This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Lightbridge Announces 2013 Third Quarter Business Update And Financial Results

In a large break, loss-of-coolant accident (LOCA) scenario, analytical modeling shows that the temperature of zirconium cladding on Lightbridge metallic fuel rods remains at least 200 degrees Celsius below the temperature at which steam begins to react with zirconium to generate hydrogen gas that can pose an explosion risk. Additional tests are planned to confirm these preliminary results, Grae said. Under normal conditions, Lightbridge fuels are designed to operate approximately 1,000 degrees Celsius lower than conventional uranium oxide fuels.

Financial Results and Guidance

For the quarter ended September 30, 2013, Lightbridge's net loss was $1.3 million, or a loss of $0.11 per share, on revenue of $0.2 million, compared to a net loss $1.2 million, or a loss of $0.10 per share, on revenue of $0.6 million in the third quarter of 2012. For the nine months ended September 30, 2013, the Company's net loss was $3.6 million, or a loss of $0.29 per share, on revenue of $1.3 million. In the same period of 2012, the net loss was $3.4 million, or a loss of $0.27 per share, on revenue of $2.8 million. Lightbridge revenues are derived 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.

Balance Sheet Overview

At September 30, 2013, the Company had approximately $0.9 million in cash and cash equivalents, restricted cash and marketable securities, and approximately $1.7 million of working capital, with no long-term debt. Stockholders' equity was approximately $2.4 million at September 30, 2013 compared with $5.8 million on December 31, 2012. Common shares outstanding at September 30, 2013 totaled 12,556,400.

On October 25, 2013, the Company received net proceeds of approximately $3.9 million after offering costs from a registered direct offering to certain institutional investors of a fixed combination of 2.5 million shares of common stock and warrants. The purchase price was $1.75 per fixed combination, with each combination consisting of one share of common stock and a warrant to purchase 0.5 shares of common stock. William Blair & Company, L.L.C. served as placement agent for the offering, which was a takedown from a previously filed shelf registration statement on Form S-3. The offering prospectus is on file with the Securities and Exchange Commission and can be viewed at:

http://www.sec.gov/Archives/edgar/data/1084554/000106299313005167/0001062993-13-005167-index.htm

2013 Third Quarter Conference Call

Lightbridge will hold a conference call on Friday, November 8, at 11 a.m. EST to discuss the Company's 2013 third 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. Questions may be asked live, using the telephone lines below. Questions also may be submitted in writing before or during the conference call to ir@ltbridge.com. All written questions will be read and answered during the call.

Lightbridge Corporation Conference Call - Business Update and 2013 Q3 Financial Results
Date: Friday, November 8, 2013
Time: 11 a.m. EST
Domestic Call-In: 877-440-7569
International Call-In: 253-237-1189
Live Webcast: http://www.media-server.com/m/p/6w5fu736
Replay: Available for one year at the URL above.

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 Statements

This news release contains statements that are forward-looking in nature within the meaning of the Private Securities Litigation Reform Act of 1995, 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.

 
Lightbridge Corporation
Condensed Consolidated Balance Sheets
 
  September 30, December 31,
  2013 2012
  (Unaudited)  
ASSETS    
Current Assets    
Cash and cash equivalents $ 362,597 $ 2,197,555
Marketable securities 14,984 1,598,209
Restricted cash 554,731 553,682
Accounts receivable - project revenue and reimbursable project costs 628,789 601,803
Prepaid expenses & other current assets 448,759 574,590
Total Current Assets 2,009,860 5,525,839
     
Property Plant and Equipment -net 2,019 17,221
     
Other Assets    
Patent costs - net 672,405 600,596
     
Total Assets $ 2,684,284 $ 6,143,656
     
LIABILITIES AND STOCKHOLDERS EQUITY    
     
Current Liabilities    
Accounts payable and accrued liabilities $ 282,339 $ 385,223
Total Current Liabilities 282,339 385,223
     
