Lightbridge
Announces Fourth Quarter and 2011 Business Update and Financial Results
Live Conference Call and Webcast Scheduled at 11 a.m. EST Today at
http://www.videonewswire.com/event.asp?id=85380
Lightbridge
Corporation
(NASDAQ: LTBR), a leading innovator of next generation nuclear fuel designs and
provider of nuclear energy consulting services to commercial and governmental
organizations, today provided a business update on the progress of its nuclear
fuel technology and consulting operations and reported financial results for
the quarter and year ended December 31, 2011.
"We are encouraged by the steady
advances during the quarter and throughout 2011 in the development of
Lightbridge's fuel technology," said Seth Grae, Lightbridge President and Chief
Executive Officer. "Moreover, nuclear utility industry interest
continues to grow in the benefits of our patented advanced fuel designs.
Ongoing demonstrations remain on track and continue to support the
indicated benefits of meaningful power uprates, longer fuel cycles and
increased safety. In 2012, we expect to complete fabrication of
semi-scale fuel samples for irradiation testing. We believe we can complete a
demonstration of full-scale, metallic fuel rod fabrication in 2013 and begin
lead test assembly operation in a full-size commercial light water reactor by
the end of 2017."
2011 Business Update
"Measureable progress continues at
Lightbridge," Mr. Grae said. Here are summaries
of key developments during the fourth quarter and full year 2011:
- Negotiations began with a U.S.
fuel fabrication partner relating to metal fuel fabrication process
development and demonstration work in the United States. Negotiations are expected to conclude later in 2012.
- During the quarter, detailed
experiment design began for irradiation testing of Lightbridge-designed
metallic fuel samples in the Advanced Test Reactor at Idaho National Laboratory (INL),
the U.S. Department of Energy's lead nuclear energy research and
development facility. This detailed analysis is expected to provide
input into a 2012 safety analysis report necessary for the irradiation
experiments. Earlier in 2011, INL concluded that skipping capsule
irradiation testing and going directly to irradiation testing with direct
fuel-coolant contact is feasible.
- A Nuclear Utility Fuel Advisory
Boar d (NUFAB) was established to further strengthen
the Company's dialogue with global nuclear utilities, consistent with U.S.
export control laws, and provide their input into Lightbridge nuclear fuel
development and commercialization efforts. Initial NUFAB members
include top nuclear fuel managers from Exelon, Duke Energy, Dominion, and Southern Company.
- Planning and preparation began
for loop irradiation testing of Lightbridge-designed fuel samples in the
MIR research reactor at the Research Institute of Atomic Reactors (RIAR)
in Dimitrovgrad, Russia. During the first
half of 2012, negotiati ons
of a specific agreement for the testing are expected to begin.
- A technical paper on
Lightbridge metallic fuel technology and its application in pressurized
water reactors was prepared and submitted for publication in a
peer-reviewed journal. The article, which is expected to be
published at about the end of the third quarter of 2012, discusses how the
Company's fuel technology could improve fuel performance.
- The Company's portfolio of
patented intellectual property continues to expand. In the quarter,
Lightbridge received a notice of allowance from the Ukrainian patent
office for a patent application covering a thorium-based seed and blanket
fuel assembly design for Russian-type VVER reactors. The patent is
expected to be issued in several months and will provide protection in
Ukraine from its issuance until December 2027. In addition to the
Ukrainian patent, Lightbridge received patents during 2011 in the U.S. and
from the nine-nation Eurasian Patent Convention for a specific locking
mechanism for seed and blanket fuel assemblies.
Financial Results
Revenue for the fourth quarter ended
December 31, 2011 was $0.8 million, compared to $1.2 million for the same
period of 2010. Operating loss for the three months ended December 31,
2011 was $2.1 million, versus an operating loss of $2.2 million in the
comparable period a year ago. For the year ended December 31, 2011,
operating loss was $6.3 million, compared to an operating loss of $7.6 million
in 2010. Revenue for the year was $6.4 million, versus $7.6 million in
2010. Lightbridge's revenue is derived primarily 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. Revenues are primarily generated from contracts in place
with government entities in the United Arab Emirates, the State of Kuwait and
the Gulf Cooperation Council (GCC). The GCC is a political and e conomic union that comprises the Gulf States of the Kingdom
of Bahrain, State of Kuwait, Sultanate of Oman, State of Qatar, Kingdom of
Saudi Arabia and United Arab Emirates.
Balance Sheet Overview
At December 31, 2011, the Company had
approximately $9.3 million in cash and cash equivalents, restricted cash and
marketable securities, and approximately $8.1 million of working capital, with
no long term debt. Stockholders' equity was approximately $8.8 million at
December 31, 2011 compared with $13.1 million on December 31, 2010.
Common shares outstanding at December 31, 2011 totaled 12,427,220.
2011 Fourth Quarter Conference Call
Lightbridge will host a conference call on
Wednesday, February 22, at 11 a.m. EST to discuss the Company's 2011 fourth
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.
Date: Wednesday,
February 22, 2012
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Time: 11 a.m.
EST
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Domestic
Call-In: 1-800-860-2442
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International Call-In:
1-412-858-4600
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Canada Call-In: 866-605-3852
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Live Webcast: http://www.videonewswire.com/event.asp?id=85380. Approximately one hour
after the live event, an archived webcast will be available at this same URL.
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Audio Replay: Available one hour after
the conference through 9 a.m. February 29, 2012. Domestic call-in: 877-344-7529; international call-in:
412-317-0088. Conference # 10010449.
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About Lightbridge Corporation
Lightbridge is a US nuclear energy company
based in Tysons Corner, 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 a nd governments with a need to
establish or expand nuclear industry capabilities and infrastructure.