Greetings, and welcome to the USEC Inc. First Quarter 2013 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the prepared remarks. (Operator Instructions) 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 Inc. Thank you, Mr. Wingfield, you may begin.

Good morning, and thank you for joining us for USEC’s conference call regarding the first quarter of 2013. 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, usec.com. All of our news releases and SEC filings are also available on our website. We expect to file our quarterly report on Form 10-Q soon. 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 risk 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, May 7, 2013. This call is the property of USEC. Any redistribution, retransmission or rebroadcast of this call in any form without the express written consent of USEC is strictly prohibited. Thank you for your participation. And now, I’d like to turn the call over to John Welch.

Good morning and thank you for joining us today to discuss our first quarter results. Operationally, we had a good quarter as we executed our contract to re-enrich depleted uranium at the Paducah plant continued to solidly hit program milestones for the American Centrifuge demonstration, and concluded our sale of NAC International. Financially, we earned a gross profit of $13.3 million in our low enriched uranium segment. We reported a net loss of $2 million for the quarter compared to a net loss of $29 million in the first quarter of 2012. During this morning’s call, I will provide an update on the status of our effort to reach an agreement for a short-term extension of enrichment at Paducah. I will also give an update on our continued effort to commercialize the American Centrifuge technology. Then, John Barpoulis will provide a more complete report on our financial results. First, I’ll start with the status of depleted uranium tails re-enrichment contract at the Paducah Gaseous Diffusion Plant. Under our multi-party agreement, USEC is feeding depleted uranium into the Paducah plant rather than using natural uranium as the feedstock. This tails material is from DOE enrichment operations prior to 1993. The government considered this depleted uranium to be a liability to be disposed off sometime in the future. The final product is the same high-quality low-enriched uranium that Paducah has been delivering on time and inspect to customers for decades. This is an environmentally positive arrangement as we are taking a waste stream and producing valuable nuclear fuel. Much of this nuclear fuel will go into Tennessee Valley Authority reactors under a special program that provides DOE with tritium, a radioactive isotope essential to our nation’s national security defense programs. Thus this agreement also has national security benefits. We are in discussions…

Thanks, John, and good morning everyone. We reported revenue of $320 million for the first quarter, a decrease of $222 million compared to the same quarter of 2012. The average invoiced SWU price in the first quarter of 2013 was 5% higher compared to the year before, but SWU sales volume was about half of the volume delivered in the first quarter of 2012. Over the past year, we've talked about the transition of USEC's business. One area where the transition has already occurred is in contract services and with the sale of our subsidiary NAC; we expect to see revenue in the contract services segment decline further. The LEU segment accounted for 99% of our revenue in the first quarter of 2013 and that segment is dominated by SWU sales. Looking at the cost side of the ledger, our two largest cost components are electric power and the price we pay Russia to purchase SWU. Cost of sales for the first quarter was $307 million, a decrease of 39% compared to the year before. The decrease was due to lower SWU sales volume, partially offset by uranium sales and higher per unit SWU costs in 2013. The cost of power is about 70% of our cost of production. During the first quarter of 2013, the average cost per megawatt of electricity declined 3% compared to the prior year, reflecting lower costs under a revised contract with the Tennessee Valley Authority. SWU production declined 14% year-over-year and unit production cost declined 3%, reflecting the economics of the depleted uranium enrichment program that began in June 2012. In addition, due to the shorter expected service life of the Paducah plant, we have accelerated depreciation that increased cost of sales in the quarter. In the corresponding quarter of 2012, we had a…

Thank you. (Operator Instructions) Our first question is from the line of Evan Babazadeh with Bowery Investment Management. Please proceed with your question. Evan Babazadeh – Bowery Investment Management : Good morning everyone.

Good morning. Evan Babazadeh – Bowery Investment Management: Regarding the ACP, does the company have an updated estimate of the construction cost for the project?

Evan that's one of the things that we are actively working, there's an update to that. We have a series of activities to update that cost and clearly it's all in preparations for the update to a loan guarantee that would occur later this year. So that is one of the elements that we're working. We have no update to provide at this time. When we have one, as we head into that process, we'll provide it. Evan Babazadeh – Bowery Investment Management: Okay. For the time being, can we rely on the previous $4 billion estimate as a ballpark?

I mean, clearly that previous estimate was at a different point in time than we are today. I mean there are time differences that clearly put some pressure on that estimate and yet we're also building machines through the RD&D program and so that becomes a benefit to that estimate. But we're really in no position to provide an update at this point.

Okay. Thank you, Evan.

Thank you. Our next question comes from the line of Amer Tiwana with CRT Capital Group. Please proceed with your question. Amer Tiwana – CRT Capital Group : Hi. My question is in regards to your discussions on the balance sheet restructure, are those discussions still ongoing or have they ended up at this point in time?

Amer, it's John Barpoulis. As we stated in our prepared comments and in our earnings release, we continue to work with advisors and stakeholders on alternatives for restructuring elements in the balance sheet. But at this point, it would not be appropriate to speculate on what that is and where that may take us. Thank you. Amer Tiwana – CRT Capital Group : Just a follow-up question on the working capital issue, your press release states that you expect cash inflow for the rest of the year, I mean, is there – can you give us some sense of the magnitude of what that could be?

That is very much a function of the potential for an extension of Paducah operations as well as our related transition costs. So extended Paducah operations, if that occurs, may utilize working capital as part of that operation, on the other hand that may produce additional cash from operations. But on the whole, we do have a significant inventory position and that is something that as we work through our transition, we would expect to monetize. So, I think as part of one of John's quotes in their earnings release, we do expect to see cash generated by operations over the next several quarters.

Yeah, Amer, I would, just to summarize, we expect to have adequate liquidity to meet obligations for at least the next 12 months and that assumes a renewal replacement of the credit facility in September, but we're very confident that we have adequate cash over that period of time. Amer Tiwana – CRT Capital Group : Thank you very much.

Thank you.

Thank you. Mr. Welch, there are no further questions at this time; I would like to turn the call back over to you for closing comments.

Thank you. Thank you for your continued interest in USEC. If and when we reach an agreement on the extension of Paducah enrichment, we will put out a timely announcement. We look forward to seeing our shareholders at the Annual Meeting on June 27 and speaking with you again in August when we announce our second quarter results. Thank you again and good day.

Thank you. This concludes today's teleconference. We thank you for your participation. You may disconnect your lines at this time.