Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,262.56 89.32 0.55%
S&P 500 1,842.98 12.37 0.68%
NASDAQ 4,034.16 11.47 0.29%
Ticker Volume Price Price Delta
STOXX 50 3,091.52 -40.05 -1.28%
FTSE 100 6,541.61 -42.15 -0.64%
DAX 9,173.71 -165.46 -1.77%
Ticker Volume Price Price Delta
NIKKEI 14,339.84 343.03 2.45%
TOPIX 1,159.48 23.39 2.06%
HANG SENG 22,813.92 142.66 0.63%

Lightbridge Announces 2013 Third Quarter Business Update and Financial Results



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 ir@ltbridge.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
         gsharpe@ltbridge.com

company logo
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement