Lightbridge, Inc. Reports Record First Quarter Revenues
Wednesday April 19, 4:00 pm Eastern Time
Company Press Release
Lightbridge, Inc. Reports Record First Quarter Revenues
BURLINGTON, Mass.--(BUSINESS WIRE)--April 19, 2000--Lightbridge, Inc. (Nasdaq: LTBG - news), a leading provider of customer acquisition and retention solutions for the global telecommunications industry, today reported financial results for the first quarter ended March 31, 2000. Revenues were a record $26.3 million, up 35.9% from $19.3 million for the first quarter of 1999. Net income was $2.8 million, or $0.15 per share on a diluted basis, compared to $1.4 million or $0.08 per share on a diluted basis for the quarter ended March 31, 1999.
Revenues from the Company's transaction processing business were $20.4 million during the quarter, compared to $14.1 million in the same quarter of 1999, an increase of 45.1%. Software revenues were $3.2 million, up 70.3% from revenues of $1.9 million for the first quarter of 1999. Consulting services revenues were $2.7 million, compared to $3.4 million in the same quarter in 1999, a 20.9% decrease.
Pamela D.A. Reeve, Lightbridge's president and chief executive officer, commented, ``We've had a great start to the year. We've added new clients, increased the level of activity with existing clients and made great progress in establishing an important foothold in Brazil. We've had a standout quarter in transaction activities with record revenues in this segment resulting from new clients and markets, additional promotional activities and specifically focused programs deployed through our TeleServices operation. We're optimistic that we can continue this level of transaction-based activity in the next few quarters. Although the revenue ramp in our software segment was more modest, we've made good strides in the sale of software products, and, importantly, entered beta in February with the newest generation of our fraud product. The consulting services business, affected by the Y2K distraction at the end of 1999, made substantial progress in rebuilding the business pipeline providing us with increased visibility on the year ahead.'
Reeve continued, ``During the quarter we continued to make investments in operational systems, new product development, Internet security and connectivity, and people to support the growth we believe lies ahead in this dynamic market. These investments have been the basis of our ability to win new business, respond quickly to client needs and extend our leadership position.'
Quarterly Highlights
Since the previous earnings release, Lightbridge issued the following announcements:
Independent Wireless One, a Sprint Northeast Network Partner, was the first to purchase Lightbridge's Retail Management System (RMS(TM)) on an outsourced ASP basis.
KG Telecommunications, which decreased fraud losses by 38% in 1999, expanded its use of FraudBuster© as a result of its merger with Tuntex Telecommunications.
Lightbridge and Corsair Communications announced a strategic alliance and joint distribution agreement to co-market and sell their respective products into key markets, including the United States and Latin America.
Lightbridge selected Exodus Communications, a leader in complex Internet hosting and managed services, to host the front-end of its Telesto© Portal, a Web-based transaction management system.
Paradigm Direct, one of the largest AT&T Wireless Services distributors, contracted with Lightbridge to streamline the customer acquisition process and improve customer satisfaction.
Lightbridge's CEO was named to The Boston Club's ``Honor Roll' which recognizes public companies with Boards of Directors that include two or more female members.
The matters discussed in the third and fourth paragraphs of this press release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based on a number of factors, including (i) dependence on a limited number of clients, (ii) continuing rapid change in the telecommunications industry that may affect both Lightbridge and its clients, (iii) uncertainties associated with Lightbridge's ability to develop new products and technologies, (iv) market acceptance of Lightbridge's new products and continuing demand for Lightbridge's products by telecommunications companies, (v) the impact of competitive products and pricing on both Lightbridge and its clients and (vi) changing economic conditions.
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