Click here to close now.




















Welcome!

Agile Computing Authors: Samuel Scott, Carmen Gonzalez, Greg O'Connor, Pat Romanski, Yeshim Deniz

News Feed Item

Lightbridge Announces 2012 Third Quarter Business Update and Financial Results

Live Conference Call and Webcast Scheduled at 11 a.m. EST Friday, November 9 at: http://www.videonewswire.com/event.asp?id=89921

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 http://www.new.ans.org/pubs/journals/nt/v_180:3.

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 [email protected].  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: http://www.videonewswire.com/event.asp?id=89921.  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 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 and Corporate Communications
Lightbridge Corporation
571-730-1213
[email protected]

 


Lightbridge Corporation

Condensed Consolidated Balance Sheets








September 30,





2012


December 31,



(Unaudited)


2011

ASSETS










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 reimbursable project costs


420,540


277,211

   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






LIABILITIES AND STOCKHOLDERS' EQUITY





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 outstanding


-


-

Common stock, $0.001par value, 500,000,000 authorized, 12,539,162 shares issued, 12,523,872 shares outstanding and 12,476,414 shares issued, 12,427,220 shares outstanding  at  September 30, 2012 and December 31, 2011, respectively


12,524


12,427

Additional paid in capital - stock and stock equivalents


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 and December 31, 2011, respectively


3,125


34,750

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

Revenue:


















Consulting Revenue

$

591,355

$

1,652,538

$

2,829,893

$

5,523,181










Cost of Consulting Services Provided


370,415


848,065


1,747,880


3,516,708










Gross Margin


220,940


804,473


1,082,013


2,006,473










Operating Expenses









General and administrative


1,082,644


1,438,660


3,274,240


4,559,317

Research and development expenses


542,664


591,089


1,557,732


1,716,884

Total Operating Expenses


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 (Expenses)









Investment income


153,462


73,145


386,530


319,445

Other income (expenses)


3,258


(16,654)


4,312


(19,173)

Total Other Income and Expenses


156,720


56,491


390,842


300,272










Net loss before income taxes


(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 diluted

$

(0.10)

$

(0.09)

$

(0.27)

$

(0.32)

Weighted Average Number of shares outstanding


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 items:





Accounts receivable - fees and reimbursable project costs


(143,329)


153,067

Prepaid expenses and other assets


(316,466)


(31,164)

Accounts payable, accrued liabilities and other current liabilities


(586,078)


(663,489)

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 Activities


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 Activities


348


(1,324)






Net Increase (Decrease) In Cash and Cash Equivalents


(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 Liabilities

$

0

$

70,000






 

 

SOURCE Lightbridge Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Communication) is an open source project supported by Google, Mozilla and Opera that aims to enable bro...
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as soon as they are needed to take action.
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, will discuss how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the data to create additional revenue streams, such as improved warranties or premium features. Or slash...
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on demos and comprehensive walkthroughs.
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts, GM of Platform at FinancialForce.com, will discuss the value of business applications on wearable ...
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so they don't have to be replaced and are instantly converted to become smart, connected devices.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be.
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing these ideas and some early experiments performed in the Kurento open source software community in areas ...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface