Luna Innovations Reports Record Fourth-Quarter and Full-Year 2020 Results

Company provides 2021 outlook 

Fourth Quarter Highlights

  • Created the world’s largest fiber optic sensing company with the acquisition of OptaSense Holdings, Ltd (“OptaSense”) in early December
  • Total revenues of $25.9 million for the three months ended December 31, 2020, up 33%, compared to the prior-year period
    • Excluding the acquisition of OptaSense, total revenues of $24.4 million, up 25%
  • Operating income of $0.5 million for the three months ended December 31, 2020, compared to $1.7 million for the prior-year period
    • Excluding the acquisition of OptaSense and acquisition-related expenses, operating income of $3.7 million for the three months ended December 31, 2020
  • Net loss from continuing operations of $0.1 million for the three months ended December 31, 2020, compared to net income from continuing operations of $2.1 million for the prior-year period
    • Excluding the acquisition of OptaSense and acquisition-related expenses, net income from continuing operations of $3.0 million, or $0.09 per fully diluted share, for three months ended December 31, 2020
  • Adjusted EBITDA of $4.3 million for the three months ended December 31, 2020, compared to $3.2 million for the prior-year period
    • Excluding the acquisition of OptaSense and acquisition-related expenses, adjusted EBITDA of $5.0 million for the three months ended December 31, 2020

 

ROANOKE, Va.–(BUSINESS WIRE)–#Q42020–Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in advanced optical technology, today announced its financial results for the three months and full fiscal year ended December 31, 2020.

“Our outstanding operating and financial performance in 2020 in the midst of a pandemic underscores the strength of our product portfolio, our ability to innovate and the fact that we are clear about our strategy and have not wavered from our stated vision,” said Scott Graeff, President and Chief Executive Officer of Luna. “From an operational standpoint, the absolute focus and dedication of our team was evident as we continued to execute against that strategy to support our customers, keep our employees safe and deliver the financial results that we guided to before COVID permeated our lives.”

Graeff continued, “In spite of the fact that we could not travel and meet in person, we continued to work our acquisition pipeline and recently completed the acquisition of OptaSense, the largest transaction in our history. Our financial achievements were equally as impressive, achieving double-digit top-line growth and record revenue for 2020. I am inspired by the commitment and hard work of the Luna team, all of whom continued to ensure service excellence for our customers. This performance and focus gives us a very strong springboard entering 2021.”

Fourth Quarter Fiscal 2020 Financial Summary

Financial results for the three months ended December 31, 2020 continue the strong momentum throughout the fiscal year. The reported performance metrics below include OptaSense for the stub period starting from the acquisition date of December 3, 2020 through December 31, 2020. Given the timing of the close of the transaction so late in the quarter and fiscal year, the inclusion of the results of operations of OptaSense for this stub period does not reflect integration costs or cost synergies from the transaction.

Highlights of the financial results for the three months ended December 31, 2020 are:

 

 

 

Three Months Ended

December 31,

 

 

 

(in thousands, except per share data)

 

 

2020

 

2019

 

Change

Revenues:

 

 

 

 

 

 

Lightwave

 

 

$

19,278

 

 

$

13,988

 

 

38

 

%

Luna Labs

 

 

6,637

 

 

5,492

 

 

21

 

%

Total revenues

 

 

25,915

 

 

19,480

 

 

33

 

%

 

 

 

 

 

 

 

Gross profit

 

 

13,358

 

 

10,388

 

 

29

 

%

Gross margin

 

 

51.5

%

 

53.3

%

 

 

 

 

 

 

 

 

 

Operating expense

 

 

12,828

 

 

8,670

 

 

48

 

%

Operating income

 

 

530

 

 

1,718

 

 

(69)

 

%

Operating margin

 

 

2.0

%

 

8.8

%

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) from continuing operations

 

 

$

(64)

 

 

$

2,146

 

 

(103)

 

%

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding (in thousands)

 

 

32,831

 

 

32,212

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share from continuing operations (diluted)

 

 

$

 

 

$

0.07

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

$

4,283

 

 

$

3,238

 

 

32

 

%

A reconciliation of Adjusted EBITDA to net (loss)/income can be found in the schedules included in this release.

