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."   

Mr. Grae added, "From the onset, our nuclear consulting services business has provided us needed incremental capital to help fund our nuclear fuel research and development, and, more than that, we've leveraged this business and depth of expertise to have real substantive discussions with countries around the world about their nuclear energy programs. We continue to have active discussions with governments and other institutions to explore new opportunities for our nuclear advisory services, and we anticipate that the end result will be further growth in this business over the next several months." 

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 September 30, 2010, the Company had approximately $3.6 million of cash and cash equivalents, $10.4 million in marketable securities and approximately $14.4 million of working capital. As of December 31, 2009, the Company had approximately $4.5 million of working capital. The increase in working capital is primarily due to the $13.7 million offered Lightbridge completed on July 28, 2010.

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 September 30, 2010 and September 30, 2009 (Expressed in Thousands of US Dollars).
  Three Months Ended Three Months Ended
  30-Sept-10 30-Sept 09
GAAP Net Income (Loss) $ (1,671) $ (2,287)
Expense - non-cash employee compensation 677 1,176
Expense - depreciation 18 20
Adjusted Net Income (Loss) $ (976) $ (1,091)

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 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 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. It leverages those broad and integrated capabilities by offering their services to commercial entities and governments with a need to establish or expand nuclear industry capabilities and infrastructure.

The Lightbridge Corporation logo is available at

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
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
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
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          Ogilvy Public Relations          Greg Jawski          212-880-5353

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