Lightbridge Announces 2012 Second Quarter Business Update and Financial Results Live Conference Call and Webcast Scheduled at 11 a.m. EDT Friday, August 3 at: http://www.videonewswire.com/event.asp?id=88672

MCLEAN, Va., Aug. 2, 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 and six months ended June 30, 2012.

"Demonstrations of Lightbridge fuel technology continue to support the indicated benefits of meaningful power uprates, longer fuel cycles and increased safety," said Seth Grae, Lightbridge President and Chief Executive Officer.  "Our advisory services division also was very active during the quarter in the pursuit of new consulting opportunities as global interest renews in nuclear energy as a source of long-term, efficient, base-load and carbon-free electric power.  Reactors in Japan have been restarted for the first time since the Fukushima event.  Today, there is more nuclear power generation throughout the world than ever before.  Moreover, construction began in July in the United Arab Emirates of the first two of four reactors.  Momentum is building throughout the commercial nuclear power market."

Ongoing contract negotiations continue to advance with the Bochvar Institute related to fabrication of Lightbridge-designed metallic fuel samples for irradiation testing in the MIR research reactor in Dimitrovgrad, Russia, and the Advanced Test Reactor at Idaho National Laboratory, Mr. Grae said.  Loop irradiation of the Company's metallic fuel samples remains on schedule for a 2013 start in the MIR research reactor.  Planning for loop irradiation is underway.  Irradiated samples from this program will be used for additional out-of-reactor tests to demonstrate the metallic fuel's behavior during severe accident scenarios and to provide quantitative verification of the safety benefits of the Lightbridge-designed fuel.

"Working with our development partners and vendors, we anticipate that we will be able to begin lead test assembly operation in a full-size commercial light water reactor by the end of 2017," Mr. Grae said.  "This involves testing a limited number of our full-scale fuel assemblies in the core of a commercial nuclear power plant over three 18-months cycles."

Financial Results

Revenue for the second quarter ended June 30, 2012 was $1.0 million, compared to $2.3 million for the same period of 2011.  For the six months, revenue totaled $2.2 million, versus $3.9 million for the same period last year.  Net loss for the 2012 quarter was $1.3 million, or $0.11 per share, versus a net loss of $1.2 million, or $0.09 per share, in the comparable period a year ago.  For the six months ended June 30, 2012, the Company's net loss was $2.1 million, or $0.17 per share, compared to $2.8 million, or $0.23 per share, 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 governmental entities in the United Arab Emirates.

Balance Sheet Overview

At June 30 2012, the Company had approximately $6.4 million in cash and cash equivalents, restricted cash and marketable securities, and approximately $6.7 million of working capital, with no long term debt.  Stockholders' equity was approximately $8.3 million at June 30, 2012 compared with $8.8 million on December 31, 2011.  Common shares outstanding at June 30, 2012 totaled 12,503,982.

2012 Second Quarter Conference Call

Lightbridge will host a conference call on Friday, August 3, at 11 a.m. EDT to discuss the Company's 2012 second 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: Friday, August 3, 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=88672.  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. August 10, 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



June 30,





2012


December 31,



(Unaudited)


2011

ASSETS










Current Assets





   Cash and cash equivalents

$

827,486

$

3,569,098

   Marketable securities


4,979,827


5,146,823

   Restricted cash


552,850


551,883

   Accounts receivable - project revenue and reimbursable project costs


664,390


277,211

   Prepaid expenses and other current assets


554,744


269,697

     Total Current Assets


7,579,297


9,814,712






Property Plant and Equipment -net


51,735


46,514






Other Assets





   Patent costs - net


576,031


537,075

   Security deposits


80,324


120,486

      Total Other Assets


656,355


657,561






Total Assets

$

8,287,387

$

10,518,787

LIABILITIES AND STOCKHOLDERS' EQUITY










Current Liabilities





   Accounts payable and accrued liabilities

$

930,324

$

1,680,433

Total Current Liabilities


930,324


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, $0.001 par value, 500,000,000 authorized, 12,537,607 shares issued, 12,503,982 shares outstanding and 12,476,414 shares issued, 12,427,220 shares outstanding at June 30, 2012 and December 31, 2011, respectively


