BURLINGTON, Mass.-Lightbridge Inc. said a change in accounting for its operating leases caused it to revise its previously announced unaudited financial results for the fourth quarter and full-year 2004.
Lightbridge said it recorded a fourth-quarter adjustment related to tenant improvement allowances and rent holidays provided by landlords. The adjustment resulted in a cumulative $600,000 increase in the net loss attributable to prior interim periods in 2004. The company reported an increase in property and equipment of about $3.2 million and an increase in deferred rent of about $3.6 million.
In addition, the adjustment increased both net cash provided by operating activities and net cash used in investing activities by equal amounts of about $3.5 million for the year, said the company.
