Q4 2012 Earnings Call Transcript

Transcript Call Date 03/19/2013

Operator: Greetings and welcome to the USEC, Incorporated Fourth Quarter and 2012 Year-End Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the prepared remarks.

As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Steven Wingfield, Director of Investor Relations for USEC, Incorporated. Thank you, Mr. Wingfield. You may now begin.

Steven Wingfield - Director, IR: Good morning and thank you for joining us for USEC's conference call regarding the fourth quarter and year-end review of 2012. With me today are John Welch, President and Chief Executive Officer; John Barpoulis, Senior Vice President and Chief Financial Officer; Bob Van Namen, Senior Vice President; Phil Sewell, Senior Vice President; and Tracy Mey, Vice President and Chief Accounting Officer.

Before turning the call over to John Welch, I'd like to welcome all of our callers as well as those listening to our webcast. This conference call follows our earnings news release issued yesterday afternoon.

That news release is available on many financial websites and our corporate website, All of our news releases and SEC filings, including our annual report on Form 10-K, which was filed yesterday are also available on our website. A replay of this call will be available later today on the USEC website.

I'd like to remind everyone that certain of the information that we may discuss on this call today may be considered forward-looking information that involves risks and uncertainty, including assumptions about the future performance of USEC.

Our actual results may differ materially from those in our forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in our forward-looking statements is contained in our filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q.

Finally, the forward-looking information provided today is time sensitive and is accurate only as of today, March 19, 2013. This call is the property of USEC. Any redistribution, retransmission or rebroadcast of this call in any form without the expressed written consent of USEC is strictly prohibited. Thank you for your participation.

Now, I'd like to turn the call over to John Welch.

John K. Welch - President and CEO: Good morning and thank you for joining us today to discuss our fourth quarter and full year 2012 results. I'd like to begin by discussing the current status of USEC's business and the American Centrifuge as well as the important initiatives we have underway. I'll then hand the call over to John Barpoulis for a more complete report on our financial reports.

Let me start by addressing the write-off we have announced for the American Centrifuge costs that were capitalized through late 2011. First and foremost, this is a non-cash charge that does not reflect any problems for the plant equipment or the AC100 centrifuges or the manufacturing infrastructure we've developed for these precision machines. Equally important, no taxpayer funds are at risk and we have sufficient liquidity and cash to meet our current obligations.

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