Lightbridge Announces 2012 Third Quarter Business Update and Financial Results

Lightbridge Announces 2012 Third Quarter Business Update and Financial Results

Live Conference Call and Webcast Scheduled at 11 a.m. EST Friday, November 9

PR Newswire

MCLEAN, Va., Nov. 8, 2012

MCLEAN, Va., Nov. 8, 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 nine months ended September 30, 2012.

"Lightbridge achieved key strategic milestones in the development of our fuel
technology during the quarter," said Seth Grae, President and Chief Executive
Officer. "We also are encouraged by the ongoing involvement of our advisory
services division in several new consulting opportunities, as well as the
positive momentum that continues to build throughout the commercial nuclear
power market. Nuclear energy is increasingly recognized as a source of
long-term, efficient, base-load and carbon-free electric power."

Lightbridge is developing and commercializing next generation nuclear fuel
technology with indicated benefits of increasing power output of existing and
new reactors by up to 30%, reducing nuclear waste, improving safety and
enhancing proliferation resistance.

Grae said that the Company has completed what is understood to be the last key
step in obtaining Part 810 export authorization prior to that authorization
being granted by the U.S. Department of Energy for proposed collaborative work
in Russia with Rosatom entities. The last step in this export authorization
review process was achieved when Rosatom recently provided non-proliferation
assurances to DOE.

Lightbridge also secured final approval from Russian fuel fabricator TVEL
relating to fabrication of Lightbridge-designed metallic fuel samples for
irradiation testing in the MIR research reactor in Dimitrovgrad, Russia, and
the Advanced Test Reactor (ATR) at Idaho National Laboratory. "We are in the
advanced stages of contract negotiations with TVEL and its subsidiary
companies," Grae said. "We expect these negotiations to be completed in the
next few months."

Lightbridge remains on track to begin loop irradiation in 2013 of the
Company's metallic fuel samples at the MIR research reactor, he added.
Discussions on preliminary irradiation plans continue with authorities at the
Dimitrovgrad test facility.

"These irradiations will be performed under prototypic pressurized water
reactor operating conditions and will provide data needed for regulatory
licensing and demonstration of Lightbridge-designed lead test assemblies in a
commercial PWR," Grae said. "Irradiated samples from this program at MIR will
also be used for additional out-of-reactor tests to demonstrate the metallic
fuel's behavior during severe accident scenarios and provide proof of the
safety benefits of Lightbridge-designed fuel."

Advances have been made in experiment planning and design for irradiation
testing of Lightbridge metallic fuel samples in the Idaho National Laboratory
test reactor. "The teams have agreed on a single fuel rod design that is
compatible with both a capsule irradiation rig and a loop irradiation rig
design that addresses uncertainty around reactor availability between now and
when fuel samples are delivered to the laboratory," Grae said.

Lightbridge has also made progress in ongoing negotiations with fuel
fabrication partners relating to metal fuel fabrication and demonstration work
in the U.S. "We believe these negotiations will conclude in late 2012 or
early 2013," Grae said. "Having our fuel fabricated in the U.S. would
streamline production for a major segment of the fuel's addressable market."

Subsequent to the end of the third quarter, Lightbridge announced that a
peer-reviewed article on the Company's fuel technology will be published in
the December 2012 edition of the prestigious journal Nuclear Technology. An
abstract of the article is available at

Financial Results

Revenue for the third quarter ended September 30, 2012 was $0.6 million,
compared to $1.7 million for the same period of 2011. For the nine months,
revenue totaled $2.8 million, versus $5.5 million for the same period last
year. Net loss for the 2012 quarter was $1.2 million, or $0.10 per share,
versus a net loss of $1.2 million, or $0.09 per share, in the comparable
period a year ago. For the nine months ended September 30, 2012, the
Company's net loss was $3.4 million, or $0.27 per share, compared to a net
loss of $4.0 million, or $0.32 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 September 30 2012, the Company had approximately $5.7 million in cash and
cash equivalents, restricted cash and marketable securities, and approximately
$5.6 million of working capital, with no long-term debt. Stockholders' equity
was approximately $6.3 million at September 30, 2012 compared with $8.8
million on December 31, 2011. Common shares outstanding at September 30, 2012
totaled 12,523,872.

2012 Third Quarter Conference Call

Lightbridge will hold a conference call on Friday, November 9, at 11 a.m. EST
to discuss the Company's 2012 third 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 All questions will be read aloud and answered during
the call.

Date: Friday, November 9, 2012
Time: 11 a.m. EST
Domestic Call-In: 1-800-860-2442
International Call-In: 1-412-858-4600
Canada Call-In: 866-605-3852
Live Webcast: 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. November
16, 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

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.

Gary Sharpe
Investor Relations and Corporate Communications
Lightbridge Corporation

Lightbridge Corporation
Condensed Consolidated Balance Sheets
                                                  September 30,
                                                  2012            December 31,
                                                  (Unaudited)     2011
Current Assets
 Cash and cash equivalents                    $ 569,460       $ 3,569,098
 Marketable securities                          4,532,864       5,146,823
 Restricted cash                                553,268         551,883
 Accounts receivable - project revenue and      420,540         277,211
reimbursable project costs
 Prepaid expenses & other current assets        666,487         269,697
 Total Current Assets                         6,742,619       9,814,712
Property Plant and Equipment –net                 43,030          46,514
Other Assets
 Patent costs – net                             580,577         537,075
 Security deposits                              40,162          120,486
 Total Other Assets                          620,739         657,561
Total Assets                                    $ 7,406,388     $ 10,518,787
Current Liabilities
 Accounts payable and accrued liabilities     $ 1,094,355     $ 1,680,433
Total Current Liabilities                         1,094,355       1,680,433

Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value, 50,000,000
authorized shares, no shares issued and           -               -
Common stock, $0.001par value, 500,000,000
authorized, 12,539,162 shares issued,
12,523,872 shares outstanding and 12,476,414      12,524          12,427
shares issued, 12,427,220 shares outstanding
at September 30, 2012 and December 31, 2011,
Additional paid in capital - stock and stock      71,811,275      70,946,951
Deficit                                           (65,514,891)    (62,155,774)
Common stock reserved for issuance, 1,524
shares and 17,120 shares at September 30, 2012    3,125           34,750
and December 31, 2011, respectively
Total Stockholders' Equity                        6,312,033       8,838,354
Total Liabilities and Stockholders' Equity      $ 7,406,388     $ 10,518,787

Lightbridge Corporation
Unaudited Condensed Consolidated Statements of Operations
                         Three Months Ended          Nine Months Ended
                         September 30,              September 30,
                         2012          2011          2012          2011
Consulting Revenue     $ 591,355     $ 1,652,538   $ 2,829,893   $ 5,523,181
Cost of Consulting       370,415       848,065       1,747,880     3,516,708
Services Provided
Gross Margin             220,940       804,473       1,082,013     2,006,473
Operating Expenses
General and              1,082,644     1,438,660     3,274,240     4,559,317
Research and             542,664       591,089       1,557,732     1,716,884
development expenses
Total Operating          1,625,308     2,029,749     4,831,972     6,276,201
Operating Loss           (1,404,368)   (1,225,276)   (3,749,959)   (4,269,728)
Other Income and
Investment income        153,462       73,145        386,530       319,445
Other income             3,258         (16,654)      4,312         (19,173)
Total Other Income and   156,720       56,491        390,842       300,272
Net loss before income   (1,247,648)   (1,168,785)   (3,359,117)   (3,969,456)
Income taxes             0             0             0             0
Net loss               $ (1,247,648) $ (1,168,785) $ (3,359,117) $ (3,969,456)
Net Loss Per Common
Share, Basic and       $ (0.10)      $ (0.09)      $ (0.27)      $ (0.32)
Weighted Average
Number of shares         12,514,036    12,364,628    12,479,659    12,360,312

Lightbridge Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
                                                     Nine Months Ended
                                                     September 30,
                                                     2012          2011
Operating Activities:
Net Loss                                           $ (3,359,117) $ (3,969,456)
Adjustments to reconcile net loss from operations
to net cash used in operating activities:
Stock based compensation                             831,063       1,147,669
Depreciation and amortization                        21,584        19,515
Unrealized (gains) loss on marketable securities     (141,893)     (108,226)
Changes in non-cash operating working capital
Accounts receivable - fees and reimbursable          (143,329)     153,067
project costs
Prepaid expenses and other assets                    (316,466)     (31,164)
Accounts payable, accrued liabilities and other      (586,078)     (663,489)
current liabilities
Deferred revenue                                     0             (98,110)
Net Cash Used In Operating Activities                (3,694,236)   (3,550,194)
Investing Activities:
Proceeds from the sale of marketable securities      997,926       10,569,583
Purchase of marketable securities                    (242,074)     0
Purchase of property and equipment                   (18,100)      (1,228)
Patent costs                                         (43,502)      (105,674)
Net Cash Provided By (Used In) Investing             694,250       10,462,681
Financing Activities:
Proceeds from the issuance of common stock           1,733         0
Restricted cash                                      (1,385)       (1,324)
Net Cash Provided by (Used In) Financing             348           (1,324)
Net Increase (Decrease) In Cash and Cash             (2,999,638)   6,911,163
Cash and Cash Equivalents, Beginning of Period       3,569,098     2,373,421
Cash and Cash Equivalents, End of Period           $ 569,460     $ 9,284,584
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year:
Interest paid                                      $ 0           $ 0
Income taxes paid                                  $ 0           $ 0
Non-Cash Financing Activity:
Grant of Common Stock for Payment of Accrued       $ 0           $ 70,000

SOURCE Lightbridge Corporation

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