EnergySolutions Inc. posts big increase in net income

Salt Lake-based EnergySolutions Inc. on Tuesday reported its net income for the third quarter this year was $10.9 million, or $0.12 per share, compared with $0.2 million for the same quarter of 2007.

Repayments of long-term debt during the first and second quarters of 2008, together with repayments of debt from the proceeds of the company's initial public offering in November 2007 and lower interest rates contributed to the reduction of the company's interest expense for the period, EnergySolutions said in a news release.

"Our core business remains strong, in spite of the effects of the current turmoil in the financial markets," said EnergySolutions Chief Executive Officer Steve Creamer. "Our capital structure is sound, our debt levels are manageable, and we have over $100 million of cash and undrawn lending commitments from our banks. Our solid financial position is supported by operations that are among the best and safest in our industry."

Revenues for the quarter ended Sept. 30, 2008, were $419 million, compared to $389 million for the same quarter of 2007.

EnergySolutions' shares closed Tuesday at $4.92. The 52-week range for the company's shares were $29 in November 2007 and $2.38 in September 2008.