Lightbridge Announces 2012 and Fourth Quarter Business Update and Financial Results

Lightbridge Announces 2012 and Fourth Quarter Business Update and Financial
Results

Live Conference Call and Webcast Scheduled at 11 a.m. EST Friday, March 1 at:
            http://ir.ltbridge.com/eventdetail.cfm?EventID=124882

MCLEAN, Va., Feb. 28, 2013 (GLOBE NEWSWIRE) -- 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 year ended December 31, 2012.

"Lightbridge advanced strategically and tactically on every business front in
2012," said Seth Grae, President and Chief Executive Officer. "The stage is
set for continued achievement in 2013 because of the compelling value of our
patented fuel technology and proven expertise of our consulting services.
Lightbridge is well positioned as global recognition grows of nuclear energy
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 benefits of increasing power output of existing and new
reactors, reducing nuclear waste, improving safety and enhancing proliferation
resistance of spent fuel. Lightbridge's comprehensive advisory services are
helping existing clients with on-time and on-budget development and regulation
of nuclear power plants to expand electricity generation capabilities.

2012 Business Update

Fuel Technology

"We made measureable progress and achieved strategic milestones in 2012 toward
commercialization of our fuel technology," Grae said.

  *In late 2012, an independent analysis of the Company's fuel design
    validated the technology's benefits of increased power output and enhanced
    operating economics for nuclear utilities. "The study by Siemens Industry,
    Inc. shows that Lightbridge's metallic fuel can deliver significantly
    improved economics to nuclear utilities from increased power output and
    extended fuel cycles, resulting in highly attractive returns on invested
    capital, even with conservative assumptions on reactor conversion and
    regulatory licensing costs, and fuel technology licensing fees paid to
    Lightbridge," Grae said. "The economics for a 10% power uprate case are
    quite favorable across both regulated and unregulated utility markets and
    provide the cheapest source of incremental generating capacity compared to
    building a new nuclear or non-nuclear power plant."
    
  *A peer-reviewed article on Lightbridge metallic fuel technology was
    published in the December 2012 edition of the American Nuclear Society
    journal Nuclear Technology. An abstract of the article is available at
    http://www.new.ans.org/pubs/journals/nt/v_180:3."The article's
    publication provides further validation of Lightbridge fuel technology at
    an important stage in Company negotiations on fuel fabrication for the
    planned irradiation testing at research reactors in Russia and the U.S.,"
    Grae said.
    
  *Negotiations began in 2012 with fuel fabrication partners relating to
    Lightbridge metal fuel fabrication process development and demonstration
    work in the United States. These negotiations are expected to conclude in
    2013."Having our fuel fabricated in the U.S. would streamline production
    for a major segment of the fuel's addressable market," Grae said.
    
  *Lightbridge secured preliminary approval from Rosatom 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 in the United
    States.As part of this process, the Russian fuel fabricator TVEL
    designated MSZ Electrostal as the facility for fabricating
    Lightbridge-designed fuel samples."We are currently in commercial
    discussions with TVEL and MSZ Electrostal relating to fabrication of these
    fuel samples," Grae said."We expect these discussions to be completed in
    the coming months."
    
  *The U.S. Department of Energy (DOE) notified Lightbridge that Rosatom
    provided non-proliferation assurances to DOE that become effective upon
    entry into an agreement between Lightbridge and Rosatom entities."We
    believe that this is the last key step of the Part 810 export
    authorization review process prior to approval by DOE," Grae said.
    
  *At the ATR at Idaho National Laboratory, experiment planning and
    irradiation test design continues for the Company's metallic fuel samples.
    The team agreed to a single fuel rod design that is compatible with both
    capsule and loop irradiation rig designs in order to accommodate
    uncertainty in reactor availability between now and when the fuel samples
    are delivered to that laboratory.
    
  *Lightbridge also strengthened its extensive intellectual property
    portfolio in 2012 with patent grants or extensions on the Company's fuel
    technology in Eurasia, Ukraine and the U.S."In addition, national and
    international patent applications under the Patent Cooperation Treaty were
    submitted for Lightbridge fuel technologies that, once granted, would
    extend patent protection for these fuel designs to 2028-2030," he said.

Lightbridge also reiterated key research and development milestones for its
fuel technology.

  *Demonstrate the full-scale fabrication process for Lightbridge metallic
    fuel rods in 2013-2014.
    
