USEC Inc.
6903 Rockledge Dr.
Bethesda, Md. 20817
www.usec.com Year founded: 1998 Industry: Energy Revenue: $1.46 Billion Net Income/Loss: $10.70 Million Earnings per share: $0.13 Dividend: $0.55 Stockholder equity: $886.20 Million Auditor: PricewaterhouseCoopers LLP Stock: USU Assets: $2.05 Billion Market capitalization: $669.51 Million 52-week high: 9 12/29/2003 52-week low: 5.27 4/21/2003 President and CEO: William H. Timbers COO: Lisa E. Gordon-Hagerty Employees: 2674 Local employees: 116 Description: USEC makes and sells enriched uranium fuel to commercial nuclear power plants, extracting about half its processed uranium supply from Russian nuclear warheads under a U.S.-sponsored program to reduce weapons stockpiles. The other half comes from its production plant in Paducah, Ky. Developments: In April 2003, USEC reached a milestone, buying the equivalent of 7,000 Soviet warheads and using the converted nuclear fuel to power commercial plants that generate electricity for homes throughout the United States. The company estimates that one in 10 American homes, hospitals, businesses and schools receives electricity generated by this converted fuel. A couple of months later USEC reached another milestone, signing one of its largest contracts: a deal worth almost $700 million with Exelon Generation Co., a Chicago electric utility serving customers in Illinois and Pennsylvania. USEC will become the utility's primary supplier from 2005 to 2010. The year, however, was dominated by July's announcement that USEC had increased research spending on a new process for enriching uranium fuel for commercial nuclear power plants. It hopes to put the new centrifuge-enrichment technology into operation by decade's end. (As part of that project, USEC said this January that it plans to construct a centrifuge plant to enrich uranium in Piketon, Ohio. The facility, called the American Centrifuge Plant, is expected to cost up to $1.5 billion.) In personnel news, Ellen Wolf was named chief financial officer in December, replacing Henry Z Shelton, who retired at 60. Wolf was formerly chief financial officer of American Water Works. Also in December, Lisa Gordon-Hagerty, a former staffer on the National Security Council, took over as chief operating officer from Dennis R. Spurgeon, who retired at 60. Executive Compensation
COO: Dennis R. Spurgeon
Total Cash: $780,437.00
Total Compensation: $7,084,779.00 CFO: Henry Z. Shelton, Jr.
Total Cash: $683,537.00
Total Compensation: $4,342,229.00
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