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Last updated on April 19, 2014 at 18:42 EDT

Lightbridge Announces 2012 First Quarter Business Update and Financial Results

May 10, 2012

MCLEAN, Va., May 10, 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 ended March 31, 2012.

“We continue to log steady, incremental progress in our march toward bringing next generation nuclear fuel designs to market,” said Seth Grae, Lightbridge President and Chief Executive Officer. “In addition, our advisory services division is pursuing new consulting opportunities as global interest renews in nuclear energy as a source of long-term, efficient, base-load and carbon-free electric power.”

Mr. Grae said ongoing demonstrations of Lightbridge fuel technology continue to support the indicated benefits of meaningful power uprates, longer fuel cycles and increased safety. “During the quarter, we began contract negotiations with Rosatom’s entities relating to fabrication of fuel samples for loop irradiation testing in the MIR research reactor in Dimitrovgrad, Russia,” he said. “We expect this irradiation experiment to commence next year and generate fuel performance data over the ensuing 2.5 years in a test reactor environment prototypic of operating conditions found in a commercial pressurized water reactor. This fuel performance data is a key milestone necessary for regulatory licensing of our lead test assembly demonstrations in a commercial pressurized water reactor planned to begin in 2017.”

Financial Results

Revenue for the first quarter ended March 31, 2012 was $1.3 million, compared to $1.6 million for the same period of 2011. Operating loss for the 2012 quarter was $0.8 million, versus an operating loss of $1.6 million in the comparable period 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 government entities in the United Arab Emirates.

Balance Sheet Overview

At March 31 2012, the Company had approximately $7.8 million in cash and cash equivalents, restricted cash and marketable securities, and approximately $7.7 million of working capital, with no long term debt. Stockholders’ equity was approximately $8.4 million at March 31, 2012 compared with $8.8 million on December 31, 2011. Common shares outstanding at March 31, 2012 totaled 12,464,766.

2012 First Quarter Conference Call

Lightbridge will host a conference call on Thursday, May 10, at 11 a.m. EDT to discuss the Company’s 2012 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. Please submit questions for Lightbridge executive management in writing before or during the conference call to ir@ltbridge.com. All questions will be read aloud and answered during the call.

Date: Thursday, May 10, 2012
Time: 11 a.m. EDT
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=86945. 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. May 18, 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
Lightbridge Corporation
571-730-1213
gsharpe@ltbridge.com

                                  Lightbridge Corporation
                           Condensed Consolidated Balance Sheets

                                                March 31,
                                                                       2012      December 31,
                                                (Unaudited)                 2011
                                                ----------                  ----
                      ASSETS

    Current Assets
       Cash and cash
        equivalents                                             $1,965,892         $3,569,098
       Marketable securities                                     5,297,762          5,146,823
       Restricted cash                                             552,432            551,883
       Accounts receivable -
        project revenue and
        reimbursable project
        costs                                                      925,254            277,211
       Prepaid expenses &
        other current assets                                       377,759            269,697
                                                                   -------            -------
         Total Current Assets                                    9,119,099          9,814,712
                                                                 ---------          ---------

    Property Plant and
     Equipment -net                                                 40,348             46,514
                                                                    ------             ------

    Other Assets
       Patent costs - net                                          565,104            537,075
       Security deposits                                            80,324            120,486
                                                                    ------            -------
          Total Other Assets                                       645,428            657,561
                                                                   -------            -------

    Total Assets                                                $9,804,875        $10,518,787

                  LIABILITIES AND
                STOCKHOLDERS EQUITY

    Current Liabilities
       Accounts
        payable and
        accrued
        liabilities                                             $1,412,311         $1,680,433

    Total Current
     Liabilities                                                 1,412,311          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, 12,500,360
     shares issued,
     12,464,766 shares
     outstanding and
     12,476,414 shares
     issued, 12,427,220
     shares outstanding  at
      March 31, 2012 and
      December 31, 2011,                                            12,465             12,427
    Additional paid in
     capital -stock and
     stock equivalents                                          71,329,282         70,946,951
    Deficit                                                    (62,952,308)       (62,155,774)
    Common stock reserved
     for issuance, 977
     shares and 17,120
     shares at March 31,
     2012 and December 31,
     2011, respectively                                              3,125             34,750
                                                                     -----             ------
    Total Stockholders'
     Equity                                                      8,392,564          8,838,354
                                                                 ---------          ---------

    Total
     Liabilities
     and
     Stockholders'
     Equity                                                     $9,804,875        $10,518,787

                                     Lightbridge Corporation
                    Unaudited Condensed Consolidated Statements of Operations

                                                                     Three Months Ended
                                                                          March 31,
                                                                          ---------
                                                                       2012                    2011
                                                                       ----                    ----
    Revenue:

    Consulting
     Revenue                                                     $1,257,521              $1,578,094

    Cost of
     Consulting
     Services
     Provided                                                       769,685               1,093,019
                                                                    -------               ---------

    Gross Margin                                                    487,836                 485,075
                                                                    -------                 -------

    Operating
     Expenses
    General and
     administrative                                                 945,362               1,727,186
    Research and
     development
     expenses                                                       496,708                 499,640
                                                                    -------                 -------
    Total
     Operating
     Expenses                                                     1,442,070               2,226,826
                                                                  ---------               ---------

                                                                   (954,234)             (1,741,751)
                                                                   --------              ----------

    Other Income
     and
     (Expenses)
    Investment
     income                                                         151,558                 105,822
    Other income
     (expenses)                                                       6,142                  (2,810)
                                                                      -----                  ------
    Total Other
     Income and
     Expenses                                                       157,700                 103,012
                                                                    -------                 -------

    Net  loss
     before income
     taxes                                                         (796,534)             (1,638,739)

    Income taxes                                                          0                       0
                                                                        ---                     ---

    Net  loss                                                     $(796,534)            $(1,638,739)
                                                                  =========             ===========

    Net Loss Per
     Common Share,
     Basic and
     diluted                                                         $(0.06)                 $(0.13)
                                                                     ======                  ======
    Weighted
     Average
     Number of
     shares
     outstanding                                                 12,432,282              12,353,251
                                                                 ==========              ==========

                                          Lightbridge Corporation
                         Unaudited Condensed Consolidated Statements of Cash Flows

                                              Three Months Ended
                                                   March 31
                                                   --------
                                                                  2012                    2011
                                                                  ----                    ----
    Operating
     Activities:
    Net Loss                                                 $(796,534)            $(1,638,739)
    Adjustments to
     reconcile net loss
     from operations to
     net cash used in
     operating
     activities:
    Stock based
     compensation                                              350,745                 404,377
    Depreciation and
     amortization                                                6,166                   7,297
    Unrealized (gains)
     loss on marketable
     securities                                                (87,929)                 37,756
    Changes in non-cash
     operating working
     capital items:
    Accounts receivable
     -fees and
     reimburseable
     project costs                                            (648,043)                 85,597
    Prepaid expenses and
     other  assets                                             (67,901)               (830,610)
    Accounts payable,
     accrued liabilities
     and other current
     liabilities                                              (268,122)               (188,061)
    Deferred revenue                                                 0                 837,130
    Net Cash Used In
     Operating
     Activities                                             (1,511,618)             (1,285,253)
                                                            ----------              ----------

    Investing
     Activities:
    Proceeds from the
     sale of marketable
     securities                                                      0               1,949,893
    Purchase of
     Marketable
     securities                                                (63,010)                      0
    Property and
     equipment                                                       0                  (1,540)
    Patent costs                                               (28,029)                (21,877)
    Net Cash Provided By
     (Used In) Investing
     Activities                                                (91,039)              1,926,476
                                                               -------               ---------

    Financing
     Activities:
    Restricted cash                                               (549)                   (283)
    Net Cash Used In
     Financing
     Activities                                                   (549)                   (283)
                                                                  ----                    ----

    Net Increase
     (Decrease) In Cash
     and Cash
     Equivalents                                            (1,603,206)                640,940

    Cash and Cash
     Equivalents,
     Beginning of Year                                       3,569,098               2,373,421
                                                             ---------               ---------

    Cash and Cash
     Equivalents, End of
     Year                                                   $1,965,892              $3,014,361
                                                            ==========              ==========

    Supplemental
     Disclosure of Cash
     Flow Information:
    Cash paid during the
     year:
    Interest paid                                                   $0                      $0
                                                                   ===                     ===
    Income taxes paid                                               $0                      $0
                                                                   ===                     ===

SOURCE Lightbridge Corporation


Source: PR Newswire