The revenues for three months ended March 31, 2009 and March 31, 2008 were generated by Thorium Power’s consulting and strategic advisory services business segment. The difference in revenue reflects the uneven nature of consulting projects and the timing of revenues recognized on the respective projects. The operating loss for the first quarter of 2009 was $1.5 million compared to an operating loss of $846,389 in the year-ago quarter. Operating loss for the first quarter included around $1.3 million of non-cash items versus $1.4 in the comparable period in 2008. Excluding the impact of non-cash items, adjusted net loss for the three months ended March 31, 2009 would have been $243,486 compared to adjusted net income of $578,879 for the same period in 2008.
As of March 31, 2009, Thorium Power had around $4.4 million of cash and cash equivalents and $6.6 million of working capital.
Seth Grae, chief executive officer, commented: “We are pleased with the continued progress of our fuel technology development and our consulting and strategic advisory services. On the technology front, we continue to make strides in our fuel research and development program. We have now entered the fuel qualification/pre-commercialization phase and the post-irradiation testing currently being conducted will provide additional verification of the safety, efficiency and proliferation resistance of our proprietary fuel designs. Completion of this test phase will be a significant step forward toward commercial reactor demonstrations and the subsequent regulatory licensing of our fuel designs for pressurized water reactors.
“Regarding our consulting and strategic advisory services, we are pleased with the continued confidence that the United Arab Emirates (UAE) has placed in Thorium Power, as well as the positive reception that the program is generating across the region and the globe.”
Grae concluded: “We are confident that nuclear power will play a major role in global power generation and that our vision of delivering safe, transparent, and commercially viable non-proliferative civil nuclear power to the market will be realized.”
