SALT LAKE CITY, UT--(Marketwire - Apr 20, 2011) - EnergySolutions, Inc. (NYSE: ES) announced today that, in connection with its previously scheduled conference call at 5:00 p.m. EDT today to discuss the license stewardship accounting methodology, it is making the following materials available for discussion:
Exhibit 1: EBITDA Bridge - 2010 Actual to 2011 Guidance
Exhibit 2: License Stewardship Model Financial Statements
Exhibit 3: Reconciliation of GAAP to Non-GAAP Measures
These tables are being provided to facilitate an understanding of both the Company's 2011 guidance as well as the license stewardship accounting methodology, and will be discussed on the call by Val Christensen, President and CEO, and William Benz, Chief Financial Officer.
Please note that during the call, management's remarks may contain forward-looking statements within the meaning of federal securities laws. These remarks may include statements concerning plans, objectives, goals, strategies and projections of future events or performance, many of which are based on certain assumptions. Forward-looking statements involve risks and uncertainties. Although EnergySolutions believes that its plans, intentions and expectations are reasonable, we may not achieve those plans, intentions or expectations. There are important risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made in this conference call. Such risks and uncertainties are discussed in the Company's Form 10-K for the fiscal year ended December 31, 2010 filed with the Securities and Exchange Commission. Any projections as to the Company's future financial performance represent management's estimates as of today, April 20, 2011. EnergySolutions assumes no obligations to update these projections in the future due to changing conditions or otherwise.
To participate in the event by telephone, please dial 1-800-901-5259 five to ten minutes prior to the start time (to allow time for registration) and reference the conference pass-code 82926752. International callers should dial 617-786-4514 and enter the same passcode.
A replay of the call will be available on Wednesday, April 20, 2011 at 8:00 p.m. EDT through Wednesday, April 27, 2011 at 11:59 pm EDT. To access the replay, dial (888) 286-8010 and enter pass-code 10840586. International callers should dial (617) 801-6888 and enter the same passcode.
The conference call will be broadcast live over the Internet and can be accessed by all interested parties through the company's web site at http://www.EnergySolutions.com/ by clicking on the "Investor Relations" tab at the top of the home page. To listen to the live call, please visit the web site at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. An audio replay of the event will be archived on EnergySolutions' web site for 90 days.
About EnergySolutions
EnergySolutions offers customers a full range of integrated services and solutions, including nuclear operations, characterization, decommissioning, decontamination, site closure, transportation, nuclear materials management, processing, recycling, and disposition of nuclear waste, and research and engineering services across the nuclear fuel cycle.
Exhibit 2
License Stewardship Model Financial Statements
(dollars in thousands)
Inception Year 1 Year 2
----------- ----------- -----------
Balance Sheet
Cash 5,000 35,000
Trust fund 541,000 531,000 370,000
Deferred costs 541,000 513,000 352,000
----------- ----------- -----------
Total assets 1,082,000 1,049,000 757,000
=========== =========== ===========
ARO liability (541,000) (530,000) (369,000)
Deferred revenue (541,000) (513,000) (352,000)
----------- ----------- -----------
Total liabilities (1,082,000) (1,043,000) (721,000)
Retained earnings - (6,000) (36,000)
----------- ----------- -----------
Total liabilities & equity (1,082,000) (1,049,000) (757,000)
=========== =========== ===========
Income Statement Total
-----------
Revenue 541,000 28,000 161,000
Cost of revenue
Cost of revenue 541,000 28,000 161,000
Accretion expense 59,000 19,000 19,000
ARO gain (100,000) (5,000) (30,000)
----------- ----------- -----------
Total cost of revenue 500,000 42,000 150,000
----------- ----------- -----------
Gross profit (loss) 41,000 (14,000) 11,000
----------- ----------- -----------
Operating income (loss) 41,000 (14,000) 11,000
Other income (expense)
Trust fund earnings 59,000 20,000 19,000
Interest expense - - -
----------- ----------- -----------
Pretax income 100,000 6,000 30,000
=========== =========== ===========
Year 3 Year 4 Year 5
----------- ----------- -----------
Balance Sheet
Cash 75,000 96,000 100,000
Trust fund 144,000 23,000 -
Deferred costs 136,000 22,000 -
----------- ----------- -----------
Total assets 355,000 141,000 100,000
=========== =========== ===========
ARO liability (143,000) (23,000) -
Deferred revenue (136,000) (22,000) -
----------- ----------- -----------
Total liabilities (279,000) (45,000) -
Retained earnings (76,000) (96,000) (100,000)
----------- ----------- -----------
Total liabilities & equity (355,000) (141,000) (100,000)
=========== =========== ===========
Income Statement
Revenue 216,000 114,000 22,000
Cost of revenue
Cost of revenue 216,000 114,000 22,000
Accretion expense 14,000 6,000 1,000
ARO gain (40,000) (21,000) (4,000)
----------- ----------- -----------
Total cost of revenue 190,000 99,000 19,000
----------- ----------- -----------
Gross profit (loss) 26,000 15,000 3,000
----------- ----------- -----------
Operating income (loss) 26,000 15,000 3,000
Other income (expense)
Trust fund earnings 14,000 5,000 1,000
Interest expense - - -
----------- ----------- -----------
Pretax income 40,000 20,000 4,000
=========== =========== ===========
Exhibit 3
ENERGYSOLUTIONS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (UNAUDITED)
(dollars in thousands)
For the For the
Quarter Quarter For the Year
Ended Ended Ended
September December 31, December 31,
30, 2010 2010 2010
------------ ------------ ------------
Reconciliation of net income
(loss) attributable to
EnergySolutions to EBITDA and
to Adjusted EBITDA:
Net income (loss) attributable
to EnergySolutions $ (5,662) $ 6,333 $ (22,001)
Interest expense 33,831 19,113 71,487
Interest rate swap loss (208) (545) (1,636)
Income tax expense 8,319 9,126 29,204
Depreciation expense 4,346 6,008 20,535
Impairment of goodwill - - 35,000
Amortization of intangible
assets 6,450 6,459 25,686
------------ ------------ ------------
EBITDA $ 47,076 $ 46,494 $ 158,275
============ ============ ============
Accretion expense 223 7,565 8,226
Nuclear decommissioning trust
fund earnings (1) (28,953) (4,960) (33,913)
Equity-based compensation 2,982 2,268 10,308
------------ ------------ ------------
Adjusted EBITDA $ 21,328 $ 51,367 $ 142,896
============ ============ ============
Reconciliation of gross profit to
adjusted gross profit
and to adjusted income from
operations:
Gross profit $ 55,753 $ 62,270 $ 198,534
Accretion expense 223 7,565 8,226
------------ ------------ ------------
Adjusted gross profit $ 55,976 $ 69,835 $ 206,760
============ ============ ============
Operating expenses (34,243) (32,521) (154,422)
------------ ------------ ------------
Adjusted Income from operations 21,733 37,314 52,338
Interest expense (33,831) (19,114) (71,487)
Other income 1,025 5,716 36,659
Accretion expense (223) (7,565) (8,226)
------------ ------------ ------------
Income (loss) before income
taxes and noncontrolling
interest $ (11,296) $ 16,351 $ 9,284
============ ============ ============
(1) The impact of the nuclear decommissioning trust fund has not
previously been included as part of Adjusted EBITDA
Contact Information: Investor Relations Contact John Rasmussen EnergySolutions, Inc. (801) 303-1681 Media Relations Contact Mark Walker EnergySolutions, Inc. (801) 649-2194
