BURLINGTON, Mass.-Lightbridge Inc. said costs associated with further development and deployment of its FraudBuster product were higher than expected, which contributed to a 69-percent drop in net income, from $898,000, or 6 cents per share, during the second quarter of last year, to $278,000, or 2 cents per share, this year.
Lightbridge reported record second-quarter revenues of $15.1 million, a 68-percent increase compared with $9 million for the same period last year. Revenues for the six months ended June 30 were $28.4 million, up 60 percent form $17.8 million during the first half of 1997.
“Our transaction and consulting businesses were strong and experienced good growth,” said Pamela Reeve, president and chief executive officer of Lightbridge. “While our software licensing business also did well this quarter, we continue to be dependent upon the timing of a small number of software contracts that are subject to relatively lengthy sales cycles.
“As a result, software license revenues remain difficult to predict on a quarter-to-quarter basis, and we are cautious about the effects that fluctuations in software revenues may have on our future results,” Reeve added.
