Lightbridge Announces 2012 First Quarter Business Update and Financial Results

Live Conference Call and Webcast Scheduled at 11 a.m. EDT Today at: http://www.videonewswire.com/event.asp?id=86945

May 10, 2012, 07:00 ET from Lightbridge Corporation

MCLEAN, Va., May 10, 2012 /PRNewswire/ -- Lightbridge Corporation (NASDAQ: LTBR), a leading innovator of next generation nuclear fuel designs and provider of nuclear energy consulting services to commercial and governmental organizations, today provided a business update on the progress of its nuclear fuel technology and consulting operations and reported financial results for the quarter ended March 31, 2012.

"We continue to log steady, incremental progress in our march toward bringing next generation nuclear fuel designs to market," said Seth Grae, Lightbridge President and Chief Executive Officer.  "In addition, our advisory services division is pursuing new consulting opportunities as global interest renews in nuclear energy as a source of long-term, efficient, base-load and carbon-free electric power."

Mr. Grae said ongoing demonstrations of Lightbridge fuel technology continue to support the indicated benefits of meaningful power uprates, longer fuel cycles and increased safety.  "During the quarter, we began contract negotiations with Rosatom's entities relating to fabrication of fuel samples for loop irradiation testing in the MIR research reactor in Dimitrovgrad, Russia," he said.  "We expect this irradiation experiment to commence next year and generate fuel performance data over the ensuing 2.5 years in a test reactor environment prototypic of operating conditions found in a commercial pressurized water reactor.  This fuel performance data is a key milestone necessary for regulatory licensing of our lead test assembly demonstrations in a commercial pressurized water reactor planned to begin in 2017."

Financial Results

Revenue for the first quarter ended March 31, 2012 was $1.3 million, compared to $1.6 million for the same period of 2011.  Operating loss for the 2012 quarter was $0.8 million, versus an operating loss of $1.6 million in the comparable period a year ago.  Lightbridge revenues are derived primarily from consulting and strategic advisory services for foreign governments planning to create or expand electricity generation capabilities using nuclear power plants, and are used to help fund the continuing development of the Company's nuclear fuel technologies.  Revenues were primarily generated from contracts in place with government entities in the United Arab Emirates.

Balance Sheet Overview

At March 31 2012, the Company had approximately $7.8 million in cash and cash equivalents, restricted cash and marketable securities, and approximately $7.7 million of working capital, with no long term debt.  Stockholders' equity was approximately $8.4 million at March 31, 2012 compared with $8.8 million on December 31, 2011.  Common shares outstanding at March 31, 2012 totaled 12,464,766.

2012 First Quarter Conference Call

Lightbridge will host a conference call on Thursday, May 10, at 11 a.m. EDT to discuss the Company's 2012 first quarter results and provide an update on recent corporate developments.  Seth Grae, President and Chief Executive Officer, will lead the call and additional members of the senior management team will be available to answer questions.  Please submit questions for Lightbridge executive management in writing before or during the conference call to ir@ltbridge.com.  All questions will be read aloud and answered during the call.

Date: Thursday, May 10, 2012 Time: 11 a.m. EDT Domestic Call-In: 1-800-860-2442 International Call-In: 1-412-858-4600 Canada Call-In:  866-605-3852 Live Webcast: http://www.videonewswire.com/event.asp?id=86945.  Approximately one hour after the live event, an archived webcast will be available at this same URL. Audio Replay:  Available one hour after the conference through 9 a.m. May 18, 2012.  Domestic call-in:  877-344-7529; international call-in:  412-317-0088.  Conference # 10013656.

About Lightbridge Corporation

Lightbridge is a US nuclear energy company based in McLean, Virginia with operations in Abu Dhabi, Moscow and London.  The Company develops proprietary, proliferation resistant, next generation nuclear fuel technologies for current and future nuclear reactor systems.  The Company also provides comprehensive advisory services for established and emerging nuclear programs based on a philosophy of transparency, non-proliferation, safety and operational excellence.  Lightbridge's breakthrough fuel technology is establishing new global standards for safe and clean nuclear power and leading the way to a sustainable energy future.  Lightbridge consultants provide integrated strategic advice and expertise across a range of disciplines including regulatory affairs, nuclear reactor procurement and deployment, reactor and fuel technology and international relations.  The Company leverages those broad and integrated capabilities by offering its services to commercial entities and governments with a need to establish or expand nuclear industry capabilities and infrastructure.

Lightbridge is on Twitter.  Sign up to follow @LightbridgeCorp at http://twitter.com/lightbridgecorp.

Forward Looking Statement

This news release contains statements that are forward-looking in nature, including statements regarding the Company's competitive position and product and service offerings.  These statements are based on current expectations on the date of this news release and involve a number of risks and uncertainties that may cause actual results to differ significantly from such estimates.  The risks include, but are not limited to, the degree of market adoption of the Company's product and service offerings; market competition; dependence on strategic partners; and the Company's ability to manage its business effectively in a rapidly evolving market.  Certain of these and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission.  Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.

