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Lightbridge shares suffer on lowered revenue expectations

BURLINGOTN, Mass.-Shares of Lightbridge Inc. took a hit Friday after the mobile business solution provider released new, lower-than-anticipated revenues for the second quarter ending June 30, 2002.

The company said it now expects to report revenues between $33 and $34 million and a loss of 8 to 9 cents per diluted share. Lightbridge also said it will cut its work force by 7 percent, laying off 65 people in its Burlington, Mass., Broomfield, Colo., and Irvine, Calif., locations. The company also plans to consolidate its Waltham, Mass., call center operations in its Lynn, Mass., and Broomfield, Colo., facilities by the year’s end.

Following last week’s events at WorldCom Inc., Lightbridge decided to exclude the revenues associated with $2 million of transaction services it provided to WorldCom from its second-quarter estimates, therefore resulting in the release of these revised expectations.

At RCR Wireless News press time, shares of Lightbridge were down 8.11 percent to trade at $8.50.

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