Luna Innovations Reports Q4 Revenue of $8.5M
Luna Innovations Incorporated (NASDAQ: LUNA) today announced its financial results for the fourth quarter and year ended December 31, 2010.
As compared to the same quarter last year, total revenue increased 6.2%, from $8.5 million in the fourth quarter of 2009 to $9.1 million in the fourth quarter of 2010. Gross profit increased 5.5% from $3.2 million in the fourth quarter of 2009 to $3.4 million in 2010. In the fourth quarter of 2009, the company reported net income of $24.9 million due to a one-time benefit associated with a $26.6 million reduction in litigation reserves.
Excluding that reduction in litigation reserves, the company would have reported a net loss attributable to common stockholders of $1.7 million for the fourth quarter of 2009 compared to a net loss attributable to common stockholders of $0.5 million for the fourth quarter of 2010. Adjusted EBITDA, excluding reorganization and Hansen litigation related costs, was $1.0 million for both the fourth quarter of 2009 and 2010.
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