Live Conference Call and Webcast Scheduled at 11 a.m. ET Friday, May 9 at: http://www.media-server.com/m/p/povwyz6o
MCLEAN, Va., May 8, 2014 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq:LTBR), a leading innovator of nuclear fuel designs and provider of nuclear energy consulting services, today provided a business update on the progress of its nuclear fuel technology and consulting operations and reported financial results for the quarter ended March 31, 2014.
"Lightbridge remains on track to meet our near-term milestones in the development of the Company's patented nuclear fuel technology," said Seth Grae, President and Chief Executive Officer. "Moreover, Lightbridge is increasingly well positioned to gain new consulting contracts with governments interested in establishing civil nuclear energy programs. Awareness continues to increase within a growing global industry of the compelling value proposition of Lightbridge fuel technology and comprehensive strategic consulting services."
Lightbridge is developing and commercializing next generation nuclear fuel technology with benefits of enhanced safety, increased revenue and improved operating margins for both existing and new build reactors. Lightbridge's advisory services are helping clients with on-time and on-budget development and regulation of nuclear power plants to expand electricity generation capabilities.
For a more detailed description of the value proposition of Lightbridge fuel technology, including projected incremental annual net operating cash flows and return on investment for a nuclear power plant operator at various wholesale electricity prices, visit http://bit.ly/1jLXpoY. The advantages of Lightbridge's metallic fuel design were confirmed in three independent third-party analyses published in 2012 and 2013. These reports, which include a peer-reviewed article published in Nuclear Technology, are available for download at http://ir.ltbridge.com/.
2014 First Quarter Business Update
- Detailed discussions are ongoing with a subsidiary of The Babcock & Wilcox Company, exploring the potential to use an existing Babcock & Wilcox facility for fabrication of Lightbridge-designed metallic fuel samples for irradiation testing. Lightbridge and Babcock & Wilcox Nuclear Energy, Inc. expect to complete the evaluation in 2014. The companies entered into a memorandum of understanding on the project in late 2013.
- Lightbridge has identified and has begun evaluating additional test reactor facilities for irradiation testing of company-designed metallic fuel samples to be fabricated in collaboration with Babcock & Wilcox.
- The Company continues to perform as technical advisor for independent re-verification of equipment and material procurement processes related to construction and maintenance of nuclear power plants operated by Korea Hydro and Nuclear Power Company (KHNP). Under a 2013 agreement, Lightbridge is a subcontractor to London-based Lloyd's Register Group Limited, focusing on environmental and seismic qualification and commercial grade dedication aspects of a two-year Lloyd's Register/KHNP contract.
- Lightbridge is providing comprehensive counsel to the Emirates Nuclear Energy Corporation (ENEC) under a contract that was recently extended through 2015. ENEC is building four 1,400-megawatt nuclear power plants in the United Arab Emirates. The first plant is expected to start operating in 2017. The other three plants are scheduled to be completed and operational by 2020. Lightbridge has served ENEC since 2008.
- A consortium that includes Lightbridge is among final bidders for a multi-year contract for support services at a nuclear power plant under construction in a country in the Middle East North Africa region. The contract is expected to be awarded in 2014.
"Lightbridge is actively engaged in talks to provide consulting services to other governments interested in deploying nuclear power in their countries," Mr. Grae said. "Our proposals are before the relevant agencies and we expect responses in coming quarters about potential new consulting assignments."
For the quarter ended March 31, 2014, Lightbridge's net loss was $1.4 million, or a loss of $0.10 per share, on revenue of $0.3 million, compared to a net loss $1.3 million, or a loss of $0.10 per share, on revenue of $0.5 million in the first quarter of 2013. 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.
As Lightbridge research and development activities increase over the next two to three years, the primary focus will be testing and demonstration of the Company's metallic fuel technology for Western-type pressurized water reactors (PWR), he said. The main objective of this research and development phase is to prepare for full-scale demonstration of the Company's fuel technology in an operating commercial PWR beginning in 2020.
Balance Sheet Overview
At March 31, 2014, the Company had approximately $2.7 million in cash and cash equivalents, restricted cash and marketable securities, and approximately $3.1 million of working capital, with no long-term debt. Stockholders' equity was approximately $3.8 million at March 31, 2014, compared with $5.2 million at December 31, 2013. Common shares outstanding at March 31, 2014 totaled 15,064,069.
2014 First Quarter Conference Call
Lightbridge will hold a conference call and webcast on Friday, May 9, at 11 a.m. ET to discuss the Company's 2014 first 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 firstname.lastname@example.org. All written questions will be read and answered during the call.
|Lightbridge Corporation Conference Call - Business Update and 2014 Q1 Financial Results|
|Date:||Friday, May 9, 2014|
|Time:||11 a.m. ET|
|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.
|CONDENSED CONSOLIDATED BALANCE SHEETS|
| March 31, 2014 |
| December 31, |
|Cash and cash equivalents||$ 2,177,072||$ 3,672,877|
|Accounts receivable - project revenue and reimbursable project costs||507,738||425,916|
|Prepaid expenses & other current assets||461,876||288,939|
|Total Current Assets||3,718,038||4,958,471|
|Property Plant and Equipment -net||--||--|
|Patent costs - net||725,588||699,168|
|Total Assets||$ 4,443,626||$ 5,657,639|
|LIABILITIES AND STOCKHOLDERS EQUITY|
|Accounts payable and accrued liabilities||$ 636,742||$ 476,628|
|Total Current Liabilities||636,742||476,628|
|Commitments and contingencies|
|Preferred stock, $0.001 par value, 50,000,000 authorized shares, no shares issued and outstanding||--||--|
|Common stock, $0.001 par value, 500,000,000 authorized, 15,064,069 shares outstanding and 15,057,243 shares outstanding at March 31, 2014 and December 31, 2013, respectively||15,064||15,057|
|Additional paid in capital - stock and stock equivalents||76,303,552||76,243,764|
|Total Stockholders' Equity||3,806,884||5,181,011|
|Total Liabilities and Stockholders' Equity||$ 4,443,626||$ 5,657,639|
|UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
| Three Months Ended |
|Consulting Revenue||$ 254,107||$ 515,950|
|Cost of Consulting Services Provided||125,012||284,337|
|General and administrative||1,131,419||881,778|
|Research and development expenses||431,986||643,273|
|Total Operating Expenses||1,563,405||1,525,051|
|Other Income and (Expenses)|
|Other income (expenses)||--||(1,040)|
|Total Other Income and (Expenses)||388||14,516|
|Net loss before income taxes||(1,433,922)||(1,278,922)|
|Net loss||$ (1,433,922)||$ (1,278,922)|
|Net Loss Per Common Share, Basic and Diluted||$ (0.10)||$ (0.10)|
|Weighted Average Number of Shares Outstanding||15,058,163||12,529,045|
|UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS|
| Three Months Ended |
|Net Loss||$ (1,433,922)||$ (1,278,922)|
|Adjustments to reconcile net loss from operations to net cash used in operating activities:|
|Depreciation and amortization||--||6,119|
|(Gains) loss on marketable securities||(434)||3,359|
|Changes in non-cash operating working capital items:|
|Accounts receivable - fees and reimbursable project costs||(81,822)||183,690|
|Prepaid expenses and other assets||(172,937)||(131,779)|
|Accounts payable, accrued liabilities and other current liabilities||160,113||8,396|
|Net Cash Used In Operating Activities||(1,469,206)||(1,061,974)|
|Purchase of Marketable securities||--||(17,866)|
|Net Cash Used In Investing Activities||(26,420)||(52,223)|
|Net Cash Used In Financing Activities||(179)||(410)|
|Net Decrease In Cash and Cash Equivalents||(1,495,805)||(1,114,607)|
|Cash and Cash Equivalents, Beginning of Period||3,672,877||2,197,555|
|Cash and Cash Equivalents, End of Period||$ 2,177,072||$ 1,082,948|
|Supplemental Disclosure of Cash Flow Information:|
|Cash paid during the year:|
|Interest paid||$ --||$ --|
|Income taxes paid||$ --||$ --|
CONTACT: Gary Sharpe Investor Relations and Corporate Communications Lightbridge Corporation 1-571-730-1213 email@example.com