Luna Innovations Incorporated (NASDAQ: LUNA) today announced its
financial results for the fourth quarter and year ended December
31, 2012.
For the fourth quarter of 2012, Luna realized a net loss
attributable to common stockholders of $0.6 million, or $0.04 per
share, compared to a net loss attributable to common stockholders
of $0.4 million, or $0.03 per share, for the fourth quarter of
2011. Revenues decreased 5% to $7.8 million in the fourth quarter
of 2012 from $8.1 million in the fourth quarter of the preceding
year, reflecting $0.2 million growth in the Technology Development
segment more than offset by a decrease of $0.6 million in revenue
from the Products and Licensing segment. Gross profit remained
relatively unchanged at approximately $2.7 million for the most
recent quarter and for the fourth quarter of last year.
For the year, total revenues decreased 9% to $32.3 million for
2012 compared to $35.6 million in 2011. Products and Licensing
revenue was $11.3 million in 2012 compared to $13.2 million in
2011, while full year revenues in the company’s technology
development segment declined to $21.1 million in 2012 compared to
$22.4 million in 2011. Gross profit decreased to $12.2 million for
2012 compared to gross profit of $13.2 million in 2011. Net loss
attributable to common stockholders remained unchanged at $1.5
million, or $0.11 per common share, for 2012 and 2011.
Adjusted EBITDA, a non-GAAP measure, which is earnings before
interest, taxes, and non-cash expenses of share-based compensation,
depreciation, amortization and warrant expense, decreased to $0.2
million for the fourth quarter of 2012 compared to $0.6 million for
the fourth quarter of 2011 and to $1.9 million for full year 2012
from $2.6 million in 2011.
On March 4, 2013, the company announced that it had sold its
Secure Computing and Communications (“SCC”) group effective March
1, 2013, a component of the Technology Development segment.
Revenues for 2012 included approximately $6 million associated with
SCC.
“The sale of our SCC group allowed us to increase liquidity
while continuing to focus on the growth potential of our core
fiber-optic technologies,” said My Chung, chief executive officer
of Luna. “With the completion of this transaction, we have
accelerated the monetization of our secure computing technologies
and generated cash to mitigate our risk of reductions in government
spending.”
Fourth Quarter Financial and Business
Summary
-- Total revenues decreased by 5%, to $7.8 million for the
fourth quarter of 2012, from $8.1 million for the fourth quarter of
2011.
-- Technology development revenues increased by 4%, to $5.2
million for the fourth quarter of 2012, from $5.0 million for the
fourth quarter of 2011.
-- Products and licensing revenues decreased by 19%, to $2.5
million in the fourth quarter of 2012, from $3.1 million in the
fourth quarter of 2011, including a decrease of approximately $0.3
million in sales of fiber optic test and measurement equipment and
approximately $0.3 million of reductions in funded product
development activities.
-- Gross profit decreased to $2.6 million for the fourth quarter
of 2012, from $2.7 million for the fourth quarter of 2011.
-- Selling, general and administrative expenses increased by 7%
to $2.6 million, or 34% of total revenues for the fourth quarter of
2012, from $2.4 million, or 30% of total revenues, for the fourth
quarter of 2011.
-- Total operating expenses remained relatively unchanged at
$3.2 million, or 41% of total revenues, for the fourth quarter of
2012 and 39% of total revenues for the fourth quarter of 2011.
-- Adjusted EBITDA decreased to $0.2 million for the fourth
quarter of 2012, from $0.6 million for the fourth quarter of
2011.
-- Net loss attributable to common stockholders declined to $0.6
million, or ($0.04) per basic and diluted common share, for the
fourth quarter of 2012, compared to a net loss attributable to
common stockholders of $0.4 million, or ($0.03) per basic and
diluted common share, for the fourth quarter of 2011.
-- Cash and cash equivalents totaled $6.3 million at December
31, 2012, as compared to $8.9 million at December 31, 2011.
Outstanding principal on our term loan decreased from $5.3 million
at December 31, 2011, to $3.6 million at December 31, 2012.
-- Introduced the OBR 5T-50 in November of 2012 to address the
production line needs of the telecommunications industry.
Year Ended December 31, 2012 Financial
Summary
-- Total revenue decreased $3.3 million, or 9%, to $32.3 million
for the year ended December 31, 2012, compared to $35.6 million for
the year ended December 31, 2011.
-- Products and licensing revenue decreased by 15%, to $11.3
million for the year ended December 31, 2012, from $13.2 million
for the year ended December 31, 2011.
-- Technology development revenues decreased by 6%, to $21.1
million for the year ended December 31, 2012, from $22.4 million
for the year ended December 31, 2011.
-- Gross profit decreased by 8%, to $12.2 million for the year
ended December 31, 2012, from $13.2 million for the year ended
December 31, 2011.
-- Selling, general and administrative expenses decreased by 8%
to $10.8 million, or 33% of total revenues, for the year ended
December 31, 2012, from $11.8 million, or 33% of total revenues,
for the year ended December 31, 2011.
-- Total operating expenses decreased by 8% to $13.4 million, or
41% of total revenues, for the year ended December 31, 2012, from
$14.5 million, or 41% of total revenues, for the year ended
December 31, 2011.
-- Adjusted EBITDA decreased to $1.9 million for the year ended
December 31, 2012 from $2.7 million for the year ended December 31,
2011.
-- Net loss attributable to common stockholders remained
unchanged at $1.5 million, or $0.11 per basic and diluted common
share, for the year ended December 31, 2012 and for the year ended
December 31, 2011.
Non-GAAP Measures
In evaluating the operating performance of its business, Luna’s
management excludes certain charges and credits that are required
by generally accepted accounting principles (“GAAP”). These
non-GAAP results provide useful information to both management and
investors by excluding items that the company believes may not be
indicative of its operating performance, because either they are
unusual and the company does not expect them to recur in the
ordinary course of its business or they are unrelated to the
ongoing operation of the business in the ordinary course. These
non-GAAP measures should be considered in addition to results and
guidance prepared in accordance with GAAP, but should not be
considered a substitute for, or superior to, GAAP results. The
non-GAAP measures included in this press release have been
reconciled to the nearest GAAP measure in the table following the
financial statements attached to this press release.
Conference Call
Information
As previously announced, Luna will conduct an investor
conference call at 5:00 p.m. (EST) today to discuss its financial
results and business developments for the fourth quarter and full
year of 2012. The call can be accessed by dialing
866.713.8565 domestically or 617.597.5324
internationally prior to the start of the call. The participant
access code is 21120821. Investors are advised to dial in at
least five minutes prior to the call to register. The conference
call will also be webcast live over the Internet. The webcast can
be accessed by logging on to the “Investor Relations” section of
the Luna website, www.lunainc.com, prior to the event. The webcast
will be archived under the “Webcasts and Presentations” section of
the Luna website for at least 30 days following the conference
call.
About Luna:
Luna Innovations Incorporated (www.lunainc.com) is focused on sensing and
instrumentation. Luna develops and manufactures new-generation
products for the healthcare, telecommunications, energy and defense
markets. The company’s products are used to measure, monitor,
protect and improve critical processes in the markets it serves.
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:
The statements in this release that are not historical facts
constitute “forward-looking statements” made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties. These statements include
our expectations regarding the growth potential of fiber-optic
technology and the company’s technical capabilities. Management
cautions the reader that these forward-looking statements are only
predictions and are subject to a number of both known and unknown
risks and uncertainties, and actual results, performance, and/or
achievements of the company may differ materially from the future
results, performance, and/or achievements expressed or implied by
these forward-looking statements as a result of a number of
factors. These factors include, without limitation, failure of
demand for the company’s products and services to meet
expectations, technological challenges and those risks and
uncertainties 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 www.sec.gov and at the
company’s website at www.lunainc.com. The statements made in this
release are based on information available to the company as of the
date of this release and Luna undertakes no obligation to update
any of the forward-looking statements after the date of this
release.
Luna Innovations Incorporated Condensed
Consolidated Statements of Operations
Three months endedDecember 31, Year
endedDecember 31, 2012 2011 2012 2011
(unaudited) Revenues Technology development $ 5,229,644 $ 5,011,387
$ 21,098,286 $ 22,417,902 Products and licensing 2,535,087
3,137,113 11,250,717 13,195,822 Total
revenues 7,764,731 8,148,500 32,349,003
35,613,724 Cost of revenues Technology development 3,680,434
3,882,508 14,928,887 15,793,279 Products and licensing
1,420,063 1,530,436 5,242,043 6,589,943
Total cost of revenues 5,100,497 5,412,944
20,170,930 22,383,222 Gross profit 2,664,234
2,735,556 12,178,073 13,230,502
Operating expenses Selling, general and administrative 2,620,524
2,448,321 10,804,156 11,788,866 Research, development and
engineering 589,540 724,455 2,558,417
2,674,730 Total operating expenses 3,210,064
3,172,776 13,362,573 14,463,596 Operating loss
(545,830 ) (437,220 ) (1,184,500 ) (1,233,094 ) Other income
(expense) Interest (64,056 ) (85,890 ) (286,529 ) (376,524 ) Other
22,978 169,772 108,061 227,565
Loss before income taxes (586,908 ) (353,338 ) (1,362,968 )
(376,524 ) Income tax expense — — 21,417
10,307 Net loss (586,908 ) (353,338 ) (1,384,385 )
(1,392,360 ) Preferred stock dividend 24,780 32,510
119,754 127,462 Net loss attributable to
common stockholders $ (611,688 ) $ (385,848 ) $ (1,504,139 ) $
(1,519,822 ) Net loss per share of common stock Basic and
diluted $ (0.04 ) $ (0.03 ) $ (0.11 ) $ (0.11 ) Weighted
average shares Basic and diluted 14,008,772
13,794,361 13,930,267 13,647,555
Luna Innovations Incorporated Condensed
Consolidated Balance Sheets December 31, 2012
2011 Assets Current Assets Cash and cash equivalents $
6,340,461 $ 8,939,127 Accounts receivable, net 7,059,635 5,958,086
Inventory, net 3,336,916 3,330,773 Prepaid expenses 667,773
1,071,438 Other current assets 35,629 35,717
Total current assets 17,440,414 19,355,141
Property and equipment, net 2,426,638 2,816,674 Intangible assets,
net 437,839 539,563 Other assets 152,877 228,043
Total assets $ 20,457,768 $ 22,919,421 Liabilities
and stockholders’ equity Current liabilities Current portion of
long term debt obligation $ 1,500,000 $ 1,625,000 Current portion
of capital lease obligation 54,091 50,949 Accounts payable
1,797,571 1,656,602 Accrued liabilities 2,747,175 3,612,193
Deferred credits 832,822 1,462,603 Total
current liabilities 6,931,659 8,407,347 Long term debt obligations
2,125,000 3,625,000 Long term capital lease obligations
128,917 183,008 Total liabilities 9,185,576
12,215,355 Commitments and contingencies
Stockholders’ equity Preferred stock 1,322 1,322 Common stock
14,245 13,969 Additional paid-in capital 61,361,505 59,289,516
Accumulated deficit (50,104,880 ) (48,600,741 )
Total stockholders’ equity 11,272,192
10,704,066 Total liabilities and stockholders’ equity $
20,457,768 $ 22,919,421
Luna Innovations
Incorporated Condensed Consolidated Statements of Cash
Flows Year ended December
31, 2012 2011 Cash flows from operating activities Net loss
$ (1,384,385 ) $ (1,392,360 ) Adjustments to reconcile net loss to
cash (used in)/ provided by operating activities Depreciation and
amortization 1,092,027 1,462,511 Stock-based compensation 1,862,533
2,163,290 Changes in operating assets and liabilities Accounts
receivable (1,101,549 ) 1,711,539 Inventory (10,482 ) (224,173 )
Other assets 478,919 (321,430 ) Accounts payable and accrued
expenses (724,050 ) (288,989 ) Deferred credits (629,781 )
(119,999 ) Net cash used in operating activities
(416,768 ) 2,990,389 Cash from investing
activities Acquisition of property and equipment (371,390 )
(327,704 ) Intangible property costs (224,537 )
(347,813 ) Net cash used in investing activities
(595,927 ) (675,517 ) Cash flows from financing
activities Proceeds from debt obligations
--
6,000,000 Payments on debt obligations (1,625,000 ) (6,867,393 )
Payment on capital lease obligations (50,949 ) (42,383 ) Proceeds
from exercise of options and warrants 89,978 317,451
Net cash (used in)/provided by financing activities
(1,585,971 ) (592,325 ) Net change in cash (2,598,666
) 1,722,547 Cash and cash equivalents—beginning of period
8,939,127 7,216,580 Cash and cash equivalents—end of
period $ 6,340,461 $ 8,939,127
Luna Innovations
Incorporated Reconciliation of Net Loss to EBITDA and
Adjusted EBITDA Three months
endedDecember 31, Year endedDecember 31, 2012 2011 2012 2011
(unaudited) Reconciliation of Net Income (Loss) to EBITDA and
Adjusted EBITDA: Net loss $ (586,908 ) $ (353,338 ) $ (1,384,385 )
$ (1,392,360 ) Interest 64,057 85,891 286,529 376,524 Taxes — —
21,417 10,307 Depreciation and amortization 277,529
419,811 1,092,027 1,462,511 EBITDA (245,322 )
152,364 15,588 456,982 Share based compensation expense 450,861
426,018 1,862,533 2,163,290 Warrant expense (35,696 )
18,586 17,190 60,338 Adjusted EBITDA $ 169,843
$ 596,968 $ 1,895,311 $ 2,680,610
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