CONTACT: Gary Sharpe Investor Relations Lightbridge Corporation 571-730-1213 gsharpe@ltbridge.com

 

Lightbridge Corporation

Condensed Consolidated Balance Sheets

March 31,

2012

December 31,

(Unaudited)

2011

ASSETS

Current Assets

   Cash and cash equivalents

$

1,965,892

$

3,569,098

   Marketable securities 

5,297,762

5,146,823

   Restricted cash

552,432

551,883

   Accounts receivable - project revenue and reimbursable project costs

925,254

277,211

   Prepaid expenses & other current assets

377,759

269,697

     Total Current Assets

9,119,099

9,814,712

Property Plant and Equipment -net

40,348

46,514

Other Assets

   Patent costs - net

565,104

537,075

   Security deposits

80,324

120,486

      Total Other Assets

645,428

657,561

Total Assets

$

9,804,875

$

10,518,787

LIABILITIES AND STOCKHOLDERS EQUITY

Current Liabilities

   Accounts payable and accrued liabilities

$

1,412,311

$

1,680,433

Total Current Liabilities

1,412,311

1,680,433

Commitments and contingencies

Stockholders' Equity 

Preferred stock, $0.001 par value, 50,000,000 authorized shares, no shares issued and outstanding

-

-

Common stock, $0.001par value, 500,000,000 authorized, 12,500,360 shares issued, 12,464,766 shares outstanding and 12,476,414 shares issued, 12,427,220 shares outstanding  at  March 31, 2012 and December 31, 2011, respectively

12,465

12,427

Additional paid in capital - stock and stock equivalents

71,329,282

70,946,951

Deficit 

(62,952,308)

(62,155,774)

Common stock reserved for issuance, 977 shares and 17,120 shares at March 31, 2012 and December 31, 2011, respectively

3,125

34,750

Total Stockholders' Equity 

8,392,564

8,838,354

Total Liabilities and Stockholders' Equity 

$

9,804,875

$

10,518,787

 

Lightbridge Corporation

Unaudited Condensed Consolidated Statements of Operations

Three Months Ended

March 31,

2012

2011

Revenue:

Consulting Revenue

$

1,257,521

$

1,578,094

Cost of  Consulting Services Provided

769,685

1,093,019

Gross Margin

487,836

485,075

Operating Expenses

General and administrative 

945,362

1,727,186

Research and development expenses

496,708

499,640

Total Operating Expenses

1,442,070

2,226,826

(954,234)

(1,741,751)

Other Income and (Expenses)

Investment income

151,558

105,822

Other income (expenses)

6,142

(2,810)

Total Other Income and Expenses

157,700

103,012

Net  loss before income taxes

(796,534)

(1,638,739)

Income taxes

0

0

Net  loss

$

(796,534)

$

(1,638,739)

Net Loss Per Common Share, Basic and diluted

$

(0.06)

$

(0.13)

Weighted Average Number of shares outstanding 

12,432,282

12,353,251

 

Lightbridge Corporation

Unaudited Condensed Consolidated Statements of Cash Flows

Three Months Ended

March 31

2012

2011

Operating Activities:

Net Loss 

$

(796,534)

$

(1,638,739)

Adjustments to reconcile net loss from operations to net cash used in operating activities:

Stock based compensation 

350,745

404,377

Depreciation and amortization

6,166

7,297

Unrealized (gains) loss on marketable securities

(87,929)

37,756

Changes in non-cash operating working capital items:

Accounts receivable - fees and reimburseable project costs 

(648,043)

85,597

Prepaid expenses and other  assets

(67,901)

(830,610)

Accounts payable, accrued liabilities and other current liabilities

(268,122)

(188,061)

Deferred revenue

0

837,130

Net Cash Used In Operating Activities

(1,511,618)

(1,285,253)

Investing Activities:

Proceeds from the sale of marketable securities 

0

1,949,893

Purchase of Marketable securities 

(63,010)

0

Property and equipment

0

(1,540)

Patent costs

(28,029)

(21,877)

Net Cash Provided By (Used In) Investing Activities

(91,039)

1,926,476

Financing Activities:

Restricted cash

(549)

(283)

Net Cash Used In Financing Activities

(549)

(283)

Net Increase (Decrease) In Cash and Cash Equivalents

(1,603,206)

640,940

Cash and Cash Equivalents, Beginning of Year

3,569,098

2,373,421

Cash and Cash Equivalents, End of Year

$

1,965,892

$

3,014,361

Supplemental Disclosure of Cash Flow Information:

Cash paid during the year:

Interest paid

$

0

$

0

Income taxes paid

$

0

$

0

 

 

SOURCE Lightbridge Corporation



RELATED LINKS

http://www.ltbridge.com