Lightbridge Corp Announces Fourth Quarter and 2011 Business Update and Financial Results by 24hgold

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Lightbridge Announces Fourth Quarter and 2011 Business Update and Financial Results

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 Board (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, negotiations 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). 0;The GCC is a political and economic 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
Time: 11 a.m. EST
Domestic Call-In: 1-800-860-2442
International Call-In: 1-412-858-4600
Canada Call-In: 866-605-3852
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.
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.

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 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 Statement

This news 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 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 revis e any such forward-looking statements, whether as the result of new developments or otherwise.

CONTACT:
Gary Sharpe
Investor Relations
Lightbridge Corporation
571-730-1213

Lightbridge Corporation
Consolidated Balance Sheets

		December 31,		December 31,
		2011		2010
ASSETS

Current Assets
Cash and cash equivalents	$	3,569,098	$	2,373,421
Marketable securities		5,146,823		10,461,357
Restricted cash		551,883		550,283
Accounts receivable - project revenue and reimbursable project costs		277,211		990,563
Prepaid expenses and other current assets		269,697		365,261
Total Current Assets		9,814,712		14,740,885

Property, Plant and Equipment -net		46,514		72,179

Other Assets
Patent costs - net		537,075		377,262
Security deposits		120,486		120,486
Total Other Assets		657,561		497,748

Total Assets	$	10,518,787	$	15,310,812

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
Accounts payable and accrued liabilities	$	1,680,433	$	2,088,362
Deferred revenue		-		98,110
Total Current Liabilities		1,680,433		2,186,472

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, 12,476,414 shares issued, 12,427,220 shares outstanding and 12,430,058 shares issued, 12,345,840 shares outstanding at December 31, 2011 and December 31, 2010, respectively		12,427		12,346
Additional paid in capital - stock and stock equivalents		70,946,951		69,370,261
Deficit		(62,155,774)		(56,286,767)
Common stock reserved for issuance, 17,120 shares and 6,451 shares at December 31, 2011 and December 31, 2010, respectively		34,750		28,500
Total Stockholders' Equity		8,838,354		13,124,340

Total Liabilities and Stockholders' Equity	$	10,518,787	$	15,310,812

Lightbridge Corporation
Consolidated Statements of Operations

		Years Ended
		December 31,
		2011		2010
Revenue:

Consulting Revenue	$	6,356,424	$	7,586,708

Cost of Consulting Services Provided		3,992,153		4,941,030

Gross Margin		2,364,271		2,645,678

Operating Expenses
General and administrative		6,342,673		8,677,504
Research and development expenses		2,349,749		1,607,886
Total Operating Expenses		8,692,422		10,285,390

		(6,328,151)		(7,639,712)

Other Income and (Expenses)
Investment income		465,162		193,208
Other income (expenses)		(6,018)		(116,977)
Total Other Income and Expenses		459,144		76,231

Net loss before income taxes		(5,869,007)		(7,563,481)

Income taxes		-		-

Net loss	$	(5,869,007)	$	(7,563,481)


Net Loss Per Common Share, Basic and diluted	$	(0.47)	$	(0.68)
Weighted Average Number of shares outstanding		12,376,548		11,133,927

Lightbridge Corporation
Consolidated Statements of Cash Flows

		Years Ended
		December 31,
		2011		2010
Operating Activities:
Net Loss	$	(5,869,007)	$	(7,563,481)
Adjustments to reconcile net loss from operations to net cash used in operating activities:
Stock based compensation		1,513,021		2,691,509
Depreciation and amortization		26,962		27,000
(Gains) losses on marketable securities		(93,951)		116,487
Changes in non-cash operating working capital items:
Accounts receivable - fees and reimbursable project costs		713,352		1,430,525
Prepaid expenses and other assets		95,564		208,834
Accounts payable, accrued liabilities and other current liabilities		(337,929)		629,878
Deferred revenue		(98,110)		98,110
Net Cash Used In Operating Activities		(4,050,098)		(2,361,138)

Investing Activities:
Proceeds from sale of marketable securities		10,408,785		-
Purchase of marketable securities		(5,000,300)		(10,577,844)
Property and equipment		(1,297)		(1,620)
Patent costs		(159,813)		(135,417)
Net Cash Provided By (Used In) Investing Activities		5,247,375		(10,714,881)

Financing Activities:
Proceeds from the issuance of common stock - net of offering costs		-		12,562,310
Redemption of common stock into treasury stock		-		(243,552)
Restricted cash		(1,600)		101,891
Net Cash Provided by (Used In) Financing Activities		(1,600)		12,420,649

Net Increase (Decrease) In Cash and Cash Equivalents		1,195,677		(655,370)

Cash and Cash Equivalents, Beginning of Year		2,373,421		3,028,791

Cash and Cash Equivalents, End of Year	$	3,569,098	$	2,373,421

Supplemental Disclosure of Cash Flow Information:
Cash paid during the year:
Interest paid	$	-	$	-
Income taxes paid	$	-	$	-

Non-Cash Financing Activity:
Retirement of Treasury Stock	$	-	$	243,552
Grant of Common Stock for Payment of Accrued Liabilities	$	70,000	$	703,737

SOURCE Lightbridge Corporation

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