Luna Innovations Incorporated Announces Stock Repurchase Program
09 Junho 2016 - 5:00PM
Business Wire
Luna Innovations Incorporated (NASDAQ: LUNA) today announced
that its Board of Directors has authorized the repurchase of up to
$2 million of Luna’s common stock.
“Our management team and Board of Directors believe strongly in
our long-term growth prospects and our ability to improve our
profitability and cash flow. The initiation of this stock
repurchase program demonstrates our commitment to building
shareholder value as well as confidence in achieving long-term
growth,” said My Chung, president and chief executive officer of
Luna.
The number of shares repurchased and the timing of repurchases
will depend on a number of factors, including, but not limited to,
share price, trading volume and general market conditions, along
with Luna’s working capital requirements, general business
conditions and other factors. Under its share repurchase program,
the company may, from time to time, purchase shares of its common
stock through various means, including open market transactions,
privately negotiated transactions or tender offers. Open market
repurchases of common stock may be made pursuant to trading plans
established pursuant to Rule 10b5-1 under the Securities Exchange
Act of 1934, which would permit common stock to be repurchased at a
time that Luna might otherwise be precluded from doing so under
insider trading laws. The $2 million share repurchase authorization
expires on May 31, 2017 (unless extended), and does not obligate
the company to purchase any shares. The authorization for the share
repurchase program may be terminated, increased or decreased by the
Board of Directors at any time.
The repurchase program will be funded using Luna’s working
capital. As of March 31, 2016, Luna had cash and cash equivalents
of approximately $15.2 million.
Luna had approximately 27.5 million shares of common stock
outstanding as of March 31, 2016.
About Luna:
Luna Innovations Incorporated (www.lunainc.com) develops high
speed optics and high performance fiber optic test products that
provide unique capabilities for the aerospace, automotive, energy,
defense, and telecommunications industries. Luna develops,
manufactures and markets high definition fiber optic sensing
products and fiber optic test and measurement instrumentation, and
packages optoelectronic semiconductors into high-speed optical
receivers (HSOR products), custom optoelectronic subsystems
(Optoelectronics products) and Terahertz (THz) instrumentation.
Luna is organized into two business segments, which work closely
together to turn ideas into products: a Technology Development
segment and a Products and Licensing segment. Luna's business model
is designed to accelerate the process of bringing new and
innovative technologies to market.
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
the company’s expectations regarding the timing, amount, methods
and funding sources of future repurchases of its common stock.
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 may
differ materially from those expressed or implied by these
forward-looking statements as a result of a number of factors.
These factors include, without limitation, changes in Luna’s stock
price, the trading volume of the company’s stock, the nature of
other investment opportunities presented to the company from time
to time, the company’s cash flows from operations, general economic
conditions, and those risks and uncertainties set forth in the
company’s periodic reports and other filings with the Securities
and Exchange Commission (“SEC”). Such filings are available on the
SEC’s website at www.sec.gov and on 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, except
as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160609006355/en/
Investor Contact:Luna Innovations IncorporatedDale
Messick, CFO1-540-769-8400IR@lunainc.com
Luna Innovations (NASDAQ:LUNA)
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