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Revenue for the three months ended June 30, 2009 was $3.4 million compared to $4.3 million for the second quarter of 2008. Revenues for the three months ended June 30, 2009 and June 30, 2008 were generated by the Company's consulting and strategic advisory services business segment. The variation in revenue reflects the uneven nature of consulting projects and the timing of revenues recognized on the respective projects. Operating loss for the three months ended June 30, 2009 was approximately $1.4 million compared to an operating loss of $611,000 for the same period in 2008. Operating loss for the second quarter included approximately $1.3 million of non-cash items versus $1.4 million in the comparable period last year. Net loss for the three months ended June 30, 2009 was approximately $1.3 million compared to a loss of $997,000 in the second quarter of 2008. Excluding the impact of non-cash items, adjusted net loss for the three months ended June 30, 2009 would have been $93,786 compared to adjusted net income of $429,256 for the same period in 2008 (see "About Non-GAAP Financial Measures" near the end of this release). As of June 30, 2009, the company had approximately $4.9 million of cash and cash equivalents and approximately $6.5 million of working capital. Seth Grae, Chief Executive Officer, commented: "Our consulting services division continues to operate on solid footing while providing a platform to foster relationships and raise our profile as a leading provider of civilian nuclear advisory services. Our consulting services have also helped to offset the costs related to the development of our thorium-based nuclear fuel designs. Heading into the second half of 2009, our revenue may weaken, due to normal variations in billable hours, coupled with recent changes in our billing rates implemented to further enhance the competitiveness of our advisory services. Furthermore, we remain active in discussing our services and capabilities with a number of government and foreign entities seeking comprehensive advisory services for civil nuclear energy programs." Mr. Grae continued: "Our technology development program, which has always been at the core of Thorium Power, continues to advance according to plan. The VVER development program now operates under the aegis of our wholly owned operating unit, Lightbridge International Moscow. Also according to plan, we continue to expand the scope of our technology development and enhance our capabilities for Western-style nuclear reactor fuels." Mr. Grae concluded: "The prospects for both nuclear power and thorium-based nuclear fuel designs continue to gain momentum. Foremost, we believe there is support in Congress for the Reid-Hatch 'Thorium Energy Security Act.' This legislation would appropriate $250 million over five years to help fund thorium fuel research and development. Additionally, the Organization for Economic Cooperation and Development recently stated that its member countries will boost official backing for exports of renewable energy and nuclear power equipment to address growing demand. These developments, among many others, provide a fertile environment to forge substantive relationships and afford us receptive clientele for our advisory services and non-proliferative, low waste fuel designs." About Non-GAAP Financial Measures This press release contains non-GAAP financial measures for earnings that exclude non-cash items. Net income excluding non-cash items is not a measure of performance calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). The Company believes the presentation of net income excluding non-cash expense is relevant and useful by enhancing the readers' ability to understand the Company's operating performance. The Company's management utilizes net income excluding non-cash expense as a means to measure operating performance. The table below reconciles adjusted net income (loss) excluding non-cash expense, a non-GAAP measure, to GAAP net income (loss) for the three months ended June 30, 2009 and June 30, 2008.
Three Months Three Months
Ended Ended
June 30, June 30,
2009 2008
------------ ------------
GAAP Net loss $ (1,346,950) $ (997,130)
Adjustments:
Expense - non-cash employee compensation 1,246,128 1,423,376
Expense - depreciation 7,036 3,010
------------ ------------
Adjusted Net Income (Loss) $ (93,786) $ 429,256
About Thorium Power, Ltd. Thorium Power is a pioneering U.S. nuclear energy company based in McLean, VA. The Company develops non-proliferative nuclear fuel technology and provides comprehensive advisory services for emerging nuclear programs based on a philosophy of transparency, non-proliferation, safety and operational excellence. Thorium Power's technologies, which are aimed at both existing and future reactors, include nuclear fuel designs optimized to address key concerns regarding traditional nuclear power, including proliferation of weapons usable nuclear materials and reduction of nuclear waste. The Company maintains a seasoned team with unparalleled experience from the nuclear energy industry, regulatory and government affairs, non-proliferation and diplomacy. It leverages those broad and integrated capabilities by offering consulting and strategic advisory services to commercial entities and governments with a need to establish or expand nuclear industry capabilities and infrastructure. Thorium Power also maintains long-standing relationships with leading Russian nuclear entities, providing expert resources and facilities for its nuclear fuel development activities. The Company seeks and forms partnerships with participants in the global nuclear industry, allowing it to address a wide range of international opportunities. Conference Call Thorium Power will host a conference call at 11:00 AM ET on Tuesday, August 25, 2009. The call will be available on the Company's website at www.thoriumpower.com, or by calling (866) 900-0797 for U.S. callers, or (706) 679-6787 for international callers, and entering conference ID: 24405225. A webcast will also be archived on the Company's website and a telephone replay of the call will be available approximately one hour following the call, through midnight September 1, 2009, and can be accessed by calling: (800) 642-1687 (U.S. callers) or (706) 645-9291 (international callers) and entering conference ID: 24405225. DISCLAIMER This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other statements identified by forward-looking terminology such as "may," "expects," "believes," "anticipates," "intends," "expects," "projects" or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectations and actual results may vary (perhaps materially) from certain of the results anticipated herein. Reference is made to the risk factors contained in our latest annual report as filed with the Securities and Exchange Commission. These factors may cause actual results to vary from the forward-looking statements contained in this release. Further information is available on Thorium Power, Ltd.'s website at http://www.thoriumpower.com
Thorium Power Ltd.
Condensed Consolidated Balance Sheets
June 30, December 31,
2009 2008
(Unaudited)
------------ ------------
ASSETS
Current Assets
Cash and cash equivalents $ 4,910,717 $ 5,580,244
Restricted cash 650,000 650,000
Accounts receivable - project revenue
and reimbursable project costs 3,898,475 5,357,804
Prepaid expenses & other current assets 667,407 394,315
------------ ------------
Total Current Assets 10,126,599 11,982,363
Property, Plant and Equipment - net 107,120 108,121
Other Assets
Patent costs - net 236,215 217,875
Security deposits 125,548 138,418
------------ ------------
Total Other Assets 361,763 356,293
------------ ------------
Total Assets $ 10,595,482 $ 12,446,777
============ ============
LIABILITIES AND STOCKHOLDERS EQUITY
Current Liabilities
Accounts payable and accrued liabilities $ 3,637,997 $ 5,138,979
------------ ------------
Total Liabilities 3,637,997 5,138,979
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, 301,841,722 shares issued and
outstanding at June 30, 2009 and 301,493,084
issued and outstanding at December 31, 2008 301,842 301,493
Additional paid in capital - stock and stock
equivalents 51,086,020 48,607,451
Accumulated Deficit (44,359,385) (41,489,974)
Common stock reserved for issuance, 505,972
shares and 484,055 shares at June 30, 2009
and December 31, 2008, respectively 109,297 114,787
Deferred stock compensation (180,289) (225,959)
------------ ------------
Total Stockholders' Equity 6,957,485 7,307,798
------------ ------------
Total Liabilities and Stockholders' Equity $ 10,595,482 $ 12,446,777
============ ============
Thorium Power Ltd.
Unaudited Condensed Consolidated Statements of Operations and Comprehensive
Loss
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- --------------------------
2009 2008 2009 2008
------------ ------------ ------------ ------------
Revenue:
Consulting Revenue $ 3,430,485 $ 4,301,500 $ 6,374,538 $ 8,116,625
Cost of Consulting
Services Provided 1,888,846 1,736,562 3,637,364 3,384,566
------------ ------------ ------------ ------------
Gross Margin 1,541,639 2,564,938 2,737,174 4,732,059
Operating Expenses
General and
administrative 1,140,223 1,597,941 2,107,717 3,116,987
Research and
development
expenses 559,112 154,788 1,012,917 285,449
Stock-based
compensation 1,202,357 1,423,376 2,497,544 2,787,179
------------ ------------ ------------ ------------
Total Operating
Expenses 2,901,692 3,176,105 5,618,178 6,189,615
------------ ------------ ------------ ------------
Operating loss (1,360,053) (611,167) (2,881,004) (1,457,556)
Other Income and
(Expenses)
Interest income 13,492 53,898 16,520 143,180
Realized loss on
marketable
securities and
other (389) (438,750) (4,927) (438,750)
------------ ------------ ------------ ------------
Total Other Income
and Expenses 13,103 (384,852) 11,593 (295,570)
------------ ------------ ------------ ------------
Net loss before
income taxes (1,346,950) (996,019) (2,869,411) (1,753,126)
Income taxes - 1,111 - 31,939
------------ ------------ ------------ ------------
Net loss (1,346,950) (997,130) (2,869,411) (1,785,065)
Other Comprehensive
Income (Loss)
Unrealized loss on
marketable
securities - 128,208 - (3,515)
------------ ------------ ------------ ------------
Total Comprehensive
Loss $ (1,346,950) $ (868,922) $ (2,869,411) $ (1,788,580)
============ ============ ============ ============
Net Loss Per Common
Share, Basic and
diluted $ (0.00) $ (0.00) $ (0.01) $ (0.01)
============ ============ ============ ============
Weighted Average
Number of shares
outstanding for
the period (used
to compute per
share data) 301,841,722 299,366,947 301,754,563 299,215,481
============ ============ ============ ============
Thorium Power Ltd.
Unaudited Condensed Consolidated Statements of Cash Flows
Six months ended
June 30,
--------------------------
2009 2008
------------ ------------
Operating Activities:
Net Loss $ (2,869,411) $ (1,785,065)
Adjustments to reconcile net loss from
operations to net cash used in operating
activities:
Stock based compensation 2,519,098 2,787,178
Depreciation and amortization 13,040 3,467
Changes in non-cash operating working capital
items:
Accounts receivable - fees and reimburseable
project costs 1,459,329 -
Prepaid expenses and other current assets (260,222) (150,514)
Accounts payable, accrued liabilities and other
current liabilities (1,500,982) (520,359)
Deferred revenue - (3,793,125)
Deferred project costs - net - 371,631
------------ ------------
Net Cash Used In Operating Activities (639,148) (3,086,787)
Investing Activities:
Property and equipment (12,039) -
Patent costs (18,340) -
------------ ------------
Net Cash Used In Investing Activities (30,379) -
Financing Activities:
Proceeds from issuance of common shares - 49,975
Payments on notes payable and other - (10,433)
------------ ------------
Net Cash Provided by Financing Activities - 39,542
------------ ------------
Net Decrease In Cash and Cash Equivalents (669,527) (3,047,245)
Cash and Cash Equivalents, Beginning of Period 5,580,244 9,907,691
Reclassification of cash equivalents to
marketable securities - available for sale - (1,674,849)
------------ ------------
Cash and Cash Equivalents, End of Period $ 4,910,717 $ 5,185,597
============ ============
Supplemental Disclosure of Cash Flow
Information
Cash paid during the period for:
Interest paid $ - $ 183
============ ============
Income taxes paid $ 266,000 $ 31,939
============ ============
Contact: Peter Charles Thorium Power, Ltd. Tel: (571) 730-1213 Email: Email Contact SOURCE: Thorium Power http://www2.marketwire.com/mw/emailprcntct?id=A35D3EDCC754CB6B For full details for THPW click here.
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