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February 28, 2013

Lightbridge Announces 2012 and Fourth Quarter Business Update and Financial Results

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Live Conference Call and Webcast Scheduled at 11 a.m. EST Friday, March 1 at: http://ir.ltbridge.com/eventdetail.cfm?EventID=124882

MCLEAN, Va., Feb. 28, 2013 (GLOBE NEWSWIRE) -- 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 year ended December 31, 2012.

"Lightbridge advanced strategically and tactically on every business front in 2012," said Seth Grae, President and Chief Executive Officer. "The stage is set for continued achievement in 2013 because of the compelling value of our patented fuel technology and proven expertise of our consulting services. Lightbridge is well positioned as global recognition grows of nuclear energy 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 benefits of increasing power output of existing and new reactors, reducing nuclear waste, improving safety and enhancing proliferation resistance of spent fuel. Lightbridge's comprehensive advisory services are helping existing clients with on-time and on-budget development and regulation of nuclear power plants to expand electricity generation capabilities.

2012 Business Update

Fuel Technology

"We made measureable progress and achieved strategic milestones in 2012 toward commercialization of our fuel technology," Grae said.

Lightbridge also reiterated key research and development milestones for its fuel technology.

Advisory Services

"Our emergence in the field of nuclear energy consulting is in direct response to demand for independent assessments and expert technical consulting services from countries looking to establish nuclear energy programs," Grae said. "Lightbridge's comprehensive advisory services for developing safe, secure, efficient and cost-effective nuclear power have generated more than $40 million in revenue since 2008."

Financial Results and Guidance

For the quarter ended December 31, 2012, Lightbridge's net loss was $0.7 million, or a loss of $0.05 per share, on revenue of $0.8 million, compared to a net loss $1.9 million, or a loss of $0.15 per share, on revenue of $0.8 million in the fourth quarter of 2011. For the 12 months ended December 31, 2012, the Company's net loss was $4.1 million, or a loss of $0.32 per share, on revenue of $3.7 million, compared to a net loss of $5.9 million, or a loss of $0.47 per share, on revenue of $6.4 million in 2011. 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. Revenues were primarily generated from contracts in place with governmental entities in the United Arab Emirates.

"Over the next 12 to 15 months, we expect to incur approximately $3 million to $4 million in research and development expenses related to the development of our proprietary nuclear fuel designs," Grae said.  "We spent approximately $2.1 million and $2.3 million for research and development during the years ended December 31, 2012 and 2011, respectively."

Balance Sheet Overview

At December 31, 2012, the Company had approximately $4.4 million in cash and cash equivalents, restricted cash and marketable securities, and approximately $5.1 million of working capital, with no long-term debt. Stockholders' equity was approximately $5.8 million at December 31, 2012 compared with $8.8 million on December 31, 2011. Common shares outstanding at December 31, 2012 totaled 12,526,240.

"We expect to seek new financing or additional sources of capital in the next six months to support the remaining R&D activities required to advance Lightbridge fuel products to a commercial stage," Grae said. "The primary potential sources of cash available to us are equity investments from institutional investors; strategic investment through alliances with major fuel vendors, fuel fabricators and/or other strategic parties during the next three years; and new consulting contracts."

2012 and Fourth Quarter Conference Call

Lightbridge will hold a conference call on Friday, March 1, at 11 a.m. EST to discuss the Company's 2012 and fourth 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 2012 & Q4 Financial Results
Date: Friday, March 1, 2013
Time: 11 a.m. EST
Domestic Call-In: 877-440-7569
International Call-In: 253-237-1189
Listen-only Call-In: 877-670-9783
Listen-only International Call-In: 970-315-0421
Live Webcast:http://ir.ltbridge.com/eventdetail.cfm?EventID=124882
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.

The Lightbridge Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=17075

Forward Looking Statements

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.