  *Perform in-reactor and out-of-reactor experiments in 2013-2016.
    
  *Develop analytical models in 2013-2016 for the Company's metallic fuel
    technology that can be used for regulatory licensing.
    
  *Begin lead test assembly (LTA) operation in a full-size commercial light
    water reactor in 2017-2018, which involves testing a limited number of the
    full-scale fuel assemblies in the core of a commercial nuclear power plant
    over three 18-month cycles.

Advisory Services

"Our emergence in the field of nuclear energy consulting is in direct response
to demand for independent assessments and expert technical consulting services
from countries looking to establish nuclear energy programs," Grae
said."Lightbridge's comprehensive advisory services for developing safe,
secure, efficient and cost-effective nuclear power have generated more than
$40 million in revenue since 2008."

  *In 2012, Lightbridge submitted advisory services proposals to several
    countries, mostly in Europe and the Middle East.The review process for
    these complex, multi-million dollar contracts can be long.Responses are
    expected beginning in mid-2013.
    
  *The Company's consulting contract with the nuclear regulatory authority in
    the United Arab Emirates was renewed in 2012 and extended to the end of
    2014.

Financial Results and Guidance

For the quarter ended December 31, 2012, Lightbridge's net loss was $0.7
million, or a loss of $0.05 per share, on revenue of $0.8 million, compared to
a net loss $1.9 million, or a loss of $0.15 per share, on revenue of $0.8
million in the fourth quarter of 2011.For the 12 months ended December 31,
2012, the Company's net loss was $4.1 million, or a loss of $0.32 per share,
on revenue of $3.7 million, compared to a net loss of $5.9 million, or a loss
of $0.47 per share, on revenue of $6.4 million in 2011.Lightbridge revenues
are derived 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.

"Over the next 12 to 15 months, we expect to incur approximately $3 million to
$4 million in research and development expenses related to the development of
our proprietary nuclear fuel designs," Grae said. "We spent approximately
$2.1 million and $2.3 million for research and development during the years
ended December 31, 2012 and 2011, respectively."

Balance Sheet Overview

At December 31, 2012, the Company had approximately $4.4 million in cash and
cash equivalents, restricted cash and marketable securities, and approximately
$5.1 million of working capital, with no long-term debt.Stockholders' equity
was approximately $5.8 million at December 31, 2012 compared with $8.8 million
on December 31, 2011.Common shares outstanding at December 31, 2012 totaled
12,526,240.

"We expect to seek new financing or additional sources of capital in the next
six months to support the remaining R&D activities required to advance
Lightbridge fuel products to a commercial stage," Grae said."The primary
potential sources of cash available to us are equity investments from
institutional investors; strategic investment through alliances with major
fuel vendors, fuel fabricators and/or other strategic parties during the next
three years; and new consulting contracts."

2012 and Fourth Quarter Conference Call

Lightbridge will hold a conference call on Friday, March 1, at 11 a.m. EST to
discuss the Company's 2012 and fourth 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. Questions may be asked live, using
the telephone lines below. Questions also may be submitted in writing before
or during the conference call to ir@ltbridge.com. All written questions will
be read and answered during the call.

Lightbridge Corporation Conference Call - Business Update and 2012 & Q4
Financial Results
Date:                    Friday, March 1, 2013
Time:                    11 a.m. EST
Domestic Call-In:        877-440-7569
International Call-In:   253-237-1189
Listen-only Call-In:     877-670-9783
Listen-only              970-315-0421
International Call-In:
Live Webcast:            http://ir.ltbridge.com/eventdetail.cfm?EventID=124882
Replay:                  Available for one year at the URL above.

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.

The Lightbridge Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=17075

Forward Looking Statements

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.

