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Luna Innovations Reports Strong First-Quarter 2020 Results

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Maintains 2020 Outlook

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  • 总收入of $17.1 million for the three months ended March 31, 2020, up 16% compared to the three months ended March 31, 2019
  • bob软件苹果怎么下载截至2020年3月31日止三个月的产品和许可收入为1030万美元，同比增长26％，而截至2019年3月31日止三个月
  • Operating income of $0.4 million for the three months ended March 31, 2020 versus operating loss of $(0.9) million for the three months ended March 31, 2019
  • 截至2019年3月31日止三个月的三个月，持续运营持续运营的净收入，或每次摊薄股份0.01美元，但截至2019年3月31日的三个月，为110万美元，或每股稀释股份0.03美元
  • 调整后EBITDAimproved to $1.6 million for the three months ended March 31, 2020, compared to $1.0 million for the three months ended March 31, 2019
  • 公司维持2020年展望，预计范围较低

（罗阿诺克，VA，5月7日，2020年）卢娜创新整合(纳斯达克:Luna),global leader in advanced optical technology, today announced its financial results for the three months ended March 31, 2020.

“Luna’s first-quarter was a strong start to our year,” said Scott Graeff, President and Chief Executive Officer of Luna. “As the effects of the COVID-19 pandemic began spreading more broadly and as a designated essential business, we took swift and decisive action in mid-March. We mobilized the Luna teams to enable us to face the crisis in the most effective way, in order to ensure that we protected our employees, while safeguarding and driving the long-term potential of our businesses.”

Graeff continued, “Our top priority is the health and safety of our employees and the communities in which we operate. In its 30-year lifespan, Luna has encountered many challenges. We believe that we have the financial and operational strength to see us through, recognizing the uncertainty around the duration of COVID-19's impact on the economy. Based upon what we know today, from a bottoms-up analysis across our businesses, we are currently maintaining the 2020 outlook range we provided on March 5, although trending towards the lower end of that range. We have experienced management leaders, a resilient team of employees, close and collaborative relationships with our customers and suppliers, and a strong balance sheet. We remain laser-focused on our long-term potential and on our foundational purpose, which is to enhance the safety, security and connectivity of people by leveraging our expertise in fiber optic-based technology and the information it provides. Our core priorities have not changed, and we continue to serve our customers with excellence, and produce outstanding and innovative fiber optic-based products."

第一季度财政2020财务总结

Financial results for the three months ended March 31, 2020 marked the 10th consecutive quarter of year-on-year revenue and Adjusted EBITDA growth. The first-quarter 2020 results include a full quarter of the business of General Photonics Corporation ("GP"), acquired in March 2019, compared to one month for the three months ended March 31, 2019.

2020年第一季度财务业绩的亮点是：

Three Months Ended March 31,

(in thousands, except share and per share data)

2020.

2019年

改变

收入：

bob软件苹果怎么下载产品和许可

$

10,326

$

8,192

26

%

技术开发

6,815

6,641

3

%

总收入

17,141

14,833

16

%

毛利

8,364

6,768

24

%

毛利率

48.8

%

45.6

%

运营开支

7,974

7,665

4

%

营业收入/（亏损）

390

(897

)

143

%

其他（费用）/收入和所得税

（70.

)

2,023

持续经营净收入

$

320

$

1,126

（72.

)

%

非连续性经营亏损，扣除所得税464美元

(1,436

)

—

净（亏损）/收入

(1,116

)

1,126

(199

)

%

稀释weighted average shares outstanding

32,549,487

33,479,935

Net income per share from continuing operations (diluted)

$

0.01

$

0.03

（67.

)

%

调整后EBITDA

$

1,580

$

959

65

%

可以在此版本中包含的时间表中找到调整后的EBITDA对净收入的调整。

bob软件苹果怎么下载产品和许可revenue for the three months ended March 31, 2020 increased compared to the prior year period, due to the inclusion of the incremental revenues associated with the acquired operations of GP, as well as increased revenues associated with Luna’s communications test products and other legacy products. Technology development revenues increased in Q1 2020, compared to the prior-year period, due to growth in various government research programs.

营业收入从2019年第1季度的90万美元增加到2020年第1季度的40万美元。营业收入的增加是由于收入和毛利的增加以及营业费用杠杆率的提高。2020年第1季度的运营费用比2019年第1季度增加了30万美元，主要原因是与收购GP运营相关的额外费用。截至2020年3月31日的三个月内，所得税前持续经营的收入/（亏损）增至50万美元，而截至2019年3月31日的三个月内，这一数字为70万美元，主要受收入表现和运营费用杠杆率的推动。

持续经营净收入was $0.3 million, or $0.01 per fully diluted share, for the three months ended March 31, 2020, compared to $1.1 million, or $0.03 per fully diluted share, for the three months ended March 31, 2019 which included a $1.9 million income tax benefit related to a reduction in deferred tax asset valuation allowances due to the GP acquisition. Net (loss)/income attributable to common stockholders for the three months ended March 31, 2020, was $(1.1) million, or $(0.03) per fully diluted share, compared to $1.0 million, or $0.03 per fully diluted share, for the three months ended March 31, 2019. The decrease in net income attributable to common stockholders is primarily due to a $1.9 million income tax benefit related to a reduction in deferred tax asset valuation allowances due to the GP acquisition that was recorded in Q1 2019, a $1.4 million loss from discontinued operations (resulting from the resolution of a $2.5 million indemnification claim related to the August 2017 sale of Luna's high-speed optical receivers (HSOR) business) that was recorded in Q1 2020 and the increase in our operating income/(loss) in Q1 2020 versus Q1 2019. The resolution of the HSOR claim resulted in Luna receiving $0.6 million from escrow and the buyer receiving $1.9 million. The resulting loss of $1.4 million has been reflected in loss from discontinued operations, net of tax benefit of $0.5 million.

调整后EBITDAwas $1.6 million for the three months ended March 31, 2020, compared to $1.0 million for the three months ended March 31, 2019. The increase was driven by revenue growth from both Luna’s legacy business, the GP acquisition, and operating expense leverage.

2020全年前景

Luna recognizes that the COVID-19 pandemic has created evolving and significant macroeconomic uncertainty. Discussions with business leaders and a bottoms-up analysis have determined that our original guidance from March 5, 2020 is still valid. Therefore, it is maintaining the fiscal 2020 outlook originally provided on March 5, although believes financial performance will trend towards the lower end of the ranges:

  • 总收入为8100万至8400万美元
  • 调整后的息税折旧摊销前利润为1000万美元至1200万美元

In terms of seasonality, Luna anticipates that revenues will continue to be weighted to the second half, with the percentage split in the first half of 2020 being slightly below historical trends. In recent years, Luna has recorded approximately 44% to 46% of its revenue in the first half of the year.

COVID-19 Update

2020年4月14日，Luna提供了Covid-19相关的业务更新，包括概述公司实施的举措，以确保其劳动力的安全和福祉。该释放中包含的元素保持在今天的当前。

Luna具有强大的现金职位和充分访问资本。现金和现金等价物截至2020年第一季度为2630万美元，Luna继续获得其1000万美元的循环信贷额度。迄今为止，Luna尚未实施休假，也没有减少员工小时或赔偿，目前尚未预期这样做。

从运营角度来看，截至2020年5月7日，公司提供了以下更新：

  • 轻量化和5G趋势继续强劲，而Luna不会预计那些改变的趋势。该公司继续相信它处于强大的地位，以利用这些趋势。
  • Luna的操作是必不可少的，并继续以正常容量运行，同时采取必要的COVID-19预防措施。
  • Luna has experienced minor effects on its supply chain across its businesses and has been able to manage through these issues. All major component manufacturers are operating and fulfilling Luna’s purchase orders. In cases where there were delays, Luna has been able to rely on its inventory of components to continue production of its products. Luna continues to monitor its supply chain and remediate any issues as they arise. At this time, Luna believes it will be able to procure components necessary to meets it sales needs.
  • Luna销售努力的重要组成部分是通过一系列展览和会议历史上历史上完成的，这些贸易商目前无法进行。LUNA已转移到强大的在线存在，托管和计划举办共六个网络研讨会，为其主要产品提供教育和潜在客户。bob软件苹果怎么下载虽然贸易田一直成功地填补销售管道，但这些网络研讨会在Luna的Salesforce和其客户之间改善了允许Luna在更长且更加专用的客户的“面部时间”时期策划特定信息。
  • 意识到流感大流行的复杂性和对其业务的潜在长期影响，Luna致力于尽可能透明，使其各利益相关者在必要时随时了解重大的运营和财务变化。

非GAAP财务措施

In evaluating the operating performance of its business, Luna’s management considers Adjusted EBITDA, which excludes certain charges and credits that are required by GAAP. Adjusted EBITDA provides 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. 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

如前宣布，Luna将于今天下午5:00（et）的投资者会议，讨论其截至2020年3月31日止三个月的财务业绩。投资者电话会议将通过Luna网站上的Live网络直播提供www.www.lmz-yz.com在标签下“投资者关系”下。要通过电话参加，国内拨入号码为844.578.9643，国际拨入号码为270.823.1522。参与者访问代码是5876266.建议投资者在呼叫登记前至少五分钟拨打。在电话会议后30天，网络广播将在公司网站上存档在“网络广播和演示文稿”下。

关于Luna.

Luna创新公司(www.www.lmz-yz.com)是光学技术的领导者，为电信行业提供高性能、基于光纤的测试产品，并为航空航天和汽车行业提供基于分布式光纤的传感。Luna分为两个业务部门，紧密合作，将创意转化为产品：产品和许可部门和技术开发部门。Luna的商业模式旨在加速将新的创新技术推向市场的过程。bobapp综合体育下载bobapp综合体育下载bob软件苹果怎么下载

前瞻性陈述

本释放中的陈述不是历史事实构成了“前瞻性陈述”，根据安全港提供1995年私营证券诉讼改革法案，涉及风险和不确定性。这些陈述包括Luna关于其预计的2020年财务业绩和展望，资本结构的实力和改善以及资本表和现金流量的稳定性的预期，以及Covid-19大流行对其业务，运营和财务业绩的潜在影响，和增长潜力。管理人员注意到这些前瞻性陈述的读者只是预测，并且受到许多已知和未知的风险和不确定性，以及Luna的实际结果，性能和/或成就可能与未来的结果，性能有所不同，由于许多因素，这些前瞻性陈述表达或暗示的和/或暗示的成就。这些因素包括但不限于Luna产品和服务的需求失败，以满足预期，目标市场失败，增长，扩大，技术和战略挑战，与Covid-19大流行和这些风险和不确bob软件苹果怎么下载定性的最终影响有关的不确定性set forth in Luna’s Form 10-Q for the three months ended March 31, 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.www.lmz-yz.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.

投资者联系人:

Jane Bomba Sally J. Curley
电话：303-829-1211 614-530-3002
电子邮件：r @www.lmz-yz.com r@www.lmz-yz.com

Luna创新公司
Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)

Three Months Ended March 31,

2020.

2019年

收入：

bob软件苹果怎么下载产品和许可

$

10,326

$

8,192

技术开发

6,815

6,641

总收入

17,141

14,833

Cost of revenues:

bob软件苹果怎么下载产品和许可

3,862

3,249

技术开发

4,915

4,816

Total cost of revenues

8,777

8,065

毛利

8,364

6,768

营业费用：

销售、一般和行政

6,377

6,207

研究、开发和工程

1,597

1,458

营业成本增长

7,974

7,665

营业收入/（亏损）

390

(897

)

其他收入/（费用）：

投资收益

59

171

其他收入/（支出）

9

（2

)

Interest expense

—

(11

)

Total other income

68

158

Income/(loss) from continuing operations before income taxes

458

（7.39

)

所得税费用/（福利）

138

(1,865

)

持续经营净收入

320

1,126

非连续性经营亏损，扣除所得税464美元

(1,436

)

—

净（亏损）/收入

(1,116

)

1,126

Preferred stock dividend

—

83

归属于普通股股东的净（亏损）/收入

$

(1,116

)

$

1,043

Net income per share from continuing operations:

基本的

$

0.01

$

0.04

稀释

$

0.01

$

0.03

Net income per share from discontinued operations:

基本的

$

(0.05

)

$

0.00

稀释

$

(0.04

)

$

0.00

符合普通股东的净额（亏损）/收入归属于普通股：

基本的

$

(0.04

)

$

0.04

稀释

$

(0.03

)

$

0.03

加权平均股票：

基本的

30,380,345

28,039,080

稀释

32,549,487

33,479,935

Luna创新公司
合并资产负债表
（单位：千，共享数据除外）

March 31, 2020

December 31, 2019

（未经审计）

资产

Current assets:

现金及现金等价物

$

26,324

$

25,006

应收账款，网络

15,519

16,269

应收销售HSOR业务

—

2,501

合同资产

2,612

2,759

库存

11,191

10,294

预付费用及其他流动资产

1,575

1,287

流动资产总额

57,221

58,116

长期合同资产

486

449

Property and equipment, net

3,306

3,466

无形资产净值

9,853

10,194

Goodwill

10,542

10,542

其他资产

2,009

2,341

递延税收资产

1,542

1,416

Total assets

$

84,959

$

86,524

负债和股东权益

债务：

流动负债：

应付账款

2,490

2,787

应计负债

9,243

10,369

合同责任

3,569

3,888

总流动负债

15,302

17,044

其他长期负债

1,880

2,011

总负债增长

17,182

19,055

承诺和或有事项（附注13）

股东权益：

普通股，面值0.001美元，授权发行100000000股，分别于2020年3月31日和2019年12月31日发行32126368股和31788896股，发行在外的30486577股和30149105股

32

32

财政部股票成本，1,639,791股股份于2019年3月31日和2019年12月31日

(4,337

)

(4,337

)

额外实收资本

89,446

88,022

累积赤字

（17,364.

)

(16,248

)

股东权益总额

67,777

67,469

负债及股东权益合计

$

84,959

$

86,524

Luna创新公司
合并现金流量表（未经审计）
(in thousands)

Three Months Ended March 31,

2020.

2019年

经营活动产生的现金流

净（亏损）/收入

$

(1,116

)

$

1,126

Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities

折旧和摊销

679

617.

股份赔偿

226

343

坏账费用

14

—

已停产运营的损失，税收

1,436

—

发放估价免税额的税收优惠

—

（1,889

)

Deferred taxes

（127.

)

—

改变in assets and liabilities

应收账款

737.

1,053

合同资产

111

(429

)

库存

(897

)

(528

)

Other current assets

(287

)

(41

)

应付账款and accrued expenses

（7.60

)

1,196

合同责任

(318

)

149

Net cash (used in)/provided by operating activities

(302

)

1,597

Cash flows provided by/(used in) investing activities

购置财产和设备

（74.

)

（215.

)

无形资产成本

（91.

)

（61.

)

收购一般光子学公司

—

(19,004

)

Proceeds from sale of discontinued operations

600

—

按/（用于）投资活动提供的净现金

435

(19,280

)

融资活动提供/（使用）的现金流

财务租赁义务的付款

(13

)

（7.

)

偿还债务

—

（375.

)

Proceeds from the exercise of options and warrants

1,198

185

筹资活动提供/（使用）的现金净额

1,185

(197

)

Net increase/(decrease) in cash and cash equivalents

1,318

(17,880

)

现金和现金等价物 - 期末

25,006

42,460

现金及现金等价物-end of period

$

26,324

$

24,580

Luna创新公司
净收入与EBITDA和调整后EBITDA（未经审计）的和解
(in thousands)

Three Months Ended March 31,

2020.

2019年

Net income

$

(1,116

)

$

1,126

已停产运营的损失，税收

1,436

—

持续经营净收入

320

1,126

Interest expense

—

11

投资收益

（59.

)

(171

)

Tax expense/(benefit)

138

(1,865

)

折旧和摊销

679

513.

EBITDA

1,078

（386.

)

股份赔偿

502.

343

非经常性费用（1）

—

898.

Amortization of inventory step-up

—

104

调整后EBITDA

$

1,580

$

959

（1） 非经常性费用包括截至2019年3月31日的三个月内发生的与收购General Photonics有关的交易相关费用。

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