Luna Innovations Incorporated (Luna Innovations) has reported preliminary revenue results for full year 2008. For the period, company expects 2008 annual revenue to be about $36.9 million. The lower than expected 2008 revenues were primarily due to a decline in orders for telecommunications products in the fourth quarter.
The company believes the decline in sales is related to customers tumbling their capital expenditures as a result of the changes in the global economy. The anticipated revenue is an estimate pending the audit of the company’s financial results for the year ended December 31, 2008 and accordingly is subject to change.
Commenting on the announcement, Kent Murphy, chairman and chief executive officer of Luna Innovations, said “Luna is taking steps to control expenses. We ended 2008 with $15.5 million in cash, a net increase of approximately $300,000 in the fourth quarter. Given these times of economic uncertainty, it is difficult to project 2009 revenue. We currently expect flat to modest growth in 2009.”