Utah's EnergySolutions posts big loss before going private
In what may be its final public disclosure before returning to private hands, EnergySolutions Inc. on Friday posted a first-quarter loss 12 times worse than the red ink it reported last year.
The Salt Lake City-based nuclear services provider lost $8.2 million, or 9 cents per diluted share, in the quarter ending March 31. A year earlier, its loss was $665,000, or 1 cent per share.
The bigger loss came on higher revenue from most of its operating groups. EnergySolutions pulled in $526.2 million in the first quarter, 7 percent more than $490.7 million in the same three months of 2012. Only its government group lost ground, although not very much. Revenue from the group dropped $100,000, in part because of automatic budget cuts.
The company pinned the net loss largely on higher internal expenses, and a bigger income tax bill. Although EnergySolutions earned almost $15 million from its ongoing operations, it wasn't enough to offset a $14.7 million increase in expenses and a $6.5 million tax payment. Taxes in last year's first quarter totaled $4,000.
The company expects its merger with affiliates of Energy Capital Partners II LLC will be completed May 24. At that time, its stock will cease trading on the New York Stock Exchange.