The reported results reflect the inclusion of the incremental revenues of $1.5 million associated with the operations of OptaSense for the stub period from December 3, 2020 through December 31, 2020. Excluding the revenue from OptaSense, Lightwave revenue increased by $3.8 million for the three months ended December 31, 2020, or 27%, compared to the prior year period, to $17.8 million. This increase in revenue was due to increased revenues associated with communications test and fiber optic sensing products. Luna Labs revenues increased for the three months ended December 31, 2020, compared to the prior-year period due in part to a large shipment of product to a US military branch to help reduce maintenance costs. Excluding the revenue from OptaSense, total revenue increased by $4.9 million, or 25%, compared to the prior year period, to $24.4 million.

Gross profit for the three months ended December 31, 2020 increased compared to the prior-year period due to increased revenues associated with legacy Luna operations as well as an incremental $0.7 million of gross profit associated with the operations of OptaSense for the stub period from December 3, 2020 through December 31, 2020. Excluding the gross profit from OptaSense, gross profit increased $2.3 million, or 22%, compared to the prior year period, to $12.7 million.

The increase in operating expenses was primarily a result of $2.2 million of acquisition related expenses incurred in connection with the acquisition of OptaSense and $1.6 million of expenses associated with OptaSense operations for the stub period from December 3, 2020 through December 31, 2020, as well continued incremental investment in sales and engineering to support Luna’s growth. Excluding the acquisition-related expenses and expenses of OptaSense operations, operating income increased $2.0 million, or 114%, compared to the prior-year period, to $3.7 million, representing an operating margin on legacy Luna operations of 15%.

Net loss from continuing operations was $0.1 million, or $0.00 per fully diluted share, for the three months ended December 31, 2020, compared to net income from continuing operations of $2.1 million, or $0.07 per fully diluted share, for the prior-year period. The decrease in net income from continuing operations was driven by $2.3 million of acquisition related expenses more than offsetting increased revenue and strong operating results from Luna’s legacy operations. Excluding acquisition-related expenses and a $0.9 million loss from the operations of OptaSense, net income from continuing operations increased by $0.8 million, or 39%, to $3.0 million or $0.09 per fully diluted share.

Adjusted EBITDA was $4.3 million for the three months ended December 31, 2020, compared to $3.2 million for the three months ended December 31, 2019. The increase was driven by revenue growth from both Lightwave and Luna Labs. Legacy Adjusted EBITDA, which excludes the effects of the OptaSense acquisition, was $5.0 million for the three months ended December 31, 2020.

Full-Year Fiscal 2020 Financial Summary

Highlights of the financial results for the twelve months ended December 31, 2020 are:

 

 

 

Full Year Ended

December 31,

 

 

(in thousands, except per share data)

 

 

2020

 

2019

 

Change

Revenues:

 

 

 

 

 

 

 

Lightwave

 

 

$

59,115

 

 

$

49,117

 

 

20

 

%

Luna Labs

 

 

$

23,566

 

 

$

21,399

 

 

10

 

%

Total revenues

 

 

$

82,681

 

 

$

70,516

 

 

17

 

%

 

 

 

 

 

 

 

 

Gross profit

 

 

$

42,188

 

 

$

35,183

 

 

20

 

%

Gross margin

 

 

51.0

%

 

49.9

%

 

 

 

 

 

 

 

 

 

 

Operating expense

 

 

37,205

 

 

31,867

 

 

17

 

%

Operating income

 

 

4,983

 

 

3,316

 

 

50

 

%

Operating margin

 

 

6.0

%

 

4.7

%

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

$

4,727

 

 

$

5,343

 

 

(12)

 

%

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

 

32,579

 

 

31,841

 

 

 

 

 

 

 

 

 

 

 

Net income per share from continuing operations (diluted)

 

 

$

0.15

 

 

$

0.17

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

$

13,087

 

 

$

9,473

 

 

38

 

%

A reconciliation of Adjusted EBITDA to net income can be found in the schedules included in this release.

2021 Full-Year Outlook:

For fiscal year 2021, Luna expects:

  • Total revenues in the range of $122 million to $127 million for full fiscal 2021; and
  • Adjusted EBITDA in the range of $16 million to $19 million for full fiscal 2021.

Luna is not providing an outlook for net income, which is the most directly comparable generally accepted accounting principles (“GAAP”) measure to Adjusted EBITDA, because changes in the items that Luna excludes from net income to calculate Adjusted EBITDA, such as share-based compensation, tax expense, and significant non-recurring charges, among other things, can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of Luna’s routine operating activities.

The outlook above does not include any future acquisitions, divestitures, or unanticipated events.

Non-GAAP Financial Measures

In evaluating the operating performance of its business, Luna’s management considers Adjusted EBITDA, Legacy Adjusted EBITDA and Legacy Adjusted EPS, which exclude certain charges and credits that are required by GAAP. Adjusted EBITDA, Legacy Adjusted EBITDA and Legacy Adjusted EPS provide useful information to both management and investors by excluding the effect of certain non-cash expenses and items that Luna believes may not be indicative of its operating performance, because either they are unusual and Luna 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. Legacy Adjusted EBITDA and Legacy Adjusted EPS exclude the effects of the acquisition of OptaSense in December 2020, which management believes is useful to assess the profitability of the legacy Luna business on a standalone basis. Adjusted EBITDA, Legacy Adjusted EBITDA and Legacy Adjusted EPS should be considered in addition to results prepared in accordance with GAAP, but should not be considered substitutes for, or superior to, GAAP results. Adjusted EBITDA, Legacy Adjusted EBITDA and Legacy Adjusted EPS have 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 pm (ET) today to discuss its financial results for the three months and full year ended December 31, 2020. The investor conference call will be available via live webcast on the Luna website at www.lunainc.com under the tab “Investor Relations.” To participate by telephone, the domestic dial-in number is 844.578.9643 and the international dial-in number is 270.823.1522. The participant access code is 3898157. Investors are advised to dial in at least five minutes prior to the call to register. The webcast will be archived on the company’s website under “Webcasts and Presentations” for 30 days following the conference call.

About Luna

Luna Innovations Incorporated (www.lunainc.com) is a leader in optical technology, providing unique capabilities in high-performance, fiber optic-based, test products for the telecommunications industry and distributed fiber optic-based sensing for the aerospace and automotive industries. Luna is organized into two business segments, which work closely together to turn ideas into products: a Lightwave segment and a Luna Labs 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 Luna’s expectations regarding its projected 2021 financial results and outlook and growth potential, as well as the impacts of the recently completed acquisition of OptaSense. 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 Luna 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 Luna’s products and services to meet expectations, failure of target market to grow and expand, technological and strategic challenges and those risks and uncertainties set forth in Luna’s Form 10-Q for the quarter ended September 30, 2020, and Luna’s other periodic reports and filings with the Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov and on Luna’s website at www.lunainc.com. The statements made in this release are based on information available to Luna 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 Balance Sheets

(in thousands of U.S Dollars)

 

 

December 31,

2020

 

December 31,

2019

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

15,366

 

 

$

25,006

 

Accounts receivable, net

24,951

 

 

16,269

 

Receivable from sale of HSOR business

 

 

2,501

 

Contract assets

7,046

 

 

2,759

 

Inventory

23,597

 

 

10,294

 

Prepaid expenses and other current assets

4,509

 

 

1,287

 

Total current assets

75,469

 

 

58,116

 

Property and equipment, net

3,308

 

 

3,466

 

Intangible assets, net

20,109

 

 

10,194

 

Goodwill

18,121

 

 

10,542

 

Long term contract assets

471

 

 

449

 

Operating lease ROU asset

11,281

 

 

2,236

 

Finance lease ROU asset

244

 

 

70

 

Other assets

39

 

 

35

 

Deferred tax asset

1,960

 

 

1,416

 

