Adjusted EBITDA of $0.4 million for the fourth quarter of 2015 versus
$(0.2) million for the fourth quarter of 2014
Net income of $7.9 million for the fourth quarter of 2015 versus net
loss of $(0.9) million for the fourth quarter of 2014
Adjusted EBITDA of $1.0 million for the full year 2015 versus $(2.5)
million for 2014
Net income of $2.3 million for the full year 2015 versus $6.0 million
for 2014
Luna Innovations Incorporated (NASDAQ: LUNA) today announced its
financial results for the fourth quarter and year ended December 31,
2015.
Following the company's merger with Advanced Photonix, Inc. ("API") in
May 2015, adjusted earnings before interest, taxes, depreciation and
amortization ("adjusted EBITDA") improved to $0.4 million for the
quarter ended December 31, 2015 compared to an adjusted EBITDA loss of
$(0.2) million for the quarter ended December 31, 2014. Adjusted EBITDA
is reconciled to net income or loss for the respective period within the
tables included in this release. Revenues increased to $15.5 million for
the three months ended December 31, 2015 compared to $6.2 million for
the three months ended December 31, 2014. After the realization of an
$8.3 million gain associated with the receipt in December 2015 of the
final payments earned with respect to the company's sale of its medical
shape sensing technology in 2014, the company recognized net income
attributable to common stockholders of $7.9 million for the three months
ended December 31, 2015, compared to a net loss attributable to common
stockholders of $(0.9) million for the three months ended December 31,
2014.
“The combination of our overall growth from merging with API earlier
this year plus a significantly stronger balance sheet resulting from the
$9.0 million payment from Intuitive Surgical in December leaves us
well-positioned for executing our growth strategy as we head into 2016,”
said My Chung, president and chief executive officer. “Our recently
announced order for avalanche photodiodes demonstrates our ability to
participate in the growing fiber to the premise market, which was a
significant factor in our decision to merge with API last year. We have
been successful in capturing many of the operating synergies we expected
to achieve following the merger, and we believe the combination of those
synergies with the expected growth in our fiber optic products should
lead to continued improving financial results in 2016."
Fourth Quarter Financial Highlights
Total revenues for the three months ended December 31, 2015 were $15.5
million, compared to $6.2 million for the three months ended December
31, 2014. Total revenues of $15.5 million included $8.8 million of
revenue from the operations of API for the fourth quarter of 2015.
Product and licensing revenue grew to $11.7 million for the three months
ended December 31, 2015, compared to $2.9 million for the three months
ended December 31, 2014. On a pro forma basis, this represented a 34%
growth in product and licensing revenue compared to the combined
revenues of Luna and API for the three months ended December 31, 2014.
Technology development revenues increased to $3.7 million for the three
months ended December 31, 2015 compared to $3.2 million for the three
months ended December 31, 2014.
With the inclusion of API operating results in the fourth quarter of
2015, gross profit increased to $5.0 million, or 33% of total revenue,
for the three months ended December 31, 2015, compared to gross profit
of $2.2 million, or 36% of total revenue, for the three months ended
December 31, 2014. The decline in gross margin resulted from product mix
in the fourth quarter of 2015, principally due to a larger volume of
sales of integrated coherent receivers, which typically carry a lower
gross margin than do sales of Luna's historical instruments.
Selling, general and administrative expenses increased to $4.2 million
for the three months ended December 31, 2015, compared to $2.7 million
for the three months ended December 31, 2014. Selling, general and
administrative expenses included $0.5 million of amortization expense
associated with the step-up in bases of the API assets acquired in the
merger. In addition to this amortization expense, the selling, general
and administrative expenses associated with the operations of API were
$1.1 million for the fourth quarter of 2015. Research, development and
engineering expenses increased to $1.6 million for the three months
ended December 31, 2015 compared to $0.4 million for the three months
ended December 31, 2014, reflecting $1.1 million of research and
development expense associated with the operations of API for the fourth
quarter of 2015.
After tax, Luna recognized a loss from continuing operations of $(0.4)
million for the three months ended December 31, 2015 compared to a loss
from continuing operations of $(1.2) million for the three months ended
December 31, 2014.
Income from discontinued operations was $8.3 million for the three
months ended December 31, 2015, compared to income from discontinued
operations of $0.3 million for the three months ended December 31, 2014.
Discontinued operations for the 2015 period represents the payment
received in December 2015 to settle all remaining obligations associated
with future technical milestone achievement and royalties related to the
sale of Luna's medical shape sensing business sold to Intuitive Surgical
in January 2014.
With the income from discontinued operations, Luna recognized net income
attributable to common stockholders for the three months ended December
31, 2015 of $7.9 million, compared to net loss attributable to common
stockholders of $(0.9) million for the three months ended December 31,
2014. Adjusted EBITDA improved $0.6 million, to $0.4 million for the
three months ended December 31, 2015, compared to an adjusted EBITDA
loss of $(0.2) million for the three months ended December 31, 2014.
Cash and cash equivalents improved to $17.5 million as of December 31,
2015, compared to $7.1 million as of September 30, 2015, and $14.1
million at December 31, 2014. The increase in cash resulted from the
$9.0 million payment from Intuitive Surgical, $1.0 million additional
proceeds under Luna's debt agreement with SVB to fund future capital
expenditures, and $0.4 million positive cash flow associated with Luna's
ongoing business activities in the fourth quarter of 2015.
Full Year 2015 Financial Highlights
Total revenues were $44.0 million for the year ended December 31, 2015,
compared to $21.3 million for the year ended December 31, 2014. Revenues
for 2015 included $20.6 million of revenue associated with the
operations of API for the period from the closing of the merger on May
8, 2015 through December 31, 2015. Products and licensing revenues
increased to $30.4 million for the year ended December 31, 2015,
compared to $9.1 million for the year ended December 31, 2014.
Technology development revenues increased to $13.6 million for the year
ended December 31, 2015 compared to $12.2 million for the year ended
December 31, 2014.
Gross profit for 2015 increased to $16.5 million, or 37% of total
revenue, compared to gross profit of $7.8 million, or 37% of total
revenue, for 2014.
Selling, general and administrative expenses increased to $18.5 million
for the year ended December 31, 2015, compared to $10.3 million for the
year ended December 31, 2014. The increase in selling, general and
administrative expenses includes an increase of $3.5 million in
transaction related expenses incurred in 2015 versus 2014, $1.1 million
in amortization expense associated with the step-up in bases of the
assets acquired in the merger with API, and $3.1 million in other
selling, general and administrative expenses associated with the
operations of API for the period from the closing of the merger on May
8, 2015 through December 31, 2015.
Research, development and engineering expenses increased to $4.3 million
for the year ended December 31, 2015, compared to $2.1 million for the
year ended December 31, 2014. Research, development and engineering
expenses in 2015 include $2.5 million associated with the operations of
API for the period from the closing of the merger with API on May 8,
2015 through December 31, 2015.
The $3.5 million increase in transaction related expenses in 2015
compared to 2014 in addition to the $1.1 million amortization of
intangible assets associated with the step-up in bases of the API assets
acquired in the merger contributed to a $1.7 million increase in Luna's
operating loss for 2015 compared to 2014. For the year ended December
31, 2015, Luna's operating loss was $6.2 million, compared to an
operating loss of $4.5 million for the year ended December 31, 2014.
Income from discontinued operations was $8.3 million for the year ended
December 31, 2015, compared to $9.3 million for the year ended December
31, 2014. Income from discontinued operations in each of these years
related primarily to the after-tax gain recognized in the respective
year for the sale of Luna's medical shape sensing business to Intuitive
Surgical in January 2014. Proceeds from this sale included $12.0 million
paid to Luna in 2014 and an additional $9.0 million paid to us in
December 2015.
Net income attributable to common stockholders was $2.2 million for the
year ended December 31, 2015, compared to net income attributable to
common stockholders of $5.9 million for the year ended December 31,
2014. Adjusted EBITDA improved $3.5 million, to $1.0 million for the
year ended December 31, 2015 compared to an adjusted EBITDA loss of
$(2.5) million for the year ended December 31, 2014.
Non-GAAP Measures
In evaluating the operating performance of its business, Luna’s
management considers Adjusted EBITDA, which excludes certain charges and
credits that are required by generally accepted accounting principles
(“GAAP”). Adjusted EBITDA provides useful information to both management
and investors by excluding the effect of certain non-cash expenses and
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. Adjusted EBITDA should be considered in addition to results
prepared in accordance with GAAP, but should not be considered a
substitute for, or superior to, GAAP results. Adjusted EBITDA has 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 fourth quarter of 2015 and the full year. The call
can be accessed by dialing 855.236.2056 domestically or
267.753.2162 internationally prior to the start of the call. The
participant access code is 73296021. 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)
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 (HD-FOS)
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 company’s future financial performance, the
value of operating synergies following the merger with API, and the
potential demand for the company's products. 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, integration or other operational issues
related to the merger, technological challenges 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.
|
|
|
Luna Innovations Incorporated
Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
|
Years ended December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology development revenues
|
|
|
$
|
3,717,820
|
|
|
|
$
|
3,243,980
|
|
|
|
$
|
13,599,048
|
|
|
|
$
|
12,205,889
|
|
|
Products and licensing revenues
|
|
|
|
11,732,459
|
|
|
|
|
2,945,302
|
|
|
|
|
30,421,310
|
|
|
|
|
9,054,101
|
|
|
Total revenues
|
|
|
|
15,450,279
|
|
|
|
|
6,189,282
|
|
|
|
|
44,020,358
|
|
|
|
|
21,259,990
|
|
|
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology development costs
|
|
|
|
3,159,858
|
|
|
|
|
2,583,424
|
|
|
|
|
10,378,616
|
|
|
|
|
9,376,485
|
|
|
Products and licensing costs
|
|
|
|
7,254,523
|
|
|
|
|
1,392,580
|
|
|
|
|
17,141,079
|
|
|
|
|
4,046,885
|
|
|
Total cost of revenues
|
|
|
|
10,414,381
|
|
|
|
|
3,976,004
|
|
|
|
|
27,519,695
|
|
|
|
|
13,423,370
|
|
|
Gross profit
|
|
|
|
5,035,898
|
|
|
|
|
2,213,278
|
|
|
|
|
16,500,663
|
|
|
|
|
7,836,620
|
|
|
Operating expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
4,209,480
|
|
|
|
|
2,702,335
|
|
|
|
|
18,481,270
|
|
|
|
|
10,253,847
|
|
|
Research, development, and engineering
|
|
|
|
1,641,783
|
|
|
|
|
380,684
|
|
|
|
|
4,268,988
|
|
|
|
|
2,087,874
|
|
|
Total operating expense
|
|
|
|
5,851,263
|
|
|
|
|
3,083,019
|
|
|
|
|
22,750,258
|
|
|
|
|
12,341,721
|
|
|
Operating loss
|
|
|
|
(815,365
|
)
|
|
|
|
(869,741
|
)
|
|
|
|
(6,249,595
|
)
|
|
|
|
(4,505,101
|
)
|
|
Other (expense)/income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net
|
|
|
|
(4,769
|
)
|
|
|
|
21
|
|
|
|
|
(9,967
|
)
|
|
|
|
111,452
|
|
|
Interest expense, net
|
|
|
|
(83,882
|
)
|
|
|
|
(15,287
|
)
|
|
|
|
(220,403
|
)
|
|
|
|
(96,229
|
)
|
|
Total other (expense)/ income, net
|
|
|
|
(88,651
|
)
|
|
|
|
(15,266
|
)
|
|
|
|
(230,370
|
)
|
|
|
|
15,223
|
|
|
Loss from continuing operations before income taxes
|
|
|
|
(904,016
|
)
|
|
|
|
(885,007
|
)
|
|
|
|
(6,479,965
|
)
|
|
|
|
(4,489,878
|
)
|
|
Income tax (benefit)/expense
|
|
|
|
(489,709
|
)
|
|
|
|
282,654
|
|
|
|
|
(470,605
|
)
|
|
|
|
(1,137,228
|
)
|
|
Loss from continuing operations
|
|
|
|
(414,307
|
)
|
|
|
|
(1,167,661
|
)
|
|
|
|
(6,009,360
|
)
|
|
|
|
(3,352,650
|
)
|
|
Operating loss from discontinued operations, net of $0.0 million of
related income taxes in each period
|
|
|
|
—
|
|
|
|
|
(6,364
|
)
|
|
|
|
—
|
|
|
|
|
(34,491
|
)
|
|
Gain on sale, net of $0.7 million, $(0.3) million, $0.7 million, and
$1.3 million of related income taxes
|
|
|
|
8,328,790
|
|
|
|
|
288,680
|
|
|
|
|
8,326,386
|
|
|
|
|
9,381,948
|
|
|
Income from discontinued operations, net of income taxes
|
|
|
|
8,328,790
|
|
|
|
|
282,316
|
|
|
|
|
8,326,386
|
|
|
|
|
9,347,457
|
|
|
Net income/(loss)
|
|
|
|
7,914,483
|
|
|
|
|
(885,345
|
)
|
|
|
|
2,317,026
|
|
|
|
|
5,994,807
|
|
|
Preferred stock dividend
|
|
|
|
21,012
|
|
|
|
|
28,567
|
|
|
|
|
85,830
|
|
|
|
|
112,197
|
|
|
Net income/(loss) attributable to common stockholders
|
|
|
$
|
7,893,471
|
|
|
|
$
|
(913,912
|
)
|
|
|
$
|
2,231,196
|
|
|
|
$
|
5,882,610
|
|
|
Net loss per share from continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(0.08
|
)
|
|
|
$
|
(0.26
|
)
|
|
|
$
|
(0.23
|
)
|
|
Net income per share from discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
$
|
0.30
|
|
|
|
$
|
0.02
|
|
|
|
$
|
0.36
|
|
|
|
$
|
0.63
|
|
|
Net income/(loss) per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
$
|
0.29
|
|
|
|
$
|
(0.06
|
)
|
|
|
$
|
0.10
|
|
|
|
$
|
0.40
|
|
|
Weighted average shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
27,464,993
|
|
|
|
|
14,485,882
|
|
|
|
|
23,026,494
|
|
|
|
|
14,880,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luna Innovations Incorporated
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
December 31, 2014
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
17,464,040
|
|
|
|
$
|
14,116,969
|
|
|
Accounts receivable, net
|
|
|
|
11,034,557
|
|
|
|
|
5,689,615
|
|
|
Inventory, net
|
|
|
|
8,863,167
|
|
|
|
|
3,364,233
|
|
|
Prepaid expenses
|
|
|
|
1,388,439
|
|
|
|
|
715,302
|
|
|
Total current assets
|
|
|
|
38,750,203
|
|
|
|
|
23,886,119
|
|
|
Property and equipment, net
|
|
|
|
6,614,238
|
|
|
|
|
3,497,057
|
|
|
Intangible assets, net
|
|
|
|
10,404,312
|
|
|
|
|
199,277
|
|
|
Goodwill
|
|
|
|
2,274,112
|
|
|
|
|
—
|
|
|
Other assets
|
|
|
|
88,948
|
|
|
|
|
1,995
|
|
|
Total assets
|
|
|
$
|
58,131,813
|
|
|
|
$
|
27,584,448
|
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long term debt obligation
|
|
|
|
1,833,333
|
|
|
|
|
625,000
|
|
|
Current portion of capital lease obligation
|
|
|
|
31,459
|
|
|
|
|
70,725
|
|
|
Accounts payable
|
|
|
|
4,054,425
|
|
|
|
|
1,447,177
|
|
|
Accrued liabilities
|
|
|
|
8,302,809
|
|
|
|
|
5,468,849
|
|
|
Deferred revenue
|
|
|
|
1,109,759
|
|
|
|
|
861,081
|
|
|
Total current liabilities
|
|
|
|
15,331,785
|
|
|
|
|
8,472,832
|
|
|
Long-term deferred rent
|
|
|
|
1,564,229
|
|
|
|
|
1,570,377
|
|
|
Long-term debt obligation
|
|
|
|
4,291,667
|
|
|
|
|
—
|
|
|
Long-term capital lease obligation
|
|
|
|
35,237
|
|
|
|
|
39,582
|
|
|
Total liabilities
|
|
|
|
21,222,918
|
|
|
|
|
10,082,791
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value $0.001, 1,321,514 shares authorized,
issued and outstanding at December 31, 2015 and 2014
|
|
|
|
1,322
|
|
|
|
|
1,322
|
|
|
Common stock, par value $0.001, 100,000,000 shares authorized,
27,644,833 and 15,110,924 shares issued, 27,477,181 and 15,088,199
shares outstanding at December 31, 2015 and 2014, respectively
|
|
|
|
28,178
|
|
|
|
|
15,541
|
|
|
Treasury stock at cost, 167,652 shares at December 31, 2015 and
22,725 shares at December 31, 2014
|
|
|
|
(184,934
|
)
|
|
|
|
(32,221
|
)
|
|
Additional paid-in capital
|
|
|
|
81,461,907
|
|
|
|
|
64,147,666
|
|
|
Accumulated deficit
|
|
|
|
(44,397,578
|
)
|
|
|
|
(46,630,651
|
)
|
|
Total stockholders’ equity
|
|
|
|
36,908,895
|
|
|
|
|
17,501,657
|
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
58,131,813
|
|
|
|
$
|
27,584,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luna Innovations Incorporated
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
Years ended December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
Cash flows used in operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
2,317,026
|
|
|
|
$
|
5,994,807
|
|
|
Adjustments to reconcile net income to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
2,457,032
|
|
|
|
|
607,693
|
|
|
Stock-based compensation
|
|
|
|
1,124,379
|
|
|
|
|
1,019,445
|
|
|
Gain on sale of discontinued operations, net of income taxes
|
|
|
|
(8,326,386
|
)
|
|
|
|
(9,381,948
|
)
|
|
Allowance for doubtful accounts or bad debt expense
|
|
|
|
10,375
|
|
|
|
|
—
|
|
|
Tax benefit from utilization of loss from current year operations
|
|
|
|
(510,772
|
)
|
|
|
|
(1,148,941
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
(2,040,323
|
)
|
|
|
|
(281,334
|
)
|
|
Inventory
|
|
|
|
(252,934
|
)
|
|
|
|
(56,421
|
)
|
|
Other assets
|
|
|
|
(131,411
|
)
|
|
|
|
50,696
|
|
|
Accounts payable and accrued expenses
|
|
|
|
16,429
|
|
|
|
|
311,627
|
|
|
Deferred credits
|
|
|
|
248,678
|
|
|
|
|
169,657
|
|
|
Net cash used in operating activities
|
|
|
|
(5,087,907
|
)
|
|
|
|
(2,714,719
|
)
|
|
Cash flows provided by investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment
|
|
|
|
(710,348
|
)
|
|
|
|
(255,242
|
)
|
|
Intangible property costs
|
|
|
|
(367,050
|
)
|
|
|
|
(252,083
|
)
|
|
Cash acquired in business combination
|
|
|
|
374,517
|
|
|
|
|
—
|
|
|
Proceeds from sale of discontinued operations, net
|
|
|
|
8,997,595
|
|
|
|
|
10,927,268
|
|
|
Net cash provided by investing activities
|
|
|
|
8,294,714
|
|
|
|
|
10,419,943
|
|
|
Cash flows provided by/(used in) financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Payments on debt obligations
|
|
|
|
(6,712,355
|
)
|
|
|
|
(1,500,000
|
)
|
|
Payments on capital lease obligation
|
|
|
|
(77,184
|
)
|
|
|
|
(66,617
|
)
|
|
Purchase of treasury stock
|
|
|
|
(152,713
|
)
|
|
|
|
(32,221
|
)
|
|
Borrowings under term loans
|
|
|
|
7,000,000
|
|
|
|
|
—
|
|
|
Proceeds from the exercise of options and warrants
|
|
|
|
82,516
|
|
|
|
|
232,042
|
|
|
Net cash provided by/(used in) financing activities
|
|
|
|
140,264
|
|
|
|
|
(1,366,796
|
)
|
|
Net change in cash and cash equivalents
|
|
|
|
3,347,071
|
|
|
|
|
6,338,428
|
|
|
Cash and cash equivalents—beginning of period
|
|
|
|
14,116,969
|
|
|
|
|
7,778,541
|
|
|
Cash and cash equivalents—end of period
|
|
|
$
|
17,464,040
|
|
|
|
$
|
14,116,969
|
|
|
Supplemental disclosure of cash flow information
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest
|
|
|
$
|
187,017
|
|
|
|
$
|
87,354
|
|
|
Dividend on preferred stock, 79,292 shares of common stock issuable
for each of the years ended December 31, 2015 and 2014, respectively
|
|
|
|
85,830
|
|
|
|
|
112,197
|
|
|
Cash paid for income taxes
|
|
|
$
|
40,167
|
|
|
|
$
|
150,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luna Innovations Incorporated
Reconciliation of Net Income/(Loss) to EBITDA and Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
|
Year ended
December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
Net income/(loss)
|
|
|
$
|
7,914,483
|
|
|
|
$
|
(885,345
|
)
|
|
|
$
|
2,317,026
|
|
|
|
$
|
5,994,807
|
|
|
Less income from discontinued operations, net of income taxes
|
|
|
|
8,328,790
|
|
|
|
|
282,316
|
|
|
|
|
8,326,386
|
|
|
|
|
9,347,457
|
|
|
Net loss from continuing operations
|
|
|
|
(414,307
|
)
|
|
|
|
(1,167,661
|
)
|
|
|
|
(6,009,360
|
)
|
|
|
|
(3,352,650
|
)
|
|
Interest expense
|
|
|
|
83,882
|
|
|
|
|
15,287
|
|
|
|
|
220,403
|
|
|
|
|
96,229
|
|
|
Tax benefit
|
|
|
|
(489,709
|
)
|
|
|
|
282,654
|
|
|
|
|
(470,605
|
)
|
|
|
|
(1,137,228
|
)
|
|
Depreciation and amortization
|
|
|
|
908,224
|
|
|
|
|
127,792
|
|
|
|
|
2,457,032
|
|
|
|
|
607,693
|
|
|
EBITDA
|
|
|
|
88,090
|
|
|
|
|
(741,928
|
)
|
|
|
|
(3,802,530
|
)
|
|
|
|
(3,785,956
|
)
|
|
Share-based compensation
|
|
|
|
277,714
|
|
|
|
|
450,861
|
|
|
|
|
1,124,379
|
|
|
|
|
1,019,445
|
|
|
Transaction costs
|
|
|
|
54,840
|
|
|
|
|
125,489
|
|
|
|
|
3,704,019
|
|
|
|
|
242,762
|
|
|
Adjusted EBITDA
|
|
|
$
|
420,644
|
|
|
|
$
|
(165,578
|
)
|
|
|
$
|
1,025,868
|
|
|
|
$
|
(2,523,749
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160322006502/en/
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