The LGL Group, Inc. (NYSE American:LGL) (the “Company” or
“LGL”), announced its financial results for the three months ended
March 31, 2018.
Summary of Q1 2018 Financial Results:
- Revenues of $5.9 million, up 5.7%
compared to Q1 2017
- Net income of $0.04 per share, in line
with the prior year quarter
- Order backlog improved 22.2% to $13.3
million at March 31, 2018 from $10.9 million at March 31,
2017
- Adjusted EBITDA was $0.06 per share,
compared to $0.12 per share for Q1 2017
- Excluding the impact of dilution from
the 2 million shares issued in Q4, 2017, adjusted EBITDA would have
been $0.11 per share for Q1, 2018.
Commenting on the Company’s Q1 2018 results, Executive Chairman
and CEO, Michael J. Ferrantino, Sr. stated, “I am pleased to report
that both revenues and backlog increased, and our book to bill
ratio continued to be very positive. We experienced growth of 5.7%
in revenues over the prior year quarter, while at the same time
backlog increased over 22%, exceeding $13 million at the end of the
quarter. This strong performance in sales and revenues, combined
with our continued profitability, validates our strategy of
developing higher margin, market-driven, highly engineered
assemblies in the defense and aerospace markets.”
Mr. Ferrantino continued, “We have demonstrated our commitment
and are continuing to work in pursuit of shareholder value. With
our available funds, as well as our much improved operations we
continue to look, both inside and outside our industry, where our
management expertise will facilitate rapid top and bottom-line
growth.”
In closing, Mr. Ferrantino added, “The Company is off to a great
start and is positioned to perform well in 2018. We are looking
forward to continuing to provide value to our dedicated employees,
customers, and shareholders, and would like to thank you all for
your support.”
About The LGL Group, Inc.
The LGL Group, Inc., through its two principal subsidiaries
MtronPTI and PTF, designs, manufactures and markets
highly-engineered electronic components used to control the
frequency or timing of signals in electronic circuits, and designs
high performance frequency and time reference standards that form
the basis for timing and synchronization in various
applications.
Headquartered in Orlando, Florida, the Company has additional
design and manufacturing facilities in Yankton, South Dakota,
Wakefield, Massachusetts and Noida, India, with local sales offices
in Hong Kong, Sacramento, California and Austin, Texas.
For more information on the Company and its products and
services, contact James Tivy at The LGL Group, Inc., 2525 Shader
Rd., Orlando, Florida 32804, (407) 298-2000, or visit
www.lglgroup.com and www.mtronpti.com.
Caution Concerning Forward-Looking Statements
This press release may contain forward-looking statements made
in reliance upon the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21 E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include all statements that do not relate solely to
historical or current facts, and can be identified by the use of
words such as “may,” “will,” “expect,” “project,” “estimate,”
“anticipate,” “plan,” “believe,” “potential,” “should,” “continue”
or the negative versions of those words or other comparable words.
These forward-looking statements are not guarantees of future
actions or performance. These forward-looking statements are based
on information currently available to us and our current plans or
expectations, and are subject to a number of uncertainties and
risks that could significantly affect current plans, anticipated
actions and our