Lightbridge Announces 2013 Third Quarter Business Update and Financial Results Live Conference Call and Webcast Scheduled at 11 a.m. EST Friday, November 8 at: http://www.media-server.com/m/p/6w5fu736 MCLEAN, Va., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq:LTBR), a leading innovator of nuclear fuel designs and provider of nuclear energy consulting services, 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, 2013. "The third quarter was a period of exceptional activity and achievement for Lightbridge," said Seth Grae, President and Chief Executive Officer. "We began a feasibility study with Babcock & Wilcox on deployment of a pilot-scale fabrication facility for our metallic nuclear fuel, secured important new consulting work in South Korea, and raised capital that will support development of Lightbridge fuel designs." Lightbridge is developing and commercializing next generation nuclear fuel technology with benefits of improving the safety and economics of existing and new reactors. Lightbridge's advisory services are helping clients with on-time and on-budget development and regulation of nuclear power plants to expand electricity generation capabilities. "Lightbridge technology and services address the safety and economic issues facing the commercial nuclear energy industry," Grae said. Earlier in 2013, Lightbridge enhanced its fuel product offerings for currently operating pressurized water reactors (PWRs) through collaboration with the Company's Nuclear Utility Fuel Advisory Board. The board is comprised of senior fuel managers from four large U.S. nuclear utilities (Exelon, Duke, Dominion, and Southern Company). Feedback from board members resulted in an improvement to Lightbridge's metallic fuel assembly design. The outer blanket row of oxide fuel rods was eliminated, making the entire Lightbridge fuel assembly metallic. "As a result, nuclear utilities using our metallic fuel in existing PWRs can realize improved safety and operating benefits (i.e., power uprate and longer fuel cycle) without the fuel performance constraints imposed by introducing oxide fuel rods into an assembly," Grae said. In a large break, loss-of-coolant accident (LOCA) scenario, analytical modeling shows that the temperature of zirconium cladding on Lightbridge metallic fuel rods remains at least 200 degrees Celsius below the temperature at which steam begins to react with zirconium to generate hydrogen gas that can pose an explosion risk. Additional tests are planned to confirm these preliminary results, Grae said. Under normal conditions, Lightbridge fuels are designed to operate approximately 1,000 degrees Celsius lower than conventional uranium oxide fuels. Financial Results and Guidance For the quarter ended September 30, 2013, Lightbridge's net loss was $1.3 million, or a loss of $0.11 per share, on revenue of $0.2 million, compared to a net loss $1.2 million, or a loss of $0.10 per share, on revenue of $0.6 million in the third quarter of 2012. For the nine months ended September 30, 2013, the Company's net loss was $3.6 million, or a loss of $0.29 per share, on revenue of $1.3 million. In the same period of 2012, the net loss was $3.4 million, or a loss of $0.27 per share, on revenue of $2.8 million. 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. Balance Sheet Overview At September 30, 2013, the Company had approximately $0.9 million in cash and cash equivalents, restricted cash and marketable securities, and approximately $1.7 million of working capital, with no long-term debt. Stockholders' equity was approximately $2.4 million at September 30, 2013 compared with $5.8 million on December 31, 2012. Common shares outstanding at September 30, 2013 totaled 12,556,400. On October 25, 2013, the Company received net proceeds of approximately $3.9 million after offering costs from a registered direct offering to certain institutional investors of a fixed combination of 2.5 million shares of common stock and warrants. The purchase price was $1.75 per fixed combination, with each combination consisting of one share of common stock and a warrant to purchase 0.5 shares of common stock. William Blair & Company, L.L.C. served as placement agent for the offering, which was a takedown from a previously filed shelf registration statement on Form S-3. The offering prospectus is on file with the Securities and Exchange Commission and can be viewed at: http://www.sec.gov/Archives/edgar/data/1084554/000106299313005167/0001062993-13-005167-index.htm 2013 Third Quarter Conference Call Lightbridge will hold a conference call on Friday, November 8, at 11 a.m. EST to discuss the Company's 2013 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. Questions may be asked live, using the telephone lines below. Questions also may be submitted in writing before