Lightbridge Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported revenue of $2.0 million compared to $6.7 million for the third quarter of 2008. Revenues are derived primarily from the company's consulting and strategic advisory services business segment by offering services to foreign governments planning to create or expand electricity generation capabilities using nuclear power plants. Operating loss was approximately $2.3 million compared to operating income of $809,000 for the comparable period in 2008. Net loss was approximately $2.3 million or $0.23 per basic and diluted share compared to net income of $853,000 or $0.09 per basic and diluted share in the third quarter of 2008. Excluding the impact of non-cash items, adjusted net loss would have been $1.1 million compared to adjusted net income of $2.6 million for the same period in 2008. Net loss before income taxes was $2.3 million compared to $827,803 for the same quarter a year ago. For the nine months, the company reported net loss of $5.2 million or $0.51 per basic and diluted share on revenue of $8.4 million compared to net loss of $932,463 or $0.09 per basic and diluted share on revenue of $14.9 million for the same period a year ago. Net loss before income tax was $5.2 million compared to $925,323 for the same period a year ago. Operating loss was $5.2 million compared to $648,866 for the same period a year ago. Net cash used in operating activities was $1.7 million and property and equipment of $13,102 compared to net cash provided by operating activities was $2.7 million and property and equipment of $192,198 for the same period a year ago.

Lightbridge Corp., Q3 2009 Earnings Call, Nov-12-2009

Lightbridge Corp. announced that it has entered into an agreement with SOSNY. SOSNY will serve as Lightbridge's prime contractor in Russia to manage the research and development activities related to the lead test assembly ('LTA') program for Russian-designed VVER-1000 reactors. SOSNY is a leading Russian commercial nuclear entity specializing in front-end and back-end nuclear fuel cycle management and logistics services. This agreement is another important milestone for Lightbridge's nuclear fuel development program, as this work will lead the way to the insertion and operation of full-scale lead test assemblies in a commercial VVER-1000 nuclear power plant over the next several years. To date, Lightbridge has completed preliminary analysis that validates neutronic, thermal-hydraulic, mechanical design and safety analysis aspects of its fuel designs for an 18-month fuel cycle in VVER-1000 reactors. This ensures Lightbridge's seed and blanket fuel designs meet all applicable safety criteria and meet the requirements of the Russian VVER-1000 nuclear power plants that are scheduled to transition from the current 12-month fuel cycle to an 18-month fuel cycle over the next several years. Lightbridge intends to submit preliminary licensing documentation for expert review in Russia before year-end. The arrangement with SOSNY will assign all new intellectual property rights that may be created under the agreement to Lightbridge.