Luna Innovations Incorporated (NASDAQ: LUNA) today announced its financial results for the first quarter ended March 31, 2012.
As compared to the same quarter last year, Luna improved its net loss to $0.3 million for the first quarter of 2012 from a net loss of $1.0 million, as lower operating expenses more than offset a decline in revenues. Total revenues decreased to $8.4 million in the first quarter of 2012 compared to $9.0 million in the first quarter of 2011, primarily due to lower revenues from sales of fiber optic test and measurement equipment. Gross profit decreased to $3.2 million for the first quarter of 2012 compared to $3.3 million for the first quarter of 2011.
Luna also reduced its operating expenses to $3.5 million in the first quarter of 2012 compared to $4.2 million in the first quarter of the prior year. 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, improved to $0.5 million for the first quarter of 2012, as compared to $0.3 million for the first quarter of 2011. Cash decreased to $7.9 million at March 31, 2012 from $8.9 million at December 31, 2011.
“We continue to make progress towards achieving the corporate growth strategies that we outlined late last year,” said My Chung, chief executive officer of Luna. “For example, we are focusing our efforts on accelerating product sales in fiber optic sensing through ongoing development of our ODiSi platform. Secondly, we recently announced a new development agreement with Philips Healthcare, which further strengthens our position in the medical field. And finally, we are continuing to advance our cybersecurity solutions. We remain confident that achievement of these strategies will drive long-term growth and increased shareholder value.”First Quarter Financial and Business Highlights -- Total revenues decreased by 7%, from $9.0 million in the first quarter of 2011 to $8.4 million in the first quarter of 2012.