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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) October 28, 1997
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Lightbridge, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 000-21319 04-3065140
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(State or Other Jurisdiction (Commission IRS Employer
of Incorporation) File Number) Identification No.)
67 South Bedford Street, Burlington, Massachusetts 01083
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (617) 359-4000
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On October 28, 1997, Lightbridge, Inc. issued a press release with respect
to its financial results for the three and nine months ended September 30, 1997.
A copy of that press release is included as Exhibit 99.1 to this Current Report
and is incorporated by reference herein.
On October 31, 1997, Lightbridge, Inc. issued a press release with respect
to its intent to file a registration statement with the Securities and Exchange
Commission relating to a public offering of approximately 2,500,000 shares of
its common stock, including 1,000,000 shares to be issued and sold by
Lightbridge, Inc. A copy of that press release is included as Exhibit 99.2 to
this Current Report and is incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Financial Statements of Business Acquired. Not applicable.
(b) Pro Forma Financial Information. Not applicable.
(c) Exhibits.
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<CAPTION>
Exhibit
Number Description
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<S> <C>
99.1 Press release of Lightbridge, Inc. issued on October 28, 1997
99.2 Press release of Lightbridge, Inc. issued on October 31, 1997
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized as of this third day of November, 1997.
LIGHTBRIDGE, INC.
By: /s/ WILLIAM G. BROWN
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William G. Brown
Chief Financial Officer, Vice President of Finance
and Administration, and Treasurer
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Exhibit 99.1
Lightbridge, Inc. Reports Third Quarter Results
BURLINGTON, Mass.--Oct. 28, 1997--Lightbridge, Inc.
(NASDAQ:LTBG), a leading provider of customer acquisition and retention
solutions for the global telecommunications industry, today reported financial
results for the third quarter ended September 30, 1997. Revenues for the third
quarter of 1997 were $9.5 million, compared to $7.4 million for the third
quarter of 1996. Net income for the quarter was $927 thousand or $0.06 per
share, compared with $354 thousand or $0.03 per share on a pro forma basis for
the quarter ended September 30, 1996. The weighted average number of common and
common equivalent shares outstanding for the third quarter of 1997 was 16.6
million compared to 13.9 million in the third quarter of 1996.
Revenues for the nine months ended September 30, 1997 were $27.3 million, an
increase of 32% from the prior year's $20.6 million. Net income for the nine
months ended September 30, 1997 was $3.6 million or $0.22 per share compared
with net earnings of $656 thousand or $0.05 per share on a pro forma basis in
the first nine months of 1996.
Pamela D. A. Reeve, Lightbridge's president and chief executive officer,
commented, "This was a very solid quarter for Lightbridge and we are pleased
with the performance of the company on all fronts. We added several new clients,
expanded Lightbridge's product offerings with the introduction of new releases
and services and continued to build the infrastructure in preparation for a
seasonally strong retail fourth quarter."
During the quarter, Lightbridge announced its intention to acquire Coral
Systems, a Colorado-based provider of fraud and churn software to the
telecommunications industry. This acquisition is expected to close during the
fourth quarter. In addition, Lightbridge also announced new contracts with
UniqueAir Limited, Ameritech Communications Inc. and Iridium LLC. The Company
also announced a new marketing alliance with Versatility Inc. to provide world-
class call center solutions to telecommunications carriers. Lightbridge
introduced the Fraud Detect Model, new fraud scoring technology for the
telecommunications industry, in partnership with Trans Union Corporation. The
Company also launched its new release of Churn Prophet 2.0, a churn analysis
tool.
About Lightbridge
Lightbridge, Inc. (NASDAQ:LTBG), based in Burlington, Mass., is a leading
provider of software-based services that help global telecommunications carriers
quickly acquire customers and retain them over time. Lightbridge has leveraged
its credit processing expertise into solutions that help carriers quickly and
cost-effectively provide bundled services through new channels. Telesto,
Lightbridge's network of integrated customer acquisition and retention
solutions, provides best-in-class credit, fraud, churn, channel and market
performance solutions to such clients as AT&T Wireless, BellSouth Mobility DCS,
Omnipoint Communications, PrimeCo Personal Communications and Sprint PCS. It is
the only complete, workflow-enhanced system for customer interaction in the
converged telecommunications marketplace. Additional information on the company
can be found on the Web at http://www.lightbridge.com
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Lightbridge, Inc. and Subsidiaries
Unaudited Condensed Consolidated Income Statements
(In thousands, except for income per share data)
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<CAPTION>
Three Months Ended September 30,
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1997 1996
<S> <C> <C>
Revenues $ 9,457 $ 7,372
Cost of revenues 4,385 3,970
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Gross profit 5,072 3,402
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Operating expenses:
Development 1,532 1,155
Sales and marketing 1,250 908
General and
administrative 1,097 806
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Total operating expenses 3,879 2,869
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Income from operations 1,193 533
Other income (expense), net 302 (159)
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Income before provision
for income taxes 1,495 374
Income tax provision 568 20
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Net income $ 927 $ 354
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Primary net income per
common share $ 0.06
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Primary weighted average
number of common and
common equivalent shares
outstanding 16,647
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Pro forma net income per
common share $ 0.03
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Pro forma weighted average
number of common and
common equivalent
shares outstanding 13,933
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Lightbridge, Inc. and Subsidiaries
Unaudited Condensed Consolidated Income Statements
(In thousands, except for income per share data)
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<CAPTION>
Nine Months Ended September 30,
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1997 1996
<S> <C> <C>
Revenues $ 27,288 $ 20,635
Cost of revenues 12,705 11,739
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Gross profit 14,583 8,896
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Operating expenses:
Development 4,215 3,126
Sales and marketing 3,854 2,567
General and
administrative 3,220 1,978
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Total operating expenses 11,289 7,671
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Income from operations 3,294 1,225
Other income (expense),
net 774 (529)
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Income before provision
for income taxes 4,068 696
Income tax provision
(benefit) 475 40
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Net income $ 3,593 $ 656
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Primary net income
per common share $ 0.22
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Primary weighted average
number of common and
common equivalent shares
outstanding 16,448
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Pro forma net income
per common share $ 0.05
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Pro forma weighted
average number of common
and common equivalent
shares outstanding 13,752
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Exhibit 99.2
LIGHTBRIDGE, INC. ANNOUNCES STOCK OFFERING
BURLINGTON, Mass. - October 31, 1997 - Lightbridge, Inc. (NASDAQ:LTBG) announced
today its intent to file a registration statement with the Securities and
Exchange Commission in late November 1997 relating to a public offering, to be
underwritten on a firm commitment basis, of approximately 2,500,000 shares of
Lightbridge's common stock, including 1,000,000 shares to be issued and sold by
Lightbridge. The net proceeds of the offering received by Lightbridge are
expected to be used for working capital and general corporate purposes. The
remaining shares will be sold by certain stockholders of Lightbridge.
Any offering of the common stock of Lightbridge may be made only by means of a
prospectus, and this announcement is neither an offer to sell nor a solicitation
of any offer to purchase such shares.