Lightbridge Corporation
Consolidated Balance Sheets
    
 December 31,December 31,
 20122011
ASSETS    
Current Assets    
Cash and cash equivalents $ 2,197,555 $ 3,569,098
Marketable securities 1,598,209 5,146,823
Restricted cash 553,682 551,883
Accounts receivable - project revenue and reimbursable project costs 601,803 277,211
Prepaid expenses & other current assets 574,590 269,697
Total Current Assets 5,525,839 9,814,712
     
Property Plant and Equipment -net 17,221 46,514
     
Other Assets    
Patent costs - net 600,596 537,075
Security deposits -- 120,486
Total Other Assets 600,596 657,561
     
Total Assets $ 6,143,656 $ 10,518,787
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
Current Liabilities    
Accounts payable and accrued liabilities $ 385,223 $ 1,680,433
Total Current Liabilities 385,223 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, 12,540,686 shares issued, 12,526,240 shares outstanding and 12,476,414 shares issued, 12,427,220 shares outstanding at December 31, 2012 and December 31, 2011, respectively 12,526 12,427
Additional paid in capital - stock and stock equivalents 71,955,631 70,946,951
Deficit (66,212,849) (62,155,774)
Common stock reserved for issuance, 2,264 shares and 17,120 shares at December 31, 2012 and December 31, 2011, respectively 3,125 34,750
Total Stockholders' Equity 5,758,433 8,838,354
     
Total Liabilities and Stockholders' Equity $ 6,143,656 $ 10,518,787
 
 
 
Lightbridge Corporation
Consolidated Statements of Operations
     
  Years Ended
  December 31,
  2012 2011
Revenue:    
Consulting Revenue $ 3,677,596 $ 6,356,424
Cost of Consulting Services Provided 2,266,815 3,992,153
Gross Margin 1,410,781 2,364,271
     
Operating Expenses    
General and administrative 3,841,486 6,342,673
Research and development expenses 2,064,568 2,349,749
Total Operating Expenses 5,906,054 8,692,422
Operating Loss (4,495,273) (6,328,151)
   
Other Income and (Expenses)    
Investment income 433,636 465,162
Other income (expenses) 4,562 (6,018)
Total Other Income and (Expenses) 438,198 459,144
Net loss before income taxes (4,057,075) (5,869,007)
Income taxes -- --
Net loss $ (4,057,075) $ (5,869,007)
   
Net Loss Per Common Share, Basic and Diluted $ (0.32) $ (0.47)
Weighted Average Number of shares outstanding  12,491,106  12,376,548
 
 
 
Lightbridge Corporation
Consolidated Statements of Cash Flows
     
  Years Ended
  December 31,
  2012 2011
Operating Activities:    
Net Loss $ (4,057,075) $ (5,869,007)
     
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock based compensation 975,421 1,513,021
Depreciation and amortization 28,357 26,962
Unrealized gains on marketable securities (195,892) (93,951)
Changes in non-cash operating working capital items:    
Accounts receivable - fees and reimbursable project costs (324,592) 713,352
Prepaid expenses and other assets (184,407) 95,564
Accounts payable, accrued liabilities and other current liabilities (1,295,210) (337,929)
Deferred revenue -- (98,110)
Net Cash Used In Operating Activities (5,053,398) (4,050,098)
     
Investing Activities:    
Proceeds from the sale of marketable securities 3,979,469 10,408,785
Purchase of marketable securities (234,963) (5,000,300)
Property and equipment 936 (1,297)
Patent costs (63,521) (159,813)
Net Cash Provided By Investing Activities 3,681,921 5,247,375
     
Financing Activities:    
Proceeds from the issuance of common stock 1,733 --
Restricted cash (1,799) (1,600)
Net Cash Used In Financing Activities (66) (1,600)
     
Net Increase (Decrease) In Cash and Cash Equivalents (1,371,543) 1,195,677
     
Cash and Cash Equivalents, Beginning of Year 3,569,098 2,373,421
     
Cash and Cash Equivalents, End of Year $ 2,197,555 $ 3,569,098
     
Supplemental Disclosure of Cash Flow Information:    
Cash paid during the year:    
Interest paid $ -- $ --
Income taxes paid $ -- $ --
     
Non-Cash Financing Activity:    
Grant of Common Stock for Payment of Accrued Liabilities $ -- $ 70,000
CONTACT: Gary Sharpe

         Investor Relations and Corporate Communications

         Lightbridge Corporation

         571-730-1213

         gsharpe@ltbridge.com

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