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Lightbridge Corporation Reports 2010 Third Quarter Financial Results

The Lightbridge Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6636

Forward Looking Statement

This press 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 press release and involve a number of risks and uncertainties, which 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 "Item 1A. Risk Factors" in Lightbridge's Quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2010. 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
 
  September 30, 2010 December 31, 2009
  (Unaudited)  
ASSETS    
     
Current Assets    
Cash and cash equivalents $3,569,526 $3,028,791
Marketable securities 10,429,252 --
Restricted cash 263,619 652,174
Accounts receivable - project revenue and reimbursable project costs 1,271,360 2,421,088
Prepaid expenses & other current assets 528,635 574,095
Total Current Assets 16,062,392 6,676,148
     
Property Plant and Equipment –net 79,343 97,559
     
Other Assets    
Patent costs – net 289,561 241,845
Security deposits 120,486 120,486
Total Other Assets 410,047 362,331
     
Total Assets $16,551,782 $7,136,038
     
LIABILITIES AND STOCKHOLDERS EQUITY    
     
Current Liabilities    
Accounts payable and accrued liabilities $1,634,889 $2,162,221
     
Total Liabilities 1,634,889 2,162,221
     
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, 12,419,967 shares issued, 12,334,018 shares issued and outstanding at September 30, 2010 and 10,168,412 shares issued and outstanding  and December 31, 2009 12,334 10,168
Additional paid in capital - stock and stock equivalents 68,917,377 53,652,185
Deficit (54,082,318) (48,723,286)
Common stock reserved for issuance, 10,087 shares and 5,721 shares at September 30, 2010 and December 31, 2009, respectively 69,500 34,750
Total Stockholders' Equity 14,916,893 4,973,817
     
Total Liabilities and Stockholders' Equity $16,551,782 $7,136,038
 
 
Lightbridge Corporation
Unaudited Condensed Consolidated Statements of Operations
 
  Three Months Ended September 30, 2010 Nine Months Ended September 30, 2010
  2010 2009 2010 2009
Revenue:        
         
Consulting Revenue $2,050,456 $2,009,548 $6,411,883 $8,384,086
         
Cost of Consulting Services Provided 1,255,877 1,289,552 4,024,275 4,926,916
         
Gross Margin 794,579 719,996 2,387,608 3,457,170
         
Operating Expenses        
General and administrative 1,942,132 2,686,165 6,642,487 7,291,426
Research and development expenses 562,783 325,044 1,142,043 1,337,961
Total Operating Expenses 2,504,915 3,011,209 7,784,530 8,629,387
         
Operating loss (1,710,336) (2,291,213) (5,396,922) (5,172,217)
         
Other Income and (Expenses)        
Interest income 3,809 5,197 4,857 21,717
Other 35,563 (907) 33,033 (5,834)
Total Other Income and Expenses 39,372 4,290 37,890 15,883
         
Net loss before income taxes (1,670,964) (2,286,923) (5,359,032) (5,156,334)
         
Income taxes 0 0 0 0
         
Net loss $(1,670,964) $(2,286,923) $(5,359,032) $(5,156,334)
         
Net Loss Per Common Share, Basic and diluted $(0.14) $(0.23) $(0.50) $(0.51)
         
Weighted Average Number of shares outstanding for the period used to compute per share data - (prior reporting period restated to reflect 1 for 30 reverse stock split)  11,703,932  10,140,767  10,730,225  9,987,178
 
 
Lightbridge Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
 
  Nine Months Ended September 30,
  2010 2009
Operating Activities:    
Net Loss $(5,359,032) $(5,156,334)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock based compensation 2,259,348 3,694,604
Depreciation and amortization 18,216 20,084
Unrealized gain on marketable securities (38,638) 0
Changes in non-cash operating working capital items:    
Accounts receivable - fees and reimbursable project costs 1,149,728 3,287,683
Prepaid expenses and other current assets 45,460 (458,098)
Accounts payable, accrued liabilities and other current liabilities 176,405 (3,057,656)
Deferred revenue    
Net Cash Used In Operating Activities (1,748,513) (1,669,717)
     
Investing Activities:    
Marketable securities (10,390,614) 0
Property and equipment 0 (13,102)
Patent costs (47,716) (23,970)
Net Cash Used In Investing Activities (10,438,330) (37,072)
     
Financing Activities:    
Proceeds from the issuance of common stock- net of offering costs 12,582,575 0
Redemption of common stock into treasury stock (243,552) 0
Restricted cash 388,555 (1,409)
Net Cash Provided by (Used In) Financing Activities 12,727,578 (1,409)
     
Net Increase (Decrease) In Cash and Cash Equivalents 540,735 (1,708,198)
     
Cash and Cash Equivalents, Beginning of Period 3,028,791 5,580,244
     
Cash and Cash Equivalents, End of Period $3,569,526 $3,872,046
     
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period :    
Interest paid $0 $0
Income taxes paid $0 $266,000
     
Non-Cash Financing Activity    
Retirement of treasury stock 243,552 0
Grant of Common Stock for Payment of Accrued Liabilities $703,737 $0
CONTACT:  Lightbridge Corporation
          Gerry Pascale
          (571) 730-1213
          ir@Ltbridge.com

          Ogilvy Public Relations
          Greg Jawski
          212-880-5353
          greg.jawski@ogilvypr.com

Lightbridge Corporation Logo

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