-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QkSrcmJTKhLrQv+goKbzKCUka3oQpaEDhbKITbNvDdFHHiRgDtyc+lk7mSKn6zI8 awz00e3IylYjYLu1Zkd7gA== 0000950135-04-004471.txt : 20040915 0000950135-04-004471.hdr.sgml : 20040915 20040915152945 ACCESSION NUMBER: 0000950135-04-004471 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040914 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20040915 DATE AS OF CHANGE: 20040915 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIGHTBRIDGE INC CENTRAL INDEX KEY: 0001017172 STANDARD INDUSTRIAL CLASSIFICATION: RADIO TELEPHONE COMMUNICATIONS [4812] IRS NUMBER: 043065140 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21319 FILM NUMBER: 041031590 BUSINESS ADDRESS: STREET 1: 67 S BEDFORD ST CITY: BURLINGTON STATE: MA ZIP: 01803 BUSINESS PHONE: 6173594000 MAIL ADDRESS: STREET 1: 67 SOUTH BEDFORD STREET CITY: BURLINGTON STATE: MA ZIP: 01803 8-K 1 b51846lbe8vk.txt LIGHTBRIDGE, INC. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------------------------- 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) September 14, 2004 LIGHTBRIDGE, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER) DELAWARE 000-21319 04-3065140 (STATE OR OTHER JURISDIC- (COMMISSION (IRS EMPLOYER TION OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.) 30 CORPORATE DRIVE, BURLINGTON, MASSACHUSETTS 01803 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (781) 359-4000 NOT APPLICABLE (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT) CHECK THE APPROPRIATE BOX BELOW IF THE FORM 8-K FILING IS INTENDED TO SIMULTANEOUSLY SATISFY THE FILING OBLIGATION OF THE REGISTRANT UNDER ANY OF THE FOLLOWING PROVISIONS: [ ] WRITTEN COMMUNICATIONS PURSUANT TO RULE 425 UNDER THE SECURITIES ACT (17 CFR 230.425) [ ] SOLICITING MATERIAL PURSUANT TO RULE 14a-12 UNDER THE EXCHANGE ACT (17 CFR 240.14a-12) [ ] PRE-COMMENCEMENT COMMUNICATIONS PURSUANT TO RULE 14d-2(b) UNDER THE EXCHANGE ACT (17 CFR 240.14d-2(b)) [ ] PRE-COMMENCEMENT COMMUNICATIONS PURSUANT TO RULE 13e-4(c) UNDER THE EXCHANGE ACT (17 CFR 240.13e-4(c)) ITEM 2.05. COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES. On September 14, 2004, Lightbridge, Inc., a Delaware corporation ("Lightbridge" or the "Company"), announced a restructuring of its business in order to lower overall expenses to better align them with future revenue expectations. The restructuring, committed to on September 14, 2004, consisted of a total workforce reduction of about 65 positions together with cuts to overhead spending. The Company expects to incur a total of approximately $2.0 million of costs associated with the restructuring, all of which are related to termination benefits provided to terminated employees and consultants. For the third quarter of 2004, the Company expects to record a restructuring charge of approximately $2.0 million associated with the workforce reduction. The full text of the Company's press release reporting the restructuring is attached as Exhibit 99.1 to this report and incorporated herein by reference. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (c) EXHIBITS. 99.1 Press Release dated September 14 2004, entitled "Lightbridge Announces Restructuring." ----------- 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. LIGHTBRIDGE, INC. By: /s/ Timothy C. O'Brien ---------------------- Timothy C. O'Brien Vice President, Finance and Administration, Chief Financial Officer and Treasurer September 15, 2004 EX-99.1 2 b51846lbexv99w1.txt EX-99.1 PRESS RELEASE DATED 9-14-2004 (LIGHTBRIDGE LOGO) LIGHTBRIDGE ANNOUNCES RESTRUCTURING BURLINGTON, MA - SEPTEMBER 14, 2004 -- Lightbridge, Inc. (Nasdaq: LTBG), a leading provider of value-added transaction processing solutions, today announced a restructuring of its business in order to lower overall expenses to better align them with future revenue expectations. The restructuring consists of a total workforce reduction of about 65 positions together with cuts to overhead spending. Excluding the Company's call center workforce, this represents a 12 percent employee reduction. Today's action is expected to produce approximately $8.0 million in annual pre-tax savings. For the third quarter of 2004, the Company expects to record a restructuring charge of approximately $2.0 million associated with the workforce reduction. Robert Donahue, President and Chief Executive Officer commented, "Downsizing and realigning the Company's infrastructure is the first step in positioning Lightbridge to take full advantage of its core competencies in the markets it serves. Our focus going forward will be on growing revenue, increasing productivity and managing costs so we can produce returns on our investments that are in line with shareholder expectations. Today's action, which affects Lightbridge employees, is regrettable but necessary, if we are to fulfill our commitment to increase shareholder value." THIRD QUARTER 2004 GUIDANCE The Company reaffirmed its revenue guidance of $31.5 - $33.0 million for the third quarter of 2004. The Company's previously issued guidance of a ($0.09) - ($0.13) loss per share for the third quarter of 2004 will be increased by a ($0.07) loss per share related to the restructuring charge. THIRD QUARTER 2004 RESULTS: WEBCAST INFORMATION Lightbridge has scheduled its webcast and conference call to discuss its Third Quarter 2004 financial results for Wednesday, October 27, 2004 at 9:00 A.M. (EDT).
ACCESS TO LIVE CALL REPLAY OF CALL - Go to: www.lightbridge.com - Click on Investor Relations Avail. until 11/3/2004 Internet users section and follow prompts to listen to webcast over the Internet 888-802-8576 877-519-4471 Passcode: 4914989 U.S. dial-in Avail. until 11/3/2004 973-935-8515 973-341-3080 Passcode: 4914989 International dial-in Avail. until 11/3/2004
ABOUT LIGHTBRIDGE Lightbridge, Inc. (Nasdaq: LTBG) is a leading transaction processing company that businesses trust to manage customer transactions. Lightbridge adds value to fraud prevention, credit qualification, payment authorization, billing, and enhanced voice and data services. Lightbridge solutions leverage intelligent automated systems and human expertise, delivered primarily through the efficiencies and cost savings of an outsourced business model. Businesses around the world use Lightbridge to make smarter decisions, deliver better services, provide secure payments, reduce costs and enhance the lifetime value of their customers. For more information, visit www.lightbridge.com or call 1-800-LIGHTBR. LIGHTBRIDGE AND THE LIGHTBRIDGE LOGO ARE REGISTERED TRADEMARKS OF LIGHTBRIDGE, INC. ALL OTHER TRADEMARKS AND REGISTERED TRADEMARKS ARE THE PROPERTIES OF THEIR RESPECTIVE OWNERS. Forward-looking Statements Certain statements in this news release that are not historical facts, including, without limitation, those relating to the Company's objectives, plans, strategies and commitments for the future including, without limitation, its focus on growing revenue, increasing productivity and managing costs and its commitment to increasing shareholder value, the financial impact of the Company's restructuring and the third quarter of 2004 financial guidance for the Company are forward-looking statements that involve risks and uncertainties. Such statements are based upon the current beliefs and expectations of the management of the Company. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, (i) dependence on a limited number of clients, (ii) the Company's revenue concentration in the wireless telecommunications business and the declining subscriber growth rate in that business, (iii) continuing rapid change in the telecommunications industry, payment processing industry, and other markets in which the Company does business that may affect both the Company and its clients, (iv) current and future economic conditions generally and particularly in the telecommunications industry, (v) uncertainties about the Company's ability to execute on, and about the impact on the Company's business and operations of, its objectives, plans, strategies or commitments as a result of potential technological, operational, market or competitive factors, or the acquisition of Authorize.Net, (vi) the impact of restructuring and other charges on the Company's business and operations, (vii) integration, employee retention, recognition of cost and other benefits and revenue synergies, and other risks associated with acquisitions including the acquisition of Authorize.Net, (viii) the factors disclosed in the Company's filings with the U.S. Securities and Exchange Commission including, without limitation, its 2003 Annual Report on Form 10-K and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2004. The Company undertakes no obligation to update any forward-looking statements. ### Contacts SUSAN GRIFFIN GLEN ZIMMERMAN Investor Relations Media Relations Lightbridge, Inc. Lightbridge, Inc. 781/359-4854 781/359-4705 sgriffin@lightbridge.com gzimmerman@lightbridge.com -----END PRIVACY-ENHANCED MESSAGE-----