Total assets

131,002

 

 

86,524

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt obligation

$

4,167

 

 

$

 

Accounts payable

4,393

 

 

2,787

 

Accrued liabilities

12,159

 

 

9,036

 

Contract liabilities

7,095

 

 

3,888

 

Current portion of operating lease ROU liability

2,223

 

 

1,283

 

Current portion of finance lease ROU liability

48

 

 

50

 

Total current liabilities

30,085

 

 

17,044

 

Long-term debt obligation

15,817

 

 

 

Long-term portion of operating lease ROU liability

10,248

 

 

1,988

 

Long-term portion of finance lease ROU liability

196

 

 

23

 

Other long-term liabilities

214

 

 

 

Total liabilities

56,560

 

 

19,055

 

Stockholders’ equity:

 

 

 

Common stock, par value $0.001, 100,000,000 shares authorized, 32,724,512 and 31,788,896 shares issued, 31,024,537 and 30,149,105 shares outstanding at December 31, 2020 and 2019, respectively

33

 

 

32

 

Treasury stock at cost, 1,699,975 and 1,639,791 shares at December 31, 2020 and 2019, respectively

(4,789)

 

 

(4,337)

 

Additional paid-in capital

92,403

 

 

88,022

 

Accumulated deficit

(12,957)

 

 

(16,248)

 

Accumulated other comprehensive loss

(248)

 

 

 

Total stockholders’ equity

74,442

 

 

67,469

 

Total liabilities and stockholders’ equity

$

131,002

 

 

$

86,524

 

 

Luna Innovations Incorporated

Consolidated Statements of Operations

(in thousands of U.S. Dollars, except per share data)

 

 

Three months ended

December 31,

 

Year ended

December 31,

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

Lightwave revenues

$

19,278

 

 

$

13,988

 

 

$

59,115

 

 

$

49,117

 

Luna Labs revenues

6,637

 

 

5,492

 

 

23,566

 

 

21,399

 

Total revenues

25,915

 

 

19,480

 

 

82,681

 

 

70,516

 

Cost of revenues:

 

 

 

 

 

 

 

Lightwave costs

7,570

 

 

5,070

 

 

23,306

 

 

20,157

 

Luna Labs costs

4,987

 

 

4,022

 

 

17,187

 

 

15,176

 

Total cost of revenues

12,557

 

 

9,092

 

 

40,493

 

 

35,333

 

Gross profit

13,358

 

 

10,388

 

 

42,188

 

 

35,183

 

Operating expense:

 

 

 

 

 

 

 

Selling, general and administrative

8,559

 

 

6,330

 

 

27,644

 

 

23,344

 

Research, development and engineering

1,996

 

 

2,255

 

 

6,713

 

 

7,496

 

Acquisition related expense

2,204

 

 

85

 

 

2,204

 

 

1,027

 

Loss on sale and disposal of property and equipment

69

 

 

 

 

644

 

 

 

Total operating expense

12,828

 

 

8,670

 

 

37,205

 

 

31,867

 

Operating income

530

 

 

1,718

 

 

4,983

 

 

3,316

 

Other income/(expense):

 

 

 

 

 

 

 

Other income/(expense), net

31

 

 

(1)

 

 

50

 

 

(5)

 

Investment income

2

 

 

69

 

 

67

 

 

394

 

Interest expense, net

(23)

 

 

(1)

 

 

(25)

 

 

(16)

 

Total other income

10

 

 

67

 

 

92

 

 

373

 

Income from continuing operations before income taxes

540

 

 

1,785

 

 

5,075

 

 

3,689

 

Income tax (expense)/benefit

(604)

 

 

361

 

 

(348)

 

 

1,654

 

(Loss)/income from continuing operations

(64)

 

 

2,146

 

 

4,727

 

 

5,343

 

Income from discontinued operations, net of income taxes

 

 

 

 

(1,436)

 

 

 

Net (loss)/income

(64)

 

 

2,146

 

 

3,291

 

 

5,343

 

Preferred stock dividend

 

 

 

 

 

 

286

 

