(LIGHTBRIDGE LOGO)
Lightbridge Announces Fourth Quarter and Year End 2006 Financial Results
Authorize.Net Fourth Quarter Revenue Grows 23% Year over Year
Net Merchant Adds of 8,400, up over 40% from Prior Year
Burlington, MA (NOT FOR RELEASE) January 31, 2007
Lightbridge, Inc. (NASDAQ: LTBG), a leading e-commerce, analytics and decisioning company, today reported financial results for the quarter and year ended December 31, 2006.
Results
Revenue from continuing operations for the fourth quarter of 2006 was $20.6 million compared to $27.3 million for the fourth quarter of 2005. This represents a decrease of 25% compared to the prior year due to lower revenue from Telecom Decisioning Services (TDS) clients. Authorize.Net revenue for the fourth quarter of 2006 was a record $15.7 million, an increase of 23% over the $12.8 million reported in the fourth quarter of 2005.
Income from continuing operations was $22.0 million, or $0.77 per fully diluted share for the fourth quarter of 2006, versus $4.0 million, or $0.14 per fully diluted share, reported for the fourth quarter of 2005.
Income for the fourth quarter reflects a partial reversal of a valuation allowance against deferred tax assets. Based on achieving sustained profitability and an assessment of our expected future results, the Company concluded that, pursuant to Statement of Financial Accounting Standards No. 109, a portion of the valuation allowance should be released. As a result, the Company reduced its valuation allowance, resulting in recognition of a deferred tax asset of $20.3 million which had the effect of increasing the Company’s diluted earnings per share in the fourth quarter by $0.71 cents.
Fourth quarter 2006 results included share-based compensation expense of $539,000 reflecting the adoption of SFAS 123(R). Restructuring charges related to the Company’s decision to exit the TDS business were $1.8 million. There were no significant comparable charges in the fourth quarter of 2005. For the fourth quarter of 2006, income from continuing operations before share-based compensation expense, restructuring charges and the partial reversal of the valuation allowance for deferred tax assets (a non-GAAP financial measure) was $4.0 million, or $0.14 per fully diluted share. A detailed reconciliation of the GAAP and non-GAAP measures is included at the end of this release.

 


The following information was filed by Authorize.Net Holdings, Inc. on Wednesday, January 31, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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