Welcome!

News Feed Item

The LGL Group, Inc. Reports First Quarter 2013 Financial Results

The LGL Group, Inc. (NYSE MKT: LGL) (the “Company”), announced results for the quarter ended March 31, 2013.

Total revenues for the three months ended March 31, 2013, were approximately $7,398,000, an increase of 3.1% compared to revenues of $7,174,000 for the comparable period in 2012. The Company reported a net loss of ($83,000) for the three months ended March 31, 2013, compared with a net loss of ($593,000) for the same period in 2012. Loss per share was ($0.03) for the three months ended March 31, 2013, compared with loss per share of ($0.23) for the three months ended March 31, 2012. Stock-based compensation expense was $110,000, or $0.04 per share, for the three months ended March 31, 2013, compared to $89,000, or $0.03 per share, for the same period in 2012.

Gross margins for the quarter ended March 31, 2013, were 32.5%, compared to 22.3% for the comparable period in 2012. The increase in gross margin is due to a more favorable product mix, margin improvement initiatives and a 3.1% increase in revenues from the comparable period in 2012.

Cash and cash equivalents as of March 31, 2013, was $9,324,000, or $3.59 per share, and cash-adjusted working capital, which is comprised of accounts receivable plus inventory less trade accounts payable, increased to $8,202,000, or $3.16 per share, at March 31, 2013.

The Company’s order backlog was $8,357,000 at March 31, 2013, which was a 4.0% decrease compared to $8,703,000 at December 31, 2012.

The increase in revenues for the first quarter is due to a modest increase in demand from existing customers for existing products primarily in our Aerospace and Defense (“Aero/Defense”), and Internet Communications Technology (“ICT”) market segments. Loss per share improvement can be attributed to a 10.2 percentage point increase in gross margin and the 3.1% increase in revenues for the first three months of 2013 as compared to the same period in 2012.

Greg Anderson, LGL’s President and Chief Executive Officer, said, “The improvement in our Q1 results compared to Q1 of last year reflects the work we have done to improve operating efficiencies, as we are continuing to make R&D investments in future growth areas within our target markets. However, the environment remains challenging, with notable price pressure, the lingering effects of uncertainty in U.S. government spending and cautious infrastructure spending patterns.”

Investor’s Conference Call Scheduled for Tuesday, May 14, 2013, at 10:00 A.M. ET

An investor conference call is scheduled for Tuesday, May 14, 2013, at 10:00 a.m. ET. The purpose of the call is to discuss the Company’s first quarter 2013 earnings results, current business activities and strategy.

Participants are invited to “attend” the online meeting using Conferencing Center LIVE; or access the conference call at (800) 894-5910 for domestic callers and (785) 424-1052 for international callers. The participant code is LGLIR514.

To attend the event, participants are asked to click on the following link: Join the meeting. Participants may also copy and paste the following information into their web browser: https://www.livemeeting.com/cc/conferencingevent/join.

The meeting ID is: LGLIR514; the entry code is: ATTEND.

About The LGL Group, Inc.

The LGL Group, Inc., through its wholly-owned subsidiary MtronPTI, manufactures and markets highly-engineered electronic components used to control the frequency or timing of signals in electronic circuits. These devices are used extensively in electronic systems for military applications, avionics, earth-orbiting satellites, medical devices, instrumentation, industrial devices and global positioning systems. They are also used in infrastructure equipment for the telecommunications and network equipment industries. The Company has operations in Orlando, Florida, Yankton, South Dakota, Yantai, China and Noida, India, and sales offices in Hong Kong and Shanghai, China.

For more information on the Company and its products and services, contact LaDuane Clifton at The LGL Group, Inc., 2525 Shader Rd., Orlando, Florida 32804, (407) 298-2000, or visit the Company’s Web site: www.lglgroup.com.

Caution Concerning Forward Looking Statements

This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in The LGL Group’s filings with the U.S. Securities and Exchange Commission.

   

THE LGL GROUP, INC.

Condensed Consolidated Statements of Operations - UNAUDITED

 

(Dollars in Thousands, Except Per Share Amounts)

 
For the quarter ended March 31, 2013 2012
 
REVENUES $ 7,398 $ 7,174
Cost and expenses:
Manufacturing cost of sales 4,996 5,577
Engineering, selling and administrative   2,680     2,398  
OPERATING LOSS   (278 )   (801 )
Total other expense   (18 )   (58 )
LOSS BEFORE INCOME TAXES (296 ) (859 )
Income tax benefit   213     266  
 
NET LOSS $ (83 ) $ (593 )
 

Weighted average number of shares used in basic and diluted EPS calculation

  2,598,144     2,595,242  
 

BASIC AND DILUTED NET LOSS PER COMMON SHARE

$ (0.03 ) $ (0.23 )
 
   

THE LGL GROUP, INC.

Condensed Consolidated Balance Sheets – UNAUDITED

 

(Dollars in Thousands)

 

March 31,
2013

December 31,
2012

ASSETS
Cash and cash equivalents $ 7,824 $ 8,625
Restricted cash 1,500 1,500
Accounts receivable, less allowances of $57 and $79, respectively 4,479 4,350
Inventories, net 5,460 5,349
Deferred taxes 1,114 1,114
Prepaid expenses and other current assets   541   665
Total current assets   20,918   21,603
Property, plant and equipment, net 4,630 4,707
Other assets, net   3,388   3,283
Total assets   28,936   29,593
LIABILITIES AND STOCKHOLDERS’ EQUITY
Note payable to bank 1,382 1,249
Accounts payable 1,737 2,452
Other current liabilities   1,170   1,278
Total Liabilities   4,289   4,979
Stockholders’ Equity   24,647   24,614
Total Liabilities and Stockholders’ Equity $ 28,936 $ 29,593
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, Doug Vanderweide, an instructor at Linux Academy, discussed why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers wit...
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists looked at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deliver...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...