Luna Innovations Incorporated (NASDAQ: LUNA) today announced its financial results for the fourth quarter and year ended December 31, 2011.
For the fourth quarter of 2011, Luna realized a net loss attributable to common shareholders of $0.4 million, compared to a net loss attributable to common shareholders of $0.5 million for the fourth quarter of 2010. Revenues decreased to $8.1 million in the fourth quarter of 2011 from $9.1 million in the fourth quarter of the preceding year, with a corresponding reduction in gross profit to $2.7 million for the most recent quarter compared to $3.4 million in the prior year quarter. This decline was largely offset by an improvement of 27% in operating expenses, which totaled $3.2 million in the last quarter of 2011 compared to $3.7 million in the fourth quarter of 2010. Additionally, the company generated positive operating cash flow of $2.4 million for the fourth quarter of 2011.
For the year, total revenues increased 3% compared to 2010, driven by a 9% growth in product and license revenue. Total revenues grew to $35.6 million for 2011 compared to $34.5 million in 2010, including an increase in product and license revenue to $13.2 million in 2011 compared to $12.1 million in 2010. Full year revenues in the company’s technology development segment were unchanged at $22.4 million in 2011 and in 2010. Gross profit increased to $13.2 million for 2011 compared to gross profit of $12.9 million in 2010. Net loss attributable to common shareholders improved 49% to $1.5 million, or $0.11 per common share, for 2011 versus a net loss attributable to common shareholders of $3.0 million, or $0.23 per common share, for 2010.
Adjusted EBITDA, a non-GAAP measure, which is earnings before interest, taxes, depreciation and amortization, excluding litigation and reorganization related items and non-cash stock-based compensation and warrant expense, decreased to $2.6 million for 2011 from $2.8 million in 2010.