or during the conference call to email@example.com. All written questions will be read and answered during the call. Lightbridge Corporation Conference Call - Business Update and 2013 Q3 Financial Results Date: Friday, November 8, 2013 Time: 11 a.m. EST Domestic Call-In: 877-440-7569 International Call-In: 253-237-1189 Live Webcast: http://www.media-server.com/m/p/6w5fu736 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. Forward Looking Statements This news release contains statements that are forward-looking in nature within the meaning of the Private Securities Litigation Reform Act of 1995, 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 Condensed Consolidated Balance Sheets September 30, December 31, 2013 2012 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 362,597 $ 2,197,555 Marketable securities 14,984 1,598,209 Restricted cash 554,731 553,682 Accounts receivable - project revenue and 628,789 601,803 reimbursable project costs Prepaid expenses & other current assets 448,759 574,590 Total Current Assets 2,009,860 5,525,839 Property Plant and Equipment -net 2,019 17,221 Other Assets Patent costs - net 672,405 600,596 Total Assets $ 2,684,284 $ 6,143,656 LIABILITIES AND STOCKHOLDERS EQUITY Current Liabilities Accounts payable and accrued liabilities $ 282,339 $ 385,223 Total Current Liabilities 282,339 385,223 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, 12,556,400 shares outstanding and 12,556 12,526 12,526,240 shares outstanding at September 30, 2013 and December 31, 2012, respectively Additional paid in capital - stock and stock 72,224,284 71,955,631 equivalents Deficit (69,834,895) (66,212,849) Common stock reserved for issuance, 2,264 shares at -- 3,125 December 31, 2012 Total Stockholders' Equity 2,401,945 5,758,433 Total Liabilities and Stockholders' Equity $ 2,684,284 $ 6,143,656 Lightbridge Corporation Unaudited Condensed Consolidated Statements of Operations Three Months Ended Nine Months Ended September 30, September 30, 2013 2012 2013 2012 Revenue: Consulting Revenue $ 169,156 $ 591,355 $ 1,343,964 $ 2,829,893 Cost of Consulting 128,780 370,415 778,821 1,747,880 Services Provided Gross Margin 40,376 220,940 565,143 1,082,013 Operating Expenses General and 804,907 1,082,644 2,358,769 3,274,240 administrative Research and 557,729 542,664 1,816,284 1,557,732 development expenses Total Operating 1,362,636 1,625,308 4,175,053 4,831,972 Expenses Operating Loss (1,322,260) (1,404,368) (3,609,910) (3,749,959) Other Income and (Expenses) Investment income 2,476 153,462 (9,277) 386,530 Other income 505 3,258 (2,859) 4,312 (expenses) Total Other Income and 2,981 156,720 (12,136) 390,842 (Expenses) Net loss before income (1,319,279) (1,247,648) (3,622,046) (3,359,117) taxes Income taxes 0 0 0 0 Net loss $ (1,319,279) $ (1,247,648) $(3,622,046) $ (3,359,117) Net Loss Per Common Share, Basic and $ (0.11) $ (0.10) $(0.29) $ (0.27) diluted Weighted Average Number of shares 12,556,400 12,514,036 12,550,850 12,479,659 outstanding Lightbridge Corporation Unaudited Condensed Consolidated Statements of Cash Flows Nine Months Ended September 30, 2013 2013 2012 Operating Activities: Net Loss $ (3,622,046) $ (3,359,117) Adjustments to reconcile net loss from operations to net cash used in operating activities: Stock based compensation 273,558 831,063 Depreciation and amortization 15,202 21,584 (Gains) loss on marketable securities 49,116 (141,893) Changes in non-cash operating working capital items: Accounts receivable - fees and reimbursable (26,986) (143,329) project costs Prepaid expenses and other assets 125,831 (316,466) Accounts payable, accrued liabilities and other (102,884) (586,078) current liabilities Net Cash Used In Operating Activities (3,288,209) (3,694,236) Investing Activities: Proceeds from the sale of marketable securities 1,572,242 997,926 Purchase of Marketable securities (38,133) (242,074) Patent costs (71,809) (43,502) Property and equipment 0 (18,100) Net Cash Provided By Investing Activities 1,462,300 694,250 Financing Activities: Proceeds from the issuance of common stock 0 1,733 Stock offering costs (8,000) 0 Restricted cash (1,049) (1,385) Net Cash Provided By (Used In) Financing (9,049) 348 Activities Net Decrease In Cash and Cash Equivalents (1,834,958) (2,999,638) Cash and Cash Equivalents, Beginning of Period 2,197,555 3,569,098 Cash and Cash Equivalents, End of Period $ 362,597 $ 569,460 Supplemental Disclosure of Cash Flow Information: Cash paid during the year: Interest paid $ 0 $ 0 Income taxes paid $ 0 $ 0 CONTACT: Gary Sharpe Investor Relations and Corporate Communications Lightbridge Corporation 1-571-730-1213 firstname.lastname@example.org company logo
Lightbridge Announces 2013 Third Quarter Business Update and Financial Results
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