PDF Add to Briefcase Print Share
May 8, 2014

Lightbridge Announces 2014 First Quarter Business Update and Financial Results

Latest Releases

Live Conference Call and Webcast Scheduled at 11 a.m. ET Friday, May 9 at: http://www.media-server.com/m/p/povwyz6o

MCLEAN, Va., May 8, 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 ended March 31, 2014.

"Lightbridge remains on track to meet our near-term milestones in the development of the Company's patented nuclear fuel technology," said Seth Grae, President and Chief Executive Officer. "Moreover, Lightbridge is increasingly well positioned to gain new consulting contracts with governments interested in establishing civil nuclear energy programs. 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. 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.

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 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/.

2014 First Quarter Business Update

Fuel Technology

Advisory Services

"Lightbridge is actively engaged in talks to provide consulting services to other governments interested in deploying nuclear power in their countries," Mr. Grae said. "Our proposals are before the relevant agencies and we expect responses in coming quarters about potential new consulting assignments."

Financial Results

For the quarter ended March 31, 2014, Lightbridge's net loss was $1.4 million, or a loss of $0.10 per share, on revenue of $0.3 million, compared to a net loss $1.3 million, or a loss of $0.10 per share, on revenue of $0.5 million in the first quarter 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, and are used to help fund the continuing development of the Company's nuclear fuel technologies.

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), he 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 March 31, 2014, the Company had approximately $2.7 million in cash and cash equivalents, restricted cash and marketable securities, and approximately $3.1 million of working capital, with no long-term debt. Stockholders' equity was approximately $3.8 million at March 31, 2014, compared with $5.2 million at December 31, 2013. Common shares outstanding at March 31, 2014 totaled 15,064,069.

2014 First Quarter Conference Call

Lightbridge will hold a conference call and webcast on Friday, May 9, at 11 a.m. ET to discuss the Company's 2014 first 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 2014 Q1 Financial Results
Date: Friday, May 9, 2014
Time: 11 a.m. ET
Domestic Call-In: 877-440-7569
International Call-In: 253-237-1189
Live Webcast:http://www.media-server.com/m/p/povwyz6o
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
     
 March 31, 2014
(Unaudited)
December 31,
2013
ASSETS    
Current Assets    
Cash and cash equivalents  $ 2,177,072  $ 3,672,877
Marketable securities  16,165 15,731
Restricted cash 555,187 555,008
Accounts receivable - project revenue and reimbursable project costs 507,738 425,916
Prepaid expenses & other current assets 461,876 288,939
Total Current Assets 3,718,038 4,958,471
     
Property Plant and Equipment -net -- --
     
Other Assets    
Patent costs - net 725,588 699,168
     
Total Assets $ 4,443,626  $ 5,657,639
     
LIABILITIES AND STOCKHOLDERS EQUITY    
     
Current Liabilities    
Accounts payable and accrued liabilities  $ 636,742  $ 476,628
Total Current Liabilities 636,742 476,628
     
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, 15,064,069 shares outstanding and 15,057,243 shares outstanding at March 31, 2014 and December 31, 2013, respectively 15,064 15,057
     
Additional paid in capital - stock and stock equivalents 76,303,552 76,243,764
Deficit  (72,511,732) (71,077,810)
Total Stockholders' Equity  3,806,884 5,181,011
Total Liabilities and Stockholders' Equity  $ 4,443,626  $ 5,657,639
 
LIGHTBRIDGE CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
     
 Three Months Ended
March 31, 
 20142013
Revenue:    
     
Consulting Revenue  $ 254,107  $ 515,950
     
Cost of Consulting Services Provided 125,012 284,337
     
Gross Margin 129,095 231,613
     
Operating Expenses    
General and administrative  1,131,419 881,778
Research and development expenses 431,986 643,273
Total Operating Expenses 1,563,405 1,525,051
     
Operating Loss (1,434,310) (1,293,438)
     
Other Income and (Expenses)    
Investment income 388 15,556
Other income (expenses) --  (1,040)
Total Other Income and (Expenses) 388 14,516
     
Net loss before income taxes (1,433,922) (1,278,922)
     
Income taxes --  -- 
     
Net loss  $ (1,433,922)  $ (1,278,922)
     
     
Net Loss Per Common Share, Basic and Diluted  $ (0.10)  $ (0.10)
Weighted Average Number of Shares Outstanding 15,058,163 12,529,045
 
LIGHTBRIDGE CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
     
 Three Months Ended
March 31, 
 20142013
Operating Activities:    
Net Loss   $ (1,433,922)  $ (1,278,922)
     
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock-based compensation  59,796 147,163
Depreciation and amortization -- 6,119
(Gains) loss on marketable securities (434) 3,359
Changes in non-cash operating working capital items:    
Accounts receivable - fees and reimbursable project costs  (81,822) 183,690
Prepaid expenses and other assets (172,937) (131,779)
Accounts payable, accrued liabilities and other current liabilities 160,113 8,396
Net Cash Used In Operating Activities (1,469,206) (1,061,974)
     
Investing Activities:    
Purchase of Marketable securities  -- (17,866)
Patent costs (26,420) (34,357)
Net Cash Used In Investing Activities (26,420) (52,223)
     
Financing Activities:    
Restricted cash (179) (410)
Net Cash Used In Financing Activities (179) (410)
     
Net Decrease In Cash and Cash Equivalents (1,495,805) (1,114,607)
     
Cash and Cash Equivalents, Beginning of Period 3,672,877 2,197,555
     
Cash and Cash Equivalents, End of Period  $ 2,177,072  $ 1,082,948
     
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

         gsharpe@ltbridge.com

« Previous Release | Next Release »
Close window | Back to top