Luna Innovations Incorporated (NASDAQ: LUNA) today announced its
financial results for the first quarter ended March 31, 2013.
Luna recorded net income attributable to common stockholders of
$2.8 million, or $0.17 per diluted share, for the first quarter of
2013 compared to a net loss attributable to common stockholders of
$0.4 million, or ($0.03) per diluted share in the first quarter of
2012. The net income in the first quarter of 2013 included a net
after-tax gain of $4.0 million realized on the sale of the
company’s Secure Computing and Communications group (“SCC”) in
March. Total revenues from continuing operations decreased to $4.5
million in the first quarter of 2013 compared to $6.7 million in
the first quarter of 2012, reflecting a decrease of $1.3 million in
the Technology Development segment and a decrease of $0.8 million
in the Products and Licensing segment. This decrease in revenue was
driven primarily by decreased contract research revenue within our
optical systems group and lower sales of telecom related test and
measurement equipment. Gross profit decreased to $1.4 million for
the first quarter of 2013 compared to $2.7 million for the first
quarter of 2012. Luna’s operating expenses remained steady at $3.3
million in the first quarter of 2013, comparable to the first
quarter of the prior year. The resulting net loss from continuing
operations, which excludes the effects of SCC’s operations prior to
its sale and the gain associated with the sale, was $1.1 million
for the first quarter of 2013 compared to a net loss from
continuing operations of $0.7 million for the first quarter of
2012.
Adjusted EBITDA, a non-GAAP measure, which is earnings before
interest, taxes, and non-cash expenses of stock based compensation,
depreciation, amortization and warrant expense, and excludes the
effects of discontinued operations, declined to ($1.3) million for
the first quarter of 2013, as compared to $0.1 million for the
first quarter of 2012. With the proceeds from the sale of SCC, our
cash and cash equivalents increased to $10.3 million at March 31,
2013 from $7.9 million at March 31, 2012.
"The sale of SCC during the first quarter added significant
liquidity to our balance sheet,” said My Chung, chief executive
officer of Luna. “We are now continuing to focus on our two
remaining strategic initiatives for future revenue growth -- shape
sensing for minimally invasive medical applications and fiber optic
measurement of strain and temperature for a wide variety of
industries. We’re optimistic about developments in the
telecommunications industry pointing to investment in upgrading
networks, which provides increased opportunity for our
technological solutions. At the same time, we’re making great
strides with our shape-sensing technology, transitioning toward
product integration."
First Quarter Financial and Business
Highlights
-- Total revenues decreased by 32%, from $6.7 million in the
first quarter of 2012 to $4.5 million in the first quarter of
2013.
-- Technology development revenues decreased by 33%, to $2.6
million for the first quarter of 2013 from $3.9 million for the
first quarter of 2012. Products and licensing revenue decreased by
31%, from $2.7 million in the first quarter of 2012 to $1.9 million
in the first quarter of 2013.
-- Gross profit for the first quarter of 2013 decreased to $1.4
million, or 31% of total revenues, from $2.7 million, or 41% of
total revenues, for the corresponding period of 2012.
-- Selling, general and administrative expenses decreased by 5%
to $2.5 million for the first quarter of 2013 from $2.6 million for
the first quarter of 2012.
-- Total operating expenses remained consistent at $3.3 million
for the first quarter of 2013 and 2012.
-- Adjusted EBITDA decreased to ($1.3) million in the first
quarter 2013 from $0.1 million in the first quarter of 2012.
-- Net income attributable to common stockholders improved to
$2.8 million for the first quarter of 2013 compared to a net loss
attributable to common stockholders to $0.4 million for the first
quarter of 2012.
-- Cash and cash equivalents totaled $10.3 million at March 31,
2013 as compared to $7.9 million at March 31, 2012.
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. (EDT) today to discuss its financial
results and business developments for the first quarter of 2013 and
expectations for the remainder of 2013. The call can be accessed by
dialing 866.515.2907 domestically or 617.399.5121
internationally prior to the start of the call. The participant
access code is 23732056. 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.
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 demand for the company’s fiber optic
equipment and technologies 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 Ended
March 31, 2013 2012 (Unaudited) (Unaudited)
Revenues: Technology development $ 2,627,241 $ 3,942,700 Products
and licensing 1,869,676 2,713,814
Total
4,496,917 6,656,514 Cost of
revenues: Technology development costs 2,184,914 2,699,197 Products
and licensing costs 919,482 1,247,494
Total 3,104,396 3,946,691 Gross
Profit 1,392,521 2,709,823
Operating expense: Selling, general and administrative 2,511,884
2,646,782 Research, development, and engineering 837,256
694,972 Total 3,349,140
3,341,754 Operating loss (1,956,619 )
(631,931 ) Other income/(expense) Other income, net 71,234
23,265 Interest (expense) (58,179 ) (79,658 ) Total
13,055 (56,393 ) Loss before income
taxes (1,943,564 ) (688,324 ) Income tax expense
(795,200 ) 4,421 Loss from continuing
operations (1,148,364 ) (692,745 )
Income from discontinued operations, net
of income taxes
3,933,961
357,997
Net income/(loss) 2,785,597 (334,748 )
Preferred stock dividend 23,629 34,096
Net income/(loss) attributable to common stockholders $
2,761,968 $ (368,844 ) Net loss per share from
continuing operations: Basic $ (0.08 ) $ (0.05 ) Diluted $ (0.08 )
$ (0.05 ) Net income per share from discontinued operations: Basic
$ 0.28 $ 0.03 Diluted $ 0.24 $ 0.02 Net income/(loss) per share
attributable to common stockholders: Basic $ 0.20 $ (0.03 ) Diluted
$ 0.17 $ (0.03 ) Weighted average common shares and common
equivalent shares outstanding Basic 14,011,814 13,850,667 Diluted
16,615,574 16,322,294
Luna Innovations
Incorporated Condensed Consolidated Balance Sheets
March 31, December 31, 2013 2012 (Unaudited)
Assets Current assets Cash and cash equivalents $ 10,266,998
$ 6,340,461 Accounts receivable, net 5,625,212 7,059,635 Inventory,
net 3,521,920 3,336,916 Prepaid expenses 646,960 667,773 Other
current assets 70,208 35,629 Total
current assets 20,131,298 17,440,414 Property and equipment,
net 2,268,109 2,426,638 Intangible assets, net 358,963 437,839
Other assets 99,085 152,877
Total assets $ 22,857,455 $ 20,457,768
Liabilities and stockholders’ equity Liabilities Current
Liabilities Current portion of long term debt obligation $
1,625,000 $ 1,500,000 Current portion of capital lease obligation
54,906 54,091 Accounts payable 1,562,304 1,797,571 Accrued
liabilities 2,803,982 2,747,175 Deferred credits 573,395
832,822 Total current liabilities 6,619,587
6,931,659 Long-term debt obligation 1,750,000 2,125,000
Long-term lease obligation 114,881 128,917
Total liabilities 8,484,468
9,185,576 Commitments and contingencies Stockholders’
equity: Preferred stock 1,322 1,322 Common stock 14,269 14,245
Additional paid-in capital 61,700,308 61,361,505 Accumulated
deficit (47,342,912 ) (50,104,880 ) Total
stockholders’ equity 14,372,987 11,272,192
Total liabilities and stockholders’ equity $
22,857,455 $ 20,457,768
Luna
Innovations Incorporated Condensed Consolidated Statements
of Cash Flows Three Months Ended March 31, 2013
2012 (Unaudited) (Unaudited)
Cash
flows(used in)/provided by operating activities Net
income/(loss) $ 2,785,597 $ (334,748 ) Adjustments to reconcile net
loss to net cash used in operating activities Depreciation and
amortization 228,267 284,101 Share-based compensation 313,516
454,584 Warrant expense - 11,886 Gain on sale, net of income taxes
(4,029,210 ) - Tax benefit from utilization of net operating loss
carryforward (861,071 ) - Change in assets and liabilities:
Accounts receivable 2,039,952 (866,444 ) Inventory (185,004 )
57,389 Other current assets (127,333 ) 139,670 Other assets 53,792
18,791 Accounts payable and accrued expenses (231,431 ) (60,923 )
Deferred credits (259,427 ) (250,631 ) Net
cash used in operating activities (272,352 ) (546,325
)
Cash flows (used in)/provided by investing
activities Acquisition of property and equipment (50,255 )
(104,719 ) Intangible property costs (11,777 ) (48,246 ) Proceeds
from sale of discontinued operations, net of fees 4,522,460
- Net cash provided by/(used in)
investing activities 4,460,428 (152,965 )
Cash flows used in financing activities
Payments on capital lease obligations (13,221 ) (12,453 ) Payment
of debt obligations (250,000 ) (375,000 ) Proceeds from exercise of
options and warrants 1,682 26,979
Net cash used in financing activities (261,539 )
(360,474 )
Net change in cash 3,926,537
(1,059,764 ) Cash and cash equivalents, beginning of period
6,340,461 8,939,127 Cash and cash
equivalents, end of period $ 10,266,998 $ 7,879,363
Luna Innovations Incorporated
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Three Months Ended March 31, 2013 2012
(Unaudited) (Unaudited) Net income/ (loss) $ 2,785,597 $
(334,748 ) Less income from discontinued operations, net of income
taxes 3,933,961 357,997 Loss from
continuing operations (1,148,364 ) (692,745 ) Interest expense
58,179 79,658 Tax (benefit)/expense (795,200 ) 4,421 Depreciation
and amortization 228,267 284,101
EBITDA (1,657,118 ) (324,565 ) Share-based compensation
313,516 454,584 Warrant expense --
11,886
Adjusted EBITDA $ (1,343,602 ) $ 141,905
Luna Innovations (NASDAQ:LUNA)
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