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Lightbridge Corporation Reports 2010 Second Quarter Financial Results

Mr. Grae further commented, "Our expertise in civilian nuclear advisory services continues to be in demand, as we work with governments to evaluate the potential for civil nuclear power programs. Heading into the second half of 2010, we remain active in pursing new opportunities to discuss our capabilities with potential partners, as legislation and international dialogue continue to be key components in our long-term development. We anticipate entering into new arrangements with governments and other institutions on the consulting side of our business before the end of the year." 

Currently, the Company's operating revenues are derived primarily from the Company's 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 continued development of the Company's nuclear fuel design technology. Revenues are primarily generated from the five-year consulting contracts in place in the United Arab Emirates ("UAE") with two separate entities, the Emirates Nuclear Energy Corporation ("ENEC") and the Federal Authority for Nuclear Regulation ("FANR"). 

As of June 30, 2010, the Company had approximately $3.1 million of cash and cash equivalents and approximately $3.1 million of working capital. As of December 31, 2009, the Company had approximately $4.5 million of working capital.

About Non-GAAP Financial Measures

This press release contains non-GAAP financial measures for earnings that exclude non-cash items. Net income excluding non-cash items is not a measure of performance calculated in accordance with generally accepted accounting principles in the United States ("GAAP") and has limitations as an analytical tool. The Company believes the presentation of net income excluding non-cash expense is relevant and useful by enhancing the readers' ability to understand the Company's operating performance. The Company's management utilizes net income excluding non-cash expense as a means to measure operating performance. You should not consider it in isolation or as a substitute for net income or any other measure calculated in accordance with GAAP. In addition, it should be noted that other companies may calculate adjusted net income differently and, therefore, adjusted net income as presented for the Company may not be comparable to the calculations of adjusted net income reported by other companies. The table below reconciles adjusted net income (loss) excluding non-cash expense, a non-GAAP measure, to GAAP net income (loss) for the three months ended June 30, 2010 and June 30, 2009 (Expressed in Thousands of US Dollars).
    Three Months Ended 30-June-10 Three Months Ended 30-June-09  
GAAP Net Income (Loss)   $(2,004) $(1,347)  
Expense - non-cash employee compensation   723 1,246  
Expense - depreciation   6 7  
Adjusted Net Income (Loss)   $(1,275) $(94)  

About Lightbridge Corporation

Lightbridge is a U.S. nuclear energy company based in McLean, VA with operations in Abu Dhabi, Moscow and London. The Company develops non-proliferative nuclear fuel technology and 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 peaceful nuclear power and leading the way towards 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 services to commercial entities and governments with a need to establish or expand nuclear industry capabilities and infrastructure.

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