Net (loss)/income attributable to common stockholders

$

(64)

 

 

$

2,146

 

 

$

3,291

 

 

$

5,057

 

Net income per share from continuing operations:

 

 

 

 

 

 

 

Basic

$

 

 

$

0.07

 

 

$

0.15

 

 

$

0.19

 

Diluted

$

 

 

$

0.07

 

 

$

0.15

 

 

$

0.17

 

Net loss per share from discontinued operations:

 

 

 

 

 

 

 

Basic

$

 

 

$

 

 

$

(0.05)

 

 

$

 

Diluted

$

 

 

$

 

 

$

(0.04)

 

 

$

 

Net income per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic

$

 

 

$

0.07

 

 

$

0.11

 

 

$

0.18

 

Diluted

$

 

 

$

0.07

 

 

$

0.10

 

 

$

0.16

 

Weighted average shares (in thousands):

 

 

 

 

 

 

 

Basic

30,896

 

 

30,159

 

 

30,670

 

 

28,689

 

Diluted

32,831

 

 

32,212

 

 

32,579

 

 

31,841

 

 

Luna Innovations Incorporated

Consolidated Statements of Cash Flows

(in thousands of U.S. Dollars)

 

 

 

Year ended December 31,

 

 

2020

 

2019

Cash flows provided by operating activities:

 

 

 

 

Net income

 

$

3,291

 

 

$

5,343

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

2,970

 

 

2,503

 

Stock-based compensation

 

2,134

 

 

1,544

 

Loss on sale and disposal of property and equipment

 

644

 

 

 

Loss from discontinued operations, net of tax

 

1,436

 

 

 

Deferred tax asset

 

(522)

 

 

 

Tax benefit from release of valuation allowance

 

 

 

(3,349)

 

Bad debt

 

127

 

 

538

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

(3,292)

 

 

(2,249)

 

Contract assets

 

(1,504)

 

 

(449)

 

Inventory

 

(1,550)

 

 

(723)

 

Other current assets

 

(2,203)

 

 

(242)

 

Other long-term assets

 

(3)

 

 

45

 

Accounts payable and accrued expenses

 

1,143

 

 

592

 

Contract liabilities

 

(29)

 

 

1,245

 

Other long-term liabilities

 

214

 

 

 

Net cash provided by operating activities

 

2,856

 

 

4,798

 

Cash flows used in investing activities:

 

 

 

 

Acquisitions, net of cash acquired

 

(34,102)

 

 

(19,004)

 

Acquisition of property and equipment

 

(681)

 

 

(541)

 

Proceeds from sale of property and equipment

 

403

 

 

 

Intangible property costs

 

(379)

 

 

(270)

 

Proceeds from sale of discontinued operations, net

 

600

 

 

 

Net cash used in investing activities

 

(34,159)

 

 

(19,815)

 

Cash flows provided by/(used in) financing activities:

 

 

 

 

Proceeds from debt obligations

 

19,984

 

 

 

Payments on debt obligations

 

 

 

(625)

 

Payments on finance lease obligation

 

(53)

 

 

(40)

 

Purchase of treasury stock

 

(452)

 

 

(2,220)

 

Proceeds from ESPP

 

456

 

 

 

Proceeds from the exercise of options

 

1,714

 

 

448

 

Net cash provided by/(used in) financing activities

 

21,649

 

 

(2,437)

 

Net change in cash and cash equivalents

 

(9,654)

 

 

(17,454)

 

Effect of exchange rate changes on cash and cash equivalents

 

14

 

 

 

Cash and cash equivalents—beginning of period

 

25,006

 

 

42,460

 

Cash and cash equivalents—end of period

 

$

15,366

 

 

$

25,006

 

Supplemental disclosure of cash flow information

 

 

 

 

Cash paid for interest

 

$

4

 

 

$

18

 

Cash paid for income taxes

 

$

1,244

 

 

$

1,160

 

Contingent liability for business combinations

 

$

225

 

 

$

1,000

 

Dividend on preferred stock

 

$

 

 

$

286

 

 

Luna Innovations Incorporated

Reconciliation of Net Income to Adjusted EBITDA and Legacy Adjusted EBITDA

(in thousands)

 

 

Three months ended
December 31,

 

Year ended
December 31,

 

2020

 

2019

 

2020

 

2019

 

 

 

 

Net (loss)/income

$

(64)

 

 

$

2,146

 

 

$

3,291

 

 

$

5,343

 

Loss from discontinued operations, net of income taxes

 

 

 

 

(1,436)

 

 

 

Net (loss)/income from continuing operations

(64)

 

 

2,146

 

 

4,727

 

 

5,343

 

Interest expense

23

 

 

1

 

 

25

 

 

16

 

Investment income

(2)

 

 

(69)

 

 

(67)

 

 

(394)

 

Income tax expense/(benefit)

604

 

 

(361)

 

 

348

 

 

(1,654)

 

Depreciation and amortization

844

 

 

669

 

 

2,970

 

 

2,503

 

EBITDA

1,405

 

 

2,386

 

 

8,003

 

 

5,814

 

Share-based compensation

596

 

 

404

 

 

2,134

 

 

1,544

 

Acquisition related expense

2,204

 

 

85

 

 

2,204

 

 

1,027

 

Amortization of inventory step-up

78

 

 

 

 

78

 

 

725

 

Non-recurring charges

 

 

363

 

 

668

 

 

363

 

Adjusted EBITDA

$

4,283

 

 

$

3,238

 

 

$

13,087

 

 

$

9,473

 

 

 

 

 

 

 

 

 

OptaSense operating loss

869

 

 

 

 

869

 

 

 

Less: depreciation and amortization

154

 

 

 

 

154

 

 

 

Less: amortization of inventory step-up

35

 

 

 

 

35

 

 

 

Legacy Adjusted EBITDA

$

4,963

 

 

$

3,238

 

 

$

13,767

 

 

$

9,473

 

 

Luna Innovations Incorporated

Reconciliation of Net Income to Adjusted EPS and Legacy Adjusted EPS

(in thousands)

 

 

Three months ended
December 31,

 

Year ended
December 31,

 

2020

 

2019

 

2020

 

2019

 

 

 

 

Net (loss)/income

$

(64)

 

 

$

2,146

 

 

$

3,291

 

 

$

5,343

 

Loss from discontinued operations, net of income taxes

 

 

 

 

(1,436)

 

 

 

Net (loss)/income from continuing operations

(64)

 

 

2,146

 

 

4,727

 

 

5,343

 

Share-based compensation

596

 

 

404

 

 

2,134

 

 

1,544

 

Acquisition related expense

2,204

 

 

85

 

 

2,204

 

 

1,027

 

Amortization of inventory step-up

78

 

 

 

 

78

 

 

725

 

Non-recurring charges

 

 

363

 

 

668

 

 

363

 

Release of valuation allowance

 

 

(568)

 

 

 

 

(907)

 

Income tax adjustment

(322)

 

 

(232)

 

 

(1,198)

 

 

(811)

 

Adjusted income from continuing operations

$

2,492

 

 

$

2,198

 

 

$

8,613

 

 

$

7,284

 

 

 

 

 

 

 

 

 

OptaSense net loss

(863)

 

 

 

 

(863)

 

 

 

Legacy adjusted income from continuing operations

$

3,355

 

 

$

2,198

 

 

$

9,476

 

 

$

7,284

 

 

 

 

 

 

 

 

 

Adjusted EPS

$

0.08

 

 

$

0.07

 

 

$

0.26

 

 

$

0.23

 

Legacy Adjusted EPS

$

0.10

 

 

$

0.07

 

 

$

0.29

 

 

$

0.23

 

 

 

 

 

 

 

 

 

Adjusted weighted average shares (in thousands):

 

 

 

 

 

 

 

Diluted

32,831

 

 

32,212

 

 

32,579

 

 

31,841

 

 

Contacts

Investors:
Allison Woody

Phone: 540-769-8465

Email: IR@lunainc.com

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