Live Conference Call and Webcast Scheduled at 11 a.m. ET Wednesday, August 6 at: http://www.media-server.com/m/p/d7zvuusg
MCLEAN, Va., Aug. 5, 2014 (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 six months ended June 30, 2014.
"Lightbridge's across-the-board progress and momentum during the first half of 2014 are very encouraging," said Seth Grae, Lightbridge President and Chief Executive Officer. "Development of the Company's patented metallic nuclear fuel technology continues to advance, meeting near-term milestones. Our intellectual property portfolio was significantly strengthened by the issuance of patents by the U.S. Patent and Trademark Office and the Australia Patent Office covering our multi-lobed metallic fuel rod design and fuel assemblies. Awareness continues to increase within a growing global industry of the compelling value proposition of Lightbridge fuel technology and comprehensive strategic consulting services."
Lightbridge is developing and commercializing next generation nuclear fuel technology with benefits of enhanced safety, increased revenue and improved operating margins for both existing and new build reactors. The Company also provides comprehensive advisory services for established and emerging nuclear programs, based on transparency, non-proliferation, safety and operational excellence.
For a more detailed description of the value proposition of Lightbridge fuel technology, including projected incremental annual net operating cash flows and return on investment for a nuclear power plant operator using Lightbridge fuel at various wholesale electricity prices, visit http://bit.ly/1jLXpoY. The advantages of Lightbridge's metallic fuel design were confirmed in three independent, third-party analyses published in 2012 and 2013. These reports, which include a peer-reviewed article published in Nuclear Technology, are available for download at http://ir.ltbridge.com/.
The commercial nuclear energy industry is projected to grow rapidly at a time of rising global demand for reliable, carbon-free, base load electric power. There are currently 435 operable civil nuclear reactors in 32 countries around the world, with an additional 71 reactors under construction, according to the World Nuclear Association. By 2035, the International Energy Agency of the Organization for Economic Cooperation and Development projects a 60% increase in nuclear capacity from a combination of power uprates and reactor construction.
2014 Second Quarter Business Update
- Lightbridge is currently in substantive discussions with U.S. and other Western fuel fabricators and development partners with suitable test reactor facilities and/or fuel fabrication capabilities that could be used for fabrication and irradiation testing of the Company's metallic fuel samples. Lightbridge expects to enter into a collaborative agreement relating to these critical-path items in 2014.
- In February, the U.S. Patent and Trademark Office (USPTO) approved and issued to Lightbridge the key patent (#8,654,917) covering Lightbridge's multi-lobed metallic fuel rod design and fuel assemblies.
- Subsequent to the quarter's end, in July the Company was issued its first international patent on its fuel rod design by the Commonwealth of Australia Patents Office.
- Lightbridge is providing comprehensive counsel to the Emirates Nuclear Energy Corporation (ENEC) under a contract that was recently extended through 2015. ENEC is building four 1,400-megawatt nuclear power plants in the United Arab Emirates. The first plant is expected to start operating in 2017. The other three plants are scheduled to be completed and operational by 2020. Lightbridge has served ENEC since 2008.
- A consortium that includes Lightbridge was awarded a multi-year, technical-support services contract to support an independent government agency overseeing construction of nuclear power plants. The scope of contracted services is expected to be determined in the fourth quarter of 2014.
"Wherever governments are interested in deploying civil nuclear power, Lightbridge will explore the opportunity to provide consulting services," Grae said. "We currently have proposals before relevant agencies in numerous countries and expect responses about potential new consulting assignments in coming quarters."
For the quarter ended June 30, 2014, Lightbridge's net loss was $1.7 million, or a loss of $0.11 per share, on revenue of $0.3 million, compared to a net loss $1.0 million, or a loss of $0.08 per share, on revenue of $0.7 million in the second quarter of 2013. For the six months ended June 30, 2014, Lightbridge's net loss was $3.1 million, or a loss of $0.21 per share, on revenue of $0.6 million, compared to a net loss $2.3 million, or a loss of $0.18 per share, on revenue of $1.2 million in the same period of 2013. 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.
As Lightbridge research and development activities increase over the next two to three years, the primary focus will be testing and demonstration of the Company's metallic fuel technology for Western-type pressurized water reactors (PWR), Grae said. The main objective of this research and development phase is to prepare for full-scale demonstration of the Company's fuel technology in an operating commercial PWR beginning in 2020.
Balance Sheet Overview
At June 30, 2014, the Company had approximately $1.6 million in cash and cash equivalents, restricted cash and marketable securities, and approximately $1.5 million of working capital, with no long-term debt. Stockholders' equity was approximately $2.2 million at June 30, 2014, compared with $5.2 million at December 31, 2013. Common shares outstanding at June 30, 2014 totaled 15,071,536.
2014 Second Quarter Conference Call
Lightbridge will hold a conference call and webcast on Wednesday, August 6, at 11 a.m. ET to discuss the Company's 2014 second 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 firstname.lastname@example.org. All written questions will be read and answered during the call.
|Lightbridge Corporation Conference Call - Business Update and 2014 Q2 Financial Results|
|Date:||Wednesday, August 6, 2014|
|Time:||11 a.m. ET|
|Replay:||Available for one year at the URL above.|
About Lightbridge Corporation
Lightbridge is a US nuclear energy company that is developing patent-protected, proliferation resistant, next generation nuclear fuel technologies for current and future nuclear reactor systems. The Company also provides comprehensive advisory services in several countries around the world 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, carbon-free 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.
|Condensed Consolidated Balance Sheets|
|June 30, 2014||December 31,|
|Cash and cash equivalents||$ 987,954||$ 3,672,877|
|Accounts receivable - project revenue and reimbursable project costs||408,231||425,916|
|Prepaid expenses & other current assets||339,142||288,939|
|Total Current Assets||2,307,412||4,958,471|
|Property Plant and Equipment -net||--||--|
|Patent costs - net||764,714||699,168|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable and accrued liabilities||$ 854,848||$ 476,628|
|Total Current Liabilities||854,848||476,628|
|Commitments and contingencies|
|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, 15,071,536 shares outstanding and 15,057,243 shares outstanding at June 30, 2014 and December 31, 2013, respectively||15,072||15,057|
|Additional paid in capital - stock and stock equivalents||76,369,046||76,243,764|
|Total Stockholders' Equity||2,217,278||5,181,011|
|Total Liabilities and Stockholders' Equity||$3,072,126||$5,657,639|
Condensed Unaudited Consolidated Statements of Operations
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|Consulting Revenue||$ 349,131||$ 658,859||$ 603,238||$ 1,174,809|
|Cost of Consulting Services Provided||230,974||365,704||355,986||650,041|
|General and administrative||1,149,420||672,084||2,280,839||1,553,862|
|Research and development expenses||624,448||615,281||1,056,434||1,258,554|
|Total Operating Expenses||1,773,868||1,287,365||3,337,273||2,812,416|
|Other Income and (Expenses)|
|Other income (expenses)||--||(2,325)||--||(3,365)|
|Total Other Income and (Expenses)||603||(29,634)||991||(15,118)|
|Net loss before income taxes||(1,655,108)||(1,023,844)||(3,089,030)||(2,302,766)|
|Net loss||$ (1,655,108)||$ (1,023,844)||$ (3,089,030)||$ (2,302,766)|
|Net Loss Per Common Share, Basic and Diluted||$ (0.11)||$ (0.08)||$ (0.21)||$ (0.18)|
|Weighted Average Number of Shares Outstanding||15,067,885||12,555,156||15,063,052||12,542,174|
Condensed Unaudited Consolidated Statements of Cash Flows
|Six Months Ended|
|Net Loss||$ (3,089,030)||$ (2,302,766)|
|Adjustments to reconcile net loss from operations to net cash used in operating activities:|
|Depreciation and amortization||--||12,390|
|Unrealized and realized (gains) loss on marketable securities||(792)||46,001|
|Changes in non-cash operating working capital items:|
|Accounts receivable - fees and reimbursable project costs||17,685||(61,426)|
|Prepaid expenses and other assets||(50,203)||52,845|
|Accounts payable, accrued liabilities and other current liabilities||378,220||37,719|
|Net Cash Used In Operating Activities||(2,618,823)||(2,004,584)|
|Proceeds from the sale of marketable securities||--||500,000|
|Purchase of Marketable securities||--||(32,831)|
|Net Cash Used In Investing Activities||(65,546)||393,815|
|Net Cash Used In Financing Activities||(554)||(770)|
|Net Decrease In Cash and Cash Equivalents||(2,684,923)||(1,611,539)|
|Cash and Cash Equivalents, Beginning of Period||3,672,877||2,197,555|
|Cash and Cash Equivalents, End of Period||$ 987,954||$ 586,016|
|Supplemental Disclosure of Cash Flow Information:|
|Cash paid during the year:|
|Interest paid||$ --||$ --|
|Income taxes paid||$ --||$ --|
CONTACT: Gary Sharpe Investor Relations and Corporate Communications Lightbridge Corporation 1-571-730-1213 email@example.com