companies like Cameco. Forget owning uranium itself. There`s no yellowcake futures market. Mitchell`s Portland, Ore., hedge fund, Adit Capital (assets: $50 million), has to physically store the material, a dauntingly costly and worrisome undertaking. That means paying for lead-lined storage, security and insurance.
One reason the price of uranium should keep escalating is that producers are only starting to ramp up to meet the strong demand. Utilities globally need 180 million pounds of uranium annually, but at this point a mere 108 million pounds are coming out of the ground. The difference has been made up from utility stockpiles and Russian reserves. Nobody knows, however, how much the Russians have, and supply agreements with them expire in 2013.
The uncertainty surrounding uranium supply has many industry hands wondering if sharpies like Mitchell will screw them. Last December Mitchell bought 100,000 pounds of uranium for $19.50 a pound and has been sitting on it as it appreciates. Industry newsletter FreshFuel labels Mitchell`s endeavors "speculative" and portrays him as someone who doesn`t care what the industry thinks. "They think I`m an opportunist," says Mitchell.
In fairness, he has hardly cornered the uranium market. Adit controls 2 million pounds, and two other funds have 4.5 million between them.
Mitchell, 51, formed Adit only last year, after a long career in institutional sales. He noticed that nuke industry behemoth Cameco was locked into long-term uranium contracts of $15 per pound when the spot price was moving much higher. Cameco, France`s Areva and Britain`s Rio Tinto (nyse: RTP - news - people ) among them control 60% of the world`s uranium supply, so he wondered if they understood that the rising prices weren`t a blip.
What convinced him that this was a trend with legs was a visit to a tiny Texas mine called Vasquez, whose anticipated 400,000-pound yearly output was a pittance. Buyers from two huge utility companies, Duke Energy (nyse: DUK - news - people ) and Dominion Resources (nyse: D - news - people ), were on hand. Mitchell wondered: Why were these big utilities showing up at such a small mine if they weren`t fretting about supply?
A quick study, Mitchell got up to speed on nuclear arcana and scraped capital together from wealthy investors. Ironically, his choice of an investment target is as out of place in green-crazed Portland as he was at the Santa Fe conference. His office is not far from the old Trojan nuclear plant, closed in 1992.
Adit aims to put 70% of its assets into uranium, the rest into nuclear companies. These range from miners, such as UEX, to suppliers of turbines and other plant gear (Japan`s Mitsubishi Heavy Industries and Russia`s United Heavy Machinery), to all-purpose giants Cameco and Areva. The last two run the gamut from mining ore and building reactors to making fuel rods. Mitchell doesn`t favor Rio Tinto, since merely a minor part of its operations is in nukes.
Cameco leads Mitchell`s recommended list because it is the "Saudi Arabia of uranium." Cameco controls 20% of the world uranium supply, from mining to production, and is widely respected by industry insiders. Cameco also runs four Canadian nuclear reactors through its investment in Bruce Power. Earnings are off 44% for this year`s first three quarters, to $116 million, a lot of that stemming from higher exploration costs. Meanwhile, sales are up 15%, to $675 million. Cameco`s stock has risen 83% over the last year.
Mitchell is high on all-purpose Areva for similar reasons, despite its lofty (27) price-to-earnings ratio. For the year`s first half, Areva`s net income rose 3% to $363 million on $6.5 billion in revenue. Areva controls one of the most lucrative uranium deposits--in the Athabasca Basin in Saskatchewan, a Canadian province accounting for 30% of global uranium production. French public-sector entities, with a 95% stake in Areva, have put off fully privatizing the investment. Areva`s tiny float makes it all the more desirable.
Mitsubishi Heavy, which makes things like ships and air conditioners, has run in the red lately. Rising steel prices and a ruinous fire in a shipyard are blamed. Its nuclear unit is doing well, however, with new contracts for plants throughout Asia. It projects black ink for the fiscal year ending March 2006.
But Mitchell says shun the "juniors," as they`re known in the trade. These new mining firms, like Paladin Resources and Strathmore Minerals, have yet to show earnings or revenue. Mitchell also dislikes USEC, the lone U.S. uranium enricher, formerly government owned. He labels its gaseous diffusion technology "outmoded" (centrifuges are the way to go) and says USEC hasn`t financed its $1.7 billion American Centrifuge project, still under regulatory review.
Fifty years ago, at the dawn of nuclear power, Wall Street was in the grip of a uranium-mining fever, with stocks and even mutual funds cropping up to take investors` money. Those hot stocks turned out to have a half-life not much longer than iodine-131`s. Why will it be different this time? Mitchell says this is not an investment craze like in the 1950s, or in the 1990s with the Internet. He expects prices to stabilize over the long term as the world`s ample uranium supply comes on line.
"The world is not running out of uranium," he says. "It`s everywhere."
Stock Picks And Pans In The Nuke Sector
Company/Country Recent Price 52-Week High P/E Business
Picks
Areva/France $445.33 $576.62 27 All-purpose, from mining to reactor building
Cameco/Canada 48.12 56.24 68 All-purpose, from mining to running nukes
Mitsubishi Heavy/Japan 3.78 3.91 NM Steam turbines
UEX/Canada 3.20 4.25 NM Mining
United Heavy Machinery/Russia 5.05 5.70 7 Reactor parts Pans
Paladin Resources/Australia 1.49 2.00 NM Mining
Strathmore Minerals/Canada 1.23 2.42 NM Mining
USEC/U.S. 10.04 18.69 37 Enrichment

