Luna Innovations Announces Preliminary 2008 Revenue Results
10 Fevereiro 2009 - 8:00PM
Business Wire
Luna Innovations Incorporated (NASDAQ:LUNA), a developer of
sensing & instrumentation and nanomaterial solutions for
medical, telecommunications, energy and defense markets, today
announced preliminary revenue results for 2008.
The company expects 2008 annual revenue to be approximately
$36.9 million. The lower than expected 2008 revenues were primarily
due to a decline in orders for telecommunications products in the
fourth quarter. The company believes the decline in sales is
related to customers reducing their capital expenditures as a
result of the changes in the global economy. The expected revenue
is an estimate pending the audit of the company�s financial results
for the year ended December 31, 2008 and accordingly is subject to
change.
Commenting on the announcement, Kent Murphy, Chairman and CEO of
Luna Innovations, said �Luna is taking steps to control expenses.
We ended 2008 with $15.5 million in cash, a net increase of
approximately $300,000 in the fourth quarter. Given these times of
economic uncertainty, it is difficult to project 2009 revenue. We
currently expect flat to modest growth in 2009.�
The Technology Development Division achieved its planned growth
of 15% in 2008 and has continued to be successful in attracting new
awards in early 2009. Since December 2008, new contract awards and
contracts in negotiation total in excess of $20M. These new awards
support product development in sensors, nanomedicines and defense.
In addition, the company continues to make progress towards
opportunities with partners in alternative energy, medical devices,
pharmaceuticals and defense solutions.
Luna will provide complete financial results, including an
update on its outlook for 2009, in its regularly scheduled 2008
fourth quarter conference call and webcast, which will be announced
in the near future. Dial-in and webcast access information will be
available on the Investor Relations section of the Luna Innovations
website at http://www.lunainnovations.com.
About Luna Innovations:
Luna Innovations Incorporated (www.lunainnovations.com) develops
and manufactures new-generation products for the healthcare,
telecommunications, energy and defense markets. Our products are
used to measure, monitor, protect and improve critical processes in
the markets we serve. Through its disciplined commercialization
business model, Luna has become a recognized leader in
transitioning science to solutions. Luna is headquartered in
Roanoke, Virginia.
Forward Looking Statements:
This release includes information that constitutes
�forward-looking statements� made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995,
including statements regarding, but not limited to, expected
revenues and other financial results, new contracts, effects of the
global economy, and progress towards partnering opportunities.
Actual results may differ materially from the expectations
expressed in such forward-looking statements as a result of various
factors, including without limitation the preliminary status of the
expected financial results and potential adjustments to the
expected results made during the ongoing close of the company�s
financial records and year-end audit procedures; the government�s
ability to cancel of all or a part of a contract for budgetary
reasons, among other reasons; the company�s ability to transition
its revenue mix to product revenues; the company�s limited
experience in manufacturing products on a commercial scale; the
company�s continued reliance on contract research, including
government grants and contracts available only to small businesses,
for a significant portion of its revenue; the company�s ability to
remain eligible for small business government grants and contracts
in the future; and risks inherent in current or future litigation
proceedings. Additional factors that may affect the future results
of the company are set forth in the company�s periodic reports and
other filings with the Securities and Exchange Commission. Such
filings are available at the SEC�s website at http://www.sec.gov, and at the company�s
website at http://www.lunainnovations.com. The
statements made in this release are based on information available
to the company as of the date of this release and Luna Innovations
undertakes no obligation to update any of the forward-looking
statements after the date of this release.
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