Lightbridge Corporation
Consolidated Balance Sheets
                                                                
                                                    December 31, December 31,
                                                    2012         2011
ASSETS                                                           
Current Assets                                                   
Cash and cash equivalents                            $ 2,197,555  $ 3,569,098
Marketable securities                                1,598,209    5,146,823
Restricted cash                                      553,682      551,883
Accounts receivable - project revenue and            601,803      277,211
reimbursable project costs
Prepaid expenses & other current assets              574,590      269,697
Total Current Assets                                 5,525,839    9,814,712
                                                                
Property Plant and Equipment -net                    17,221       46,514
                                                                
Other Assets                                                     
Patent costs - net                                   600,596      537,075
Security deposits                                    --           120,486
Total Other Assets                                   600,596      657,561
                                                                
Total Assets                                         $ 6,143,656  $ 10,518,787
                                                                
LIABILITIES AND STOCKHOLDERS' EQUITY                             
                                                                
Current Liabilities                                              
Accounts payable and accrued liabilities             $ 385,223    $ 1,680,433
Total Current Liabilities                            385,223      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, 12,540,686 shares issued, 12,526,240
shares outstanding and 12,476,414 shares issued,     12,526       12,427
12,427,220 shares outstanding at December 31, 2012
and December 31, 2011, respectively
Additional paid in capital - stock and stock         71,955,631   70,946,951
equivalents
Deficit                                              (66,212,849) (62,155,774)
Common stock reserved for issuance, 2,264 shares and
17,120 shares at December 31, 2012 and December 31,  3,125        34,750
2011, respectively
Total Stockholders' Equity                           5,758,433    8,838,354
                                                                
Total Liabilities and Stockholders' Equity           $ 6,143,656  $ 10,518,787




Lightbridge Corporation
Consolidated Statements of Operations
                                                          
                                             Years Ended
                                             December 31,
                                             2012          2011
Revenue:                                                   
Consulting Revenue                            $ 3,677,596   $ 6,356,424
Cost of Consulting Services Provided          2,266,815     3,992,153
Gross Margin                                  1,410,781     2,364,271
                                                          
Operating Expenses                                         
General and administrative                    3,841,486     6,342,673
Research and development expenses             2,064,568     2,349,749
Total Operating Expenses                      5,906,054     8,692,422
Operating Loss                                (4,495,273)   (6,328,151)
                                                          
Other Income and (Expenses)                                
Investment income                             433,636       465,162
Other income (expenses)                       4,562         (6,018)
Total Other Income and (Expenses)             438,198       459,144
Net loss before income taxes                  (4,057,075)   (5,869,007)
Income taxes                                  --            --
Net loss                                      $ (4,057,075) $ (5,869,007)
                                                          
Net Loss Per Common Share, Basic and Diluted  $ (0.32)      $ (0.47)
Weighted Average Number of shares outstanding 12,491,106   12,376,548




Lightbridge Corporation
Consolidated Statements of Cash Flows
                                                               
                                                  Years Ended
                                                  December 31,
                                                  2012          2011
Operating Activities:                                           
Net Loss                                           $ (4,057,075) $ (5,869,007)
                                                               
Adjustments to reconcile net loss from operations               
to net cash used in operating activities:
Stock based compensation                           975,421       1,513,021
Depreciation and amortization                      28,357        26,962
Unrealized gains on marketable securities          (195,892)     (93,951)
Changes in non-cash operating working capital                   
items:
Accounts receivable - fees and reimbursable        (324,592)     713,352
project costs
Prepaid expenses and other assets                  (184,407)     95,564
Accounts payable, accrued liabilities and other    (1,295,210)   (337,929)
current liabilities
Deferred revenue                                   --            (98,110)
Net Cash Used In Operating Activities              (5,053,398)   (4,050,098)
                                                               
Investing Activities:                                           
Proceeds from the sale of marketable securities    3,979,469     10,408,785
Purchase of marketable securities                  (234,963)     (5,000,300)
Property and equipment                             936           (1,297)
Patent costs                                       (63,521)      (159,813)
Net Cash Provided By Investing Activities          3,681,921     5,247,375
                                                               
Financing Activities:                                           
Proceeds from the issuance of common stock         1,733         --
Restricted cash                                    (1,799)       (1,600)
Net Cash Used In Financing Activities              (66)          (1,600)
                                                               
Net Increase (Decrease) In Cash and Cash           (1,371,543)   1,195,677
Equivalents
                                                               
Cash and Cash Equivalents, Beginning of Year       3,569,098     2,373,421
                                                               
Cash and Cash Equivalents, End of Year             $ 2,197,555   $ 3,569,098
                                                               
Supplemental Disclosure of Cash Flow Information:               
Cash paid during the year:                                      
Interest paid                                      $ --          $ --
Income taxes paid                                  $ --          $ --
                                                               
Non-Cash Financing Activity:                                    
Grant of Common Stock for Payment of Accrued       $ --          $ 70,000
Liabilities

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

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