Prices as of Oct. 28. Figures in U.S. dollars. NM: Not meaningful. Source: Reuters Fundamentals via FactSet Research Systems.

[jerobeam]

Mitchell ist ein übler basher der natürlich seine physischen Uran-Investments hochhalten möchte.
Dennoch werden die SWU Preise stärker als die Uranpreise steigen und damit USEC der outperformer !

[schachfrucht]

Kapitalerhöung und Streichung der Dividende auf Jahre - das wird interessant...

USEC Inc. (ticker: USU, exchange: New York Stock Exchange (.N)) News Release - Feb. 8, 2006
--------------------------------------------------------------------------------
USEC Inc. Board of Directors Discontinues Dividend Payment; Redirects Dividend to Finance American Centrifuge

BETHESDA, Md.--(BUSINESS WIRE)--Feb. 8, 2006--The Board of Directors of USEC Inc. (NYSE:USU) has voted to cease paying a common stock dividend in order to redirect those funds to reduce the level of external financing required for construction of the American Centrifuge Plant.

During its regular quarterly review of the dividend declaration, the Board discussed the best use of cash for the benefit of shareholders given the anticipated capital requirements of building the American Centrifuge Plant in 2007 - 2011. The Board noted that the dividend requirement over the next five years would be nearly $250 million. USEC believes these funds will produce a better return for shareholders by investing them in the American Centrifuge and therefore reduce external financing. The Board said it anticipates that USEC will not pay a dividend until this essential project is complete.

"USEC expects to have good financial results in 2006, but the Board is taking a longer term view of our capital requirements. We know the cost of deploying the American Centrifuge technology will be significant," said Chairman James R. Mellor. "Every dollar of internally generated cash that we use to build our state-of-the-art uranium enrichment plant is one less dollar USEC needs to raise in the capital markets. We plan to access the equity markets this year."

"Our foremost goal is to create shareholder value and the American Centrifuge is the best vehicle to generate strong financial returns for many years to come," said John K. Welch, president and chief executive officer. "We are taking steps to ensure that the American Centrifuge is the most efficient and cost-effective uranium enrichment plant in the world for the benefit of our shareholders and our customers, while supporting U.S. energy security interests."

[baybay]

Wo steht da was von Kapitalerhöhung?

[schachfrucht]

"We plan to access the equity markets this year."
Wieder einmal ein dead sure short (man konnte gestern noch um 15:40 bei 12.80 USD short gehen!). Kleiner Rebound heute. Charttechnisch starke Unterstützung bei 12 USD.
Bleibt weiterhin interessant.