MCLEAN, Va., July 22, 2010 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq:LTBR), a leading developer of non-proliferative nuclear fuel technology and provider of comprehensive advisory services for civil nuclear energy programs, today announced earnings results for the second quarter ended June 30, 2010. Revenue for the three months ended June 30, 2010 was $2.0 million, compared to $3.4 million in the comparable period a year ago. Operating loss for the quarter was approximately $2.0 compared to an operating loss of $1.3 million in the second quarter of 2009. Excluding the impact of non-cash items, adjusted net loss for the three months ended June 30, 2010 would have been $1.3 million compared to adjusted net loss of $0.1 million for the same period a year ago (see "About Non-GAAP Financial Measures" near the end of this release).
Seth Grae, Lightbridge Chief Executive Officer, commented, "On the fuel technology side of our business, we had a significant development in the second quarter that is important to our business. Our proprietary, all-metal fuel assembly, which we've been developing as an outgrowth of our seed-and-blanket fuel technology for the last decade, has the potential to reduce both initial capital costs per megawatt and annual operating costs per kilowatt-hour of nuclear power, which we believe will increase the competitiveness of nuclear power versus fossil energy sources, while also contributing to a significant reduction of CO2 emissions."
Mr. Grae added, "We believe this development in all-metal fuel assembly will provide considerable fiscal incentives to both new and existing nuclear utilities, making it an attractive product to increase output and decrease operating costs, while also reducing proliferation and fuel waste. We expect the testing and demonstration work on our all-metal fuel technology will also benefit and advance our thorium-based seed-and-blanket fuel assembly design due to the similarities and synergies between the all-metal fuel rods and the metallic seed fuel rods utilized in the seed-and-blanket fuel assembly design."