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MCLEAN, Va., Nov. 11, 2010 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq:LTBR), the leading innovator of advanced nuclear fuel designs and provider of nuclear energy consulting services to commercial and governmental organizations, today announced earnings results for the third quarter ended September 30, 2010.
Revenue for the three months ended September 30, 2010 was $2.1 million, compared to $2.0 million in the comparable period a year ago. Operating loss for the quarter was approximately $1.7 million, a 26 percent improvement compared to an operating loss of $2.3 million in the third quarter of 2009. Excluding the impact of non-cash items, adjusted net loss for the three months ended September 30, 2010 would have been $1.0 million compared to adjusted net loss of $1.1 million for the same period a year ago (see "About Non-GAAP Financial Measures" near the end of this release).
"From a technology, business strategy and financial perspective, it was an active quarter for the Company," said Seth Grae, President and Chief Executive Officer of Lightbridge. "We completed a registered direct offering, raising about $13.7 million in additional capital, for the continued investment in our all-metal and thorium nuclear fuel technologies. Beyond the capital raise, we're continuing to make strides toward the commercialization of our nuclear fuel designs with further technological progress, and recently appointed James Malone as the Company's Chief Nuclear Fuel Development Officer. His coming on board is a strategically significant hire for us on our path toward commercialization, and reinforces our already best-in-class management and advisory council teams.
"In October, we also had the opportunity to discuss our all-metal and thorium-based seed-in-blanket nuclear fuel technologies in a closed meeting with the US Nuclear Regulatory Commission. The NRC indicated that the technologies can be approved so long as we show that the fuels comply with NRC regulations. Lightbridge is confident that information it provides to the NRC will permit the NRC to conduct a thorough review of these fuel technologies."