12,504


12,427

Additional paid in capital - stock and stock equivalents


71,608,677


70,946,951

Deficit


(64,267,243)


(62,155,774)

Common stock reserved for issuance, 1,555 shares and 17,120 shares at June 30, 2012 and December 31, 2011, respectively


3,125


34,750

Total Stockholders' Equity


7,357,063


8,838,354

 

Total Liabilities and Stockholders' Equity

$

8,287,387

$

10,518,787


 

 

 


 

 

Lightbridge Corporation


Unaudited Condensed Consolidated Statements of Operations










Three Months Ended


Six Months Ended




June 30,


June 30,




2012


2011


2012


2011


Revenue:




















Consulting Revenue

$

981,016

$

2,292,549

$

2,238,537

$

3,870,643












Cost of  Consulting Services Provided


607,780


1,575,624


1,377,465


2,668,643












Gross Margin


373,236


716,925


861,072


1,202,000












Operating Expenses










General and administrative


1,246,233


1,480,471


2,191,595


3,120,657


Research and development expenses


518,360


539,155


1,015,068


1,125,795


Total Operating Expenses


1,764,593


2,019,626


3,206,663


4,246,452












Operating Loss


(1,391,357)


(1,302,701)


(2,345,591)


(3,044,452)












Other Income and (Expenses)










Investment income


81,510


140,478


233,068


246,300


Other income (expenses)


(5,089)


291


1,053


(2,519)


Total Other Income and Expenses


76,421


140,769


234,121


243,781












Net loss before income taxes


(1,314,936)


(1,161,932)


(2,111,470)


(2,800,671)












Income taxes


0


0


0


0












Net  loss

$

(1,314,936)

$

(1,161,932)

$

(2,111,470)

$

(2,800,671)












Net Loss Per Common Share, Basic and diluted

$

(0.11)

$

(0.09)

$

(0.17)

$

(0.23)


 

Weighted Average Number of shares outstanding


12,491,750


12,362,929


12,462,182


12,358,117






































Lightbridge Corporation

Unaudited Condensed Consolidated Statements of Cash Flows








Six Months Ended



June 30,



2012


2011

Operating Activities:





Net Loss

$

(2,111,470)

$

(2,800,671)

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





Stock based compensation


628,445


784,936

Depreciation and amortization


14,517


13,914

Unrealized (gains) loss on marketable securities


(109,757)


(85,521)

Changes in non-cash operating working capital items:





Accounts receivable - fees and reimbursable project costs


(387,179)


(299,829)

Prepaid expenses and other  assets


(244,885)


(447,374)

Accounts payable, accrued liabilities and other current liabilities


(750,108)


(611,353)

Deferred revenue


0


480,290

Net Cash Used In Operating Activities


(2,960,437)


(2,965,608)






Investing Activities:





Proceeds from the sale of marketable securities


397,926


1,933,867

Purchase of marketable securities


(121,173)


0

Property and equipment


(19,738)


(1,563)

Patent costs


(38,956)


(44,879)

Net Cash Provided By Investing Activities


218,059


1,887,425






Financing Activities:





Proceeds from the issuance of common stock


1,733


0

Restricted cash


(967)


(906)

Net Cash Provided by (Used In) Financing Activities


766


(906)






Net Decrease In Cash and Cash Equivalents


(2,741,612)


(1,079,089)






Cash and Cash Equivalents, Beginning of Period


3,569,098


2,373,421






Cash and Cash Equivalents, End of Period

$

827,486

$

1,294,332






Supplemental Disclosure of Cash Flow Information:





Cash paid during the year:





Interest paid

$

0

$

0

Income taxes paid

$

0

$

0












SOURCE Lightbridge Corporation



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