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, 12,556,400 shares outstanding and 12,526,240 shares outstanding at September 30, 2013 and December 31, 2012, respectively 12,556 12,526
Additional paid in capital - stock and stock equivalents 72,224,284 71,955,631
Deficit (69,834,895) (66,212,849)
Common stock reserved for issuance, 2,264 shares at December 31, 2012 -- 3,125
Total Stockholders' Equity 2,401,945 5,758,433
     
Total Liabilities and Stockholders' Equity $ 2,684,284 $ 6,143,656
     
 
Lightbridge Corporation
Unaudited Condensed Consolidated Statements of Operations
 
  Three Months Ended Nine Months Ended
  September 30, September 30,
  2013 2012 2013 2012
Revenue:        
         
Consulting Revenue $ 169,156 $ 591,355 $ 1,343,964 $ 2,829,893
         
Cost of Consulting Services Provided 128,780 370,415 778,821 1,747,880
         
Gross Margin 40,376 220,940 565,143 1,082,013
         
Operating Expenses        
General and administrative 804,907 1,082,644 2,358,769 3,274,240
Research and development expenses 557,729 542,664 1,816,284 1,557,732
Total Operating Expenses 1,362,636 1,625,308 4,175,053 4,831,972
         
Operating Loss (1,322,260) (1,404,368) (3,609,910) (3,749,959)
         
Other Income and (Expenses)        
Investment income 2,476 153,462 (9,277) 386,530
Other income (expenses) 505 3,258 (2,859) 4,312
Total Other Income and (Expenses) 2,981 156,720 (12,136) 390,842
         
Net loss before income taxes (1,319,279) (1,247,648) (3,622,046) (3,359,117)
         
Income taxes 0 0 0 0
         
Net loss $ (1,319,279) $ (1,247,648) $ (3,622,046) $ (3,359,117)
         
         
Net Loss Per Common Share, Basic and diluted $ (0.11) $ (0.10) $ (0.29) $ (0.27)
Weighted Average Number of shares outstanding  12,556,400  12,514,036 12,550,850  12,479,659
 
 
Lightbridge Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
 
  Nine Months Ended
  September 30, 2013
  2013 2012
Operating Activities:    
Net Loss $ (3,622,046) $ (3,359,117)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock based compensation 273,558 831,063
Depreciation and amortization 15,202 21,584
(Gains) loss on marketable securities 49,116 (141,893)
Changes in non-cash operating working capital items:    
Accounts receivable - fees and reimbursable project costs (26,986) (143,329)
Prepaid expenses and other assets 125,831 (316,466)
Accounts payable, accrued liabilities and other current liabilities (102,884) (586,078)
Net Cash Used In Operating Activities (3,288,209) (3,694,236)
     
Investing Activities:    
Proceeds from the sale of marketable securities 1,572,242 997,926
Purchase of Marketable securities (38,133) (242,074)
Patent costs (71,809) (43,502)
Property and equipment 0 (18,100)
Net Cash Provided By Investing Activities 1,462,300 694,250
     
Financing Activities:    
Proceeds from the issuance of common stock 0 1,733
Stock offering costs (8,000) 0
Restricted cash (1,049) (1,385)
Net Cash Provided By (Used In) Financing Activities (9,049) 348
     
Net Decrease In Cash and Cash Equivalents (1,834,958) (2,999,638)
     
Cash and Cash Equivalents, Beginning of Period 2,197,555 3,569,098
     
Cash and Cash Equivalents, End of Period $ 362,597 $ 569,460
     
Supplemental Disclosure of Cash Flow Information:    
Cash paid during the year:    
Interest paid $ 0 $ 0
Income taxes paid $ 0 $ 0
CONTACT: Gary Sharpe
         Investor Relations and Corporate Communications
         Lightbridge Corporation
         1-571-730-1213
         gsharpe@ltbridge.com

company logo

2 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,452.37 -110.93 -0.67%
S&P 500 1,918.05 -12.62 -0.65%
NASDAQ 4,329.89 -39.8830 -0.91%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs