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ENERGYSOLUTIONS INC (ES) filed Quarterly Report for the period ended 2011-09-30.
Energysolutions has a market cap of $352.4 million; its shares were traded at around $3.97 with a P/E ratio of 24.8 and P/S ratio of 0.2.
This is the annual revenues and earnings per share of ES over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ES.
Highlight of Business Operations:
We have withdrawn from the NDT fund approximately $94.0 million and $30.2 million for the nine month period ended September 30, 2011 and the year ended December 31, 2010, respectively, to pay for operating D&D project expenses, estimated trust income taxes and trust management fees. During 2011, we recorded unrealized losses resulting from adjustments to the fair value of the NDT fund investments of $18.2 million and $6.6 million for the three and nine month periods ended September 30, 2011, respectively, and unrealized gains of $28.9 million for both the three and nine month periods ended September 30, 2010. Realized gains and losses related to sales of investments, dividends and interest payments received from investments held by the NDT fund were $18.4 million and $41.2 million for the three and nine month periods ended September 30, 2011, respectively, and $10.7 million for both the three and nine month periods ended September 30, 2010. Unrealized and realized gains and losses on the NDT fund investments are included in other income (expense), net, in the condensed consolidated statements of operations and comprehensive income (loss).We record noncontrolling interest income which reflects the portion of the earnings of operations which are applicable to other minority interest partners. Cash payments, representing the distributions of the investors’ share of cash generated by operations, are recorded as a reduction in noncontrolling interests. Noncontrolling interest income for the three and nine month periods ended September 30, 2011 was $1.0 million and $2.0 million, respectively. Noncontrolling interest income for the three and nine month periods ended September 30, 2010 was $0.7 million and $1.2 million, respectively. Distributions to noncontrolling interest shareholders for the nine month periods ended September 30, 2011 and 2010 were $1.8 million and $0.3 million, respectively.
Revenue from our LP&D operations decreased $6.2 million to $64.7 million for the three month period ended September 30, 2011 compared to the three month period ended September 30, 2010, due primarily to decreased shipments of depleted uranium tubes, lower receipts of waste from DOE contracts and decreased rail transportation services rendered during the three month period ended September 30, 2011. Gross profit decreased $6.3 million and gross margin decreased to 37.6% for the three month period ended September 30, 2011 from 43.1% for the three month period ended September 30, 2010. The decrease in gross margin was due primarily to less absorption of fixed costs at our facilities on a lower revenue base, as well as to increased labor costs.
Revenue from our LP&D operations decreased $9.0 million to $181.4 million for the nine month period ended September 30, 2011 compared to the nine month period ended September 30, 2010, due primarily to decreased shipments of depleted uranium tubes, lower receipts of waste from DOE contracts and decreased rail transportation services rendered during the nine month period ended September 2011, partially offset by increased incineration activities at our Bear Creek facility. Gross profit decreased by $11.7 million and gross margin decreased to 29.7% for the nine month period ended September 30, 2011 from 34.4% for the nine month period ended September 30, 2010, primarily due to increases in labor and subcontractor costs.
During the nine month period ended September 30, 2011, our cash and cash equivalents decreased $18.8 million to $41.4 million. Net cash flows from operating activities increased $14.3 million during this same period, due primarily to the substantial increase in activity levels of business on major ongoing projects. Cash flows provided from operations included net income of $8.6 million, and significant non-cash expenses including depreciation, amortization and accretion expenses of $59.6 million, equity-based compensation expense of $8.2 million, amortization of debt financing fees of $3.6 million, and deferred income taxes of approximately $0.2 million. We also had realized and unrealized gains on our NDT fund of $34.6 million. Cash flows from operating activities were provided by $90.8 million disbursements from the NDT fund to pay for D&D project expenses and income taxes on NDT fund earnings, and a $95.7 million decrease of deferred costs related to costs incurred during the year in connection with the D&D of Zion Station. Cash flows from operating activities were reduced
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