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 [email protected]. 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
[email protected]
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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