Click here to close now.

Welcome!

Agile Computing Authors: Harry Trott, Lacey Thoms, Liz McMillan, Adrian Bridgwater, Pat Romanski

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
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
The multi-trillion economic opportunity around the "Internet of Things" (IoT) is emerging as the hottest topic for investors in 2015. As we connect the physical world with information technology, data from actions, processes and the environment can increase sales, improve efficiencies, automate daily activities and minimize risk. In his session at @ThingsExpo, Ed Maguire, Senior Analyst at CLSA Americas, will describe what is new and different about IoT, explore financial, technological and real-world impact across consumer and business use cases. Why now? Significant corporate and venture...
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehe...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, will analyze how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Pay...
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. According to a recent IDG Research Services Survey this rate of traffic will only grow. What's driving t...
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
The world is at a tipping point where the technology, the device and global adoption are converging to such a point that we will see an explosion of a world where smartphone devices not only allow us to talk to each other, but allow for communication between everything – serving as a central hub from which we control our world – MediaTek is at the heart of both driving this and allowing the markets to drive this reality forward themselves. The next wave of consumer gadgets is here – smart, connected, and small. If your ambitions are big, so are ours. In his session at @ThingsExpo, Jack Hu, D...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefits. The Modern Enterprise model is presented as a newer way to think of enterprise IT, which takes a more holistic approach to embracing modern technologies.
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...