Luna Innovations Reports Second Quarter 2010 Financial Results
Luna Innovations Incorporated (NASDAQ:LUNA), a company focusing on sensing, instrumentation and nanotechnology, today announced its financial results for the second quarter and six months ended June 30, 2010.
As compared to the same quarter last year, total revenue increased by 4%, from $8.7 million in the second quarter of 2009 to $9.0 million in the second quarter of 2010, driven by a 31% revenue increase in the company’s product and license segment, from $2.2 million in the second quarter of 2009 to $2.9 million in the second quarter of 2010. Operating expenses improved by $1.8 million, or 32%, due to the non-recurring costs incurred for litigation and reorganization activities in 2009, in addition to on-going expense savings initiatives. The company reported a net loss attributable to common stockholders of $0.7 million, or $0.05 per common share, for the second quarter of 2010, as compared to a net loss of $2.4 million, or $0.21 per common share for the second quarter of 2009. Adjusted EBITDA, which is earnings before interest, taxes, depreciation and amortization, excluding non-cash stock-based compensation expense, non-cash charges for impairment of intangible assets and charges related to the company’s litigation with Hansen Medical, Inc. and its Chapter 11 reorganization, improved to $0.8 million for the second quarter of 2010, as compared to $0.5 million for the second quarter of 2009.
Dale Messick, Interim President and Chief Operating Officer, provided this overview of Luna’s results: “Continued growth in our fiber optic test & measurement products has resulted in our return to year over year revenue growth overall. Along with this growth, we continue to be very pleased with the progress we are making in our bottom line results, adjusted EBITDA and cash flows now that the Hansen litigation and reorganization are behind us. Our adjusted EBITDA excluding litigation and reorganization-related items improved 80% compared to the second quarter of last year. Our net cash used in operating activities of $1.7 million for the first half of the year includes the impact of payment of approximately $1.9 million in pre-petition liabilities from the 2009 reorganization and related legal fees, absent which cash from operating activities would have been slightly positive for the first half of the year.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV