|By Business Wire||
|May 13, 2013 05:15 PM EDT||
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|
|Cost and expenses:|
|Manufacturing cost of sales||4,996||5,577|
|Engineering, selling and administrative||2,680||2,398|
|Total other expense||(18||)||(58||)|
|LOSS BEFORE INCOME TAXES||(296||)||(859||)|
|Income tax benefit||213||266|
Weighted average number of shares used in basic and diluted EPS calculation
BASIC AND DILUTED NET LOSS PER COMMON SHARE
THE LGL GROUP, INC.
Condensed Consolidated Balance Sheets – UNAUDITED
(Dollars in Thousands)
|Cash and cash equivalents||$||7,824||$||8,625|
|Accounts receivable, less allowances of $57 and $79, respectively||4,479||4,350|
|Prepaid expenses and other current assets||541||665|
|Total current assets||20,918||21,603|
|Property, plant and equipment, net||4,630||4,707|
|Other assets, net||3,388||3,283|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Note payable to bank||1,382||1,249|
|Other current liabilities||1,170||1,278|
|Total Liabilities and Stockholders’ Equity||$||28,936||$||29,593|
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Feb. 9, 2016 08:00 PM EST Reads: 294
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
Feb. 9, 2016 06:00 PM EST Reads: 363
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Feb. 9, 2016 06:00 PM EST Reads: 186
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
Feb. 9, 2016 06:00 PM EST Reads: 474
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 9, 2016 05:00 PM EST Reads: 150
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 9, 2016 04:00 PM EST Reads: 224
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Feb. 9, 2016 04:00 PM EST Reads: 589
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Feb. 9, 2016 04:00 PM EST Reads: 193
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Feb. 9, 2016 03:45 PM EST Reads: 132
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 9, 2016 03:15 PM EST
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
Feb. 9, 2016 03:00 PM EST Reads: 230
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 9, 2016 03:00 PM EST Reads: 182
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
Feb. 9, 2016 03:00 PM EST Reads: 351
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 9, 2016 03:00 PM EST Reads: 164
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
Feb. 9, 2016 02:45 PM EST