Wednesday October 18, 4:08 pm Eastern Time
Press Release
Lightbridge, Inc. Reports Record Third Quarter Revenues
BURLINGTON, Mass.--(BUSINESS WIRE)--Oct. 18, 2000--Lightbridge, Inc. (Nasdaq: LTBG - news), a leading enabler of customer relationship management solutions for communications service providers, today reported financial results for the third quarter ended September 30, 2000. Revenues were $31.1 million, up 30.8% from $23.8 million for the third quarter of 1999. Net income was $3.6 million, or $0.19 per share on a diluted basis, compared to $2.3 million or $0.13 per share on a diluted basis for the quarter ended September 30, 1999.
Revenues from the Company's transaction processing business were $23.4 million during the quarter, compared to $15.2 million in the same quarter of 1999, an increase of 53.8%. Software revenues were $3.7 million, down 30.3% from revenues of $5.3 million for the third quarter of 1999, which had included a major deployment of RMS software. Consulting services revenues were $4.0 million, compared to $3.3 million in the same quarter in 1999, a 23.1% increase.
Revenues for the nine months ended September 30, 2000 were $85.7 million, up 31.0% from $65.4 million in the same period 1999. Net income for the nine months ended September 30, 2000 was $9.4 million, or $0.51 per share on a diluted basis, compared to $5.6 million, or $0.32 on a diluted basis, for the first nine months of 1999.
Revenues from the Company's transaction processing business were $65.5 million during the first nine months of 2000, compared to $44.0 million in the same period of 1999, an increase of 48.8%. Software revenues were $10.5 million, up 1.4% from revenues of $10.3 million for the first nine months of 1999. Consulting services revenues were $9.7 million, compared to $11.0 million for the same period of 1999, a decrease of 12.4%.
``I am extremely pleased with the performance of the company this quarter,'' said Pamela D.A. Reeve, president and CEO of Lightbridge. ``All segments of the business contributed to our record revenues and net income for the quarter, with our transaction business particularly robust. During the quarter we made major strides in our strategy to become the preferred provider of a secure and trusted commerce environment, having delivered industry-leading customer verification, credit decisioning, fraud screening and monitoring and retention services.''
Reeve continued, ``We completed development and our initial deployments of our new fraud product, added more pre-screening capabilities to our transaction system, and delivered enhancements to our industry-leading intercarrier fraud database. We added new clients and expanded services provided to existing clients. We accelerated efforts to more broadly deploy Lightbridge's Customer Acquisition System in Brazil. Moreover, we believe we are well prepared for the anticipated volume and performance requirements of the holiday selling season, as we have added capacity to two of our data centers and opened a third call center in Lynn, Massachusetts. We are well positioned and look forward to taking advantage of the opportunities the fourth quarter will bring.''
Quarterly Highlights
Since the previous earnings release, Lightbridge issued the following announcements:
Lightbridge announced the appointment of Marcos Gusukuma as its business development manager for Brazil, responsible for generating business opportunities for Lightbridge in the Brazilian market.
Lightbridge announced the appointment of Jeffrey Harvey as its director of quality assurance, responsible for managing the quality assurance department to establish and maintain effective quality standards, measurements and controls for software products and staff.
UbiquiTel, Inc., a Sprint PCS Network Partner, selected Lightbridge's Retail Management System (RMS(TM)) for all inventory and cash management in its newly launched retail locations. RMS is being delivered to UbiquiTel via an application service provider (ASP) model, providing real-time reporting on inventory and cash levels available in each store and reducing the need to hire operational staff.
Lightbridge announced the appointment of Robert J. Weiskopf, CPA as its corporate controller, responsible for overseeing worldwide financial reporting and controls, planning and analysis, financial systems, and supporting strategic initiatives for company growth.
Lightbridge announced the appointment of Kenneth Olivolo to director of sales, North America, responsible for managing Lightbridge's North American sales organization and facilitating its continued growth, development and revenue generation.
Lightbridge announced the opening of its third call center in Lynn, MA to accommodate the company's growing client base and increased services to the wireless carrier market. The state-of-the-art facility enables Lightbridge clients to quickly qualify subscribers and activate them for wireless services.
Lightbridge will be holding a conference call to discuss its third quarter, 2000 financial results on Wednesday, October 18, 2000 at 4:30 PM Eastern.
Dial 212-547-0409
Conference chairperson: Pam Reeve
Password: LIGHTBRIDGE
To listen to a live Webcast of this call, please visit our Web site at: www.Lightbridge.com. From our home page, click on ``About,'' then ``Investor Relations,'' and then ``Multimedia'' to link to the Webcast.
For those unavailable to participate in the conference call on October 18, 2000, 4:30 PM Eastern, a taped version of the full conference call will be available from October 18, 2000, 6:30 PM Eastern, through October 25, 2000, 5:00 PM Eastern. The number to call is 402-530-8090.
The matters discussed in the fifth and sixth 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.
About Lightbridge
Lightbridge, Inc. (Nasdaq: LTBG - news) provides customer relationship management solutions that enable communications service providers to initiate and maintain relationships with their subscribers. Clients ranging from large established carriers to emerging service providers worldwide rely on Lightbridge's Telesto® network of integrated customer acquisition and risk management solutions to forge enduring customer relationships. Lightbridge's traditional and Web-based offerings are designed to facilitate rapid application approval, minimize fraud and expand the opportunity to retain high value customers. Carriers also depend on Lightbridge as a valuable partner, leveraging its diverse range of business consulting services to enhance customer profitability and operational efficiencies. Lightbridge is headquartered in Burlington, Mass. For more information visit lightbridge.com or call 800-LIGHTBR.
FraudBuster, Telesto, Lightbridge and the Lightbridge logo are registered trademarks and RMS is a trademark of Lightbridge, Inc. All other trademarks are the properties of their respective owners.
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