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
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
SYS-CON Events announced today that Sheng Liang to Keynote at SYS-CON's 19th Cloud Expo, which will take place on November 1-3, 2016 at the Santa Clara Convention Center in Santa Clara, California.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your ...
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th 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 devices - comp...