EnergySolutions Board of Directors Appoints Director David

EnergySolutions Board of Directors Appoints Director David Lockwood
President and Chief Executive Officer 
Company Adjusts Annual Guidance for 2012 
SALT LAKE CITY, UT -- (Marketwire) -- 06/11/12 --   EnergySolutions
(NYSE: ES) -- The Board of Directors of EnergySolutions, Inc., a
leading provider of services to the global nuclear industry,
announced today that it has appointed David Lockwood, a seasoned
operating executive and current Board member, as Chief Executive
Officer and President of the Company. Mr. Lockwood succeeds Val John
Christensen, who will remain a strategic advisor to the Company. The
change is effective immediately. Mr. Lockwood has served as a member
of the Company's Board of Directors since November 3, 2010 and will
continue to serve on the Board.  
EnergySolutions has also appointed Greg Wood as its new Executive
Vice President and Chief Financial Officer. Mr. Wood succeeds William
R. Benz.  
"The Board determined that the time is right for new leadership, so
that the Company is positioned to take advantage of its full
long-term potential in a changing industry environment," said Steven
R. Rogel, Chairman, EnergySolutions. "As the Board discussed its
requirements for a new CEO, it became obvious that we already had an
ideal candidate sitting on the Board. We are confident that David
Lockwood and Greg Wood bring the experience and background to
successfully lead the Company forward and build upon the Company's
deep industry experience and market-leading position to deliver value
for shareholders and customers. 
"In working with David since 2010, it has become clear to the Board
that he is an insightful, engaged and talented operating executive,"
Mr. Rogel continued. "His leadership experience and professional
background, coupled with his detailed understanding of the Company as
a member of the EnergySolutions Board, will be invaluable as we seek
to improve our financial and operational positioning. At the same
time, we are delighted to welcome Greg Wood, who brings over 30 years
of financial experience.  
"I want to thank Val and Bill for their service to EnergySolutions
and wish them all the best in their future endeavors," continued Mr.
Rogel. 
Mr. Lockwood said, "I believe in this Company. In the two years that
I have served on the Board of Directors, I've been impressed with the
quality of our people and their dedication to our mission. Together,
we will develop and implement the plans and strategies to drive
greater growth and higher profitability.  
"Val was instrumental in restructuring the Company, developing key
strategic initiatives, and building a strong culture of trust within
the Company and with industry stakeholders," said Mr. Lockwood. "One
of Val's legacies will be the significant positive shift in public
support for the Company in Utah as the result of his extensive
citizen education campaign. We thank him for his many contributions
and building the foundations for growth in the future. I look forward
to working with Val as a strategic advisor to our company in the
years ahead."  
Mr. Christensen said, "Working with the exceptionally talented
leadership team at EnergySolutions has been the highlight of my
professional career. I am thrilled that the Company will move forward
under the experienced and capable leadership of David Lockwood, who
understands the opportunities and challenges of the Company. I look
forward to providing any assistance David needs to be successful."  
Updated Outlook for 2012 
In addition to announcing these management changes, the Company
announced it was revising its 2012 Adjusted EBITDA guidance to $130
to $140 million, down from the guidance of $150 to $160 million
provided with its first quarter financial results on May 9, 2012. The
revision is a result of continued slowdown in shipments to Clive in
both the government and commercial businesses, expected delay in the
resolution of the Salt Waste project issues until 2013, and slower
than planned realization of cost savings. 
Mr. Lockwood commented, "We have a lot of work ahead of us, but we
also have extraordinarily talented engineers and scientists and deep
industry experience. These are fundamental strengths upon which we
will build our future. I look forward to working closely with my
fellow directors, Greg, and our proven and experienced operating
management team to help EnergySolutions realize its full potential." 
Conference Call Details 
The Company has scheduled an investor conference call and webcast to
discuss the changes in management on Monday, June 11, 2012 at 9:00 AM
Eastern Time. Hosting the call will be David Lockwood, President and
Chief Executive Officer, and Greg Wood, Executive Vice President and
Chief Financial Officer. 
To participate in the event, investors may dial (866) 428-9517 five
to ten minutes prior to the start time to allow for registration and
reference the conference pass-code 90522821. International callers
should dial (224) 357-2222 to access the conference call and use the
same pass-code. 
A replay of the call will be available for 30 days and can be
accessed at (855) 859-2056 or (404) 537-3406 using the same pass-code
referenced above. 
The conference call will also be broadcast live over the Internet for
all interested parties through the company's website at
www.energysolutions.com on the "Investor Relations" tab. 
About David Lockwood 
Since 2007, Mr. Lockwood, 52, has been a partner of ValueAct Capital,
an investment management firm, and one of the Company's largest
institutional investors. Prior to that, Mr. Lockwood was Chairman and
Chief Executive Officer of Liberate Technologies, a provider of
software to digital media companies, from 2003 to 2006. From 2001 to
2003, Mr. Lockwood was Chief Executive Officer and President of
Intertrust, a company that develops software for digital rights
management and licenses intellectual property. Mr. Lockwood has also
held a number of positions in the financial services industry,
including Managing Director at Goldman Sachs. Mr. Lockwood currently
serves as a director of Steinway Musical Instruments, Inc. (NYSE:
LVB), a manufacturer of musical instruments. Mr. Lockwood holds a
Bachelor of Arts degree from Miami University (Ohio) and a Masters of
Business Administration degree from the Graduate School of Business
of the University of Chicago.  
About Greg Wood 
Mr. Wood, 53, joins EnergySolutions from Actian Corporation, a
provider of database and data analytics software, where he had served
as Executive Vice President & CFO. Mr. Wood currently serves as a
director of Steinway Musical Instruments, Inc. (NYSE: LVB), a
manufacturer of musical instruments. Prior to joining Actian, Mr.
Wood held chief financial officer roles at numerous public and
private companies, including Silicon Graphics, Liberate Technologies,
and InterTrust Technologies. A certified public accountant
(inactive), Mr. Wood holds a B.B.A. in accounting from the University
of San Diego and a J.D. from the University of San Francisco School
of Law.  
About EnergySolutions, Inc. 
EnergySolutions offers customers a full range of integrated services
and solutions, including nuclear operations, characterization,
decommissioning, decontamination, site closure, transportation,
nuclear materials management, the safe, secure disposition of nuclear
waste, and research and engineering services across the fuel cycle. 
Forward-Looking Statements 
Statements in this earnings release regarding future financial and
operating results and any other statements about the Company's future
expectations, beliefs or prospects expressed by management constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements include statements regarding the Company's outlook for
2012, strategic initiatives, and expectations for Adjusted EBITDA.
There are a number of important factors that could cause actual
results or events to differ materially from those indicated by such
forward-looking statements, including, but not limited to: (a) the
uncertainty regarding the outcome and timing of contract negotiations
with the DOE, (b) uncertain and weak economic conditions globally,
including decreased credit availability for our customers and the
decisions of individual customers to retain cash and reduce credit
market exposure, (c) decreased tax revenue combined with increased
demands on federal funding allocations reducing funds available for
existing or proposed federal projects that we have been awarded or on
which we would bid, (d) current regulatory initiatives, including the
importation of nuclear waste into the U.S. and the disposal and
storage of depleted uranium, (e) the weakening of the pound sterling
and the related currency translation impact on our business if the
currency continues to weaken, (f) adverse public reaction that could
lead to increased regulation or limitations on our activities, (g)
uncertainty regarding the impact on our business of increased
regulatory scrutiny of the nuclear waste industry in the U.S. and
U.K., (h) decisions by our customers to reduce, delay or halt their
spending on nuclear services, (i) decisions by our commercial
customers to store radioactive materials on-site rather than dispose
of radioactive materials at one of our facilities, (j) the adverse
impact of current or future financial conditions on the value of
decommissioning trust funds, (k) continued competitive pressures in
our markets, and (l) uncertainty regarding our assumptions related to
the Zion project estimated profit margin. Additional information on
potential factors that could affect the Company's results and other
risks and uncertainties are set forth in EnergySolutions, Inc.
filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the fiscal year ended December 31,
2011 and its Quarterly Report on Form 10-Q for the fiscal quarter
ended March 31, 2012. The Company does not undertake any obligation
to release publicly any revision to any of these forward-looking
statements. 
About Adjusted EBITDA 
The Company defines EBITDA as net income (loss) attributable to
EnergySolutions plus interest expense (including the effects of
interest rate derivative agreements), income taxes, depreciation,
impairment charges and amortization. The Company defines Adjusted
EBITDA as EBITDA plus non-cash equity compensation expense and,
non-cash accretion expense, plus or minus nuclear decommissioning
trust fund gains or losses net of management fees, and we have
included the changes in ARO cost estimates for the Zion Project as an
adjustment to EBITDA to remove certain effects of ARO accounting from
this measure. Adjusted EBITDA, as presented in this release, is a
supplemental measure of the Company's performance that is not
required by, or presented in accordance with, generally accepted
accounting principles in the United States ("GAAP"). It is not a
measure of the Company's financial performance under GAAP and should
not be considered as an alternative to net income, GAAP EBITDA or any
other performance measures derived in accordance with GAAP or as
alternatives to cash flow from operating activities as measures of
the Company's liquidity. 
The Company's measurement of Adjusted EBITDA may not be comparable to
similarly titled measures of other companies. The Company has
included information concerning Adjusted EBITDA in this release
because it is used by management to measure operating performance and
because the Company believes that such information is often used by
certain investors for modeling. 
Adjusted EBITDA has limitations as an analytical tool, and investors
should not consider it in isolation, or as a substitute for analysis
of the Company's operating results or cash flows as reported under
GAAP. Some of these limitations are: 


 
--  It does not reflect the Company's cash flows, cash expenditures, or
    future requirements for capital expenditures or contractual
    commitments;
--  It does not reflect changes in, or cash requirements for, the
    Company's working capital needs;
--  It does not reflect the significant interest expense or the cash
    requirements necessary to service interest or principal payments on
    the Company's debt;
--  Although depreciation is a non-cash charge, the assets being
    depreciated will often have to be replaced in the future, and Adjusted
    EBITDA does not reflect any cash requirements for such replacements;
--  It is not adjusted for all non-cash income or expense items that are
    reflected in the Company's statements of cash flows; and
--  Other companies in the Company's industry may calculate this measure
    differently than the Company does, limiting its usefulness as a
    comparative measure.

  
Because of these limitations, Adjusted EBITDA should not be considered
as a measure of discretionary cash available to the Company to invest
in the growth of its business. The Company compensates for these
limitations by relying primarily on its GAAP results and using
Adjusted EBITDA only for supplemental purposes. 
Contact Information: 
Media:
Mark Walker
801-231-9194
mwalker@energysolutions.com 
Investor Relations:
Richard Putnam
801-303-0185
rrputnam@energysolutions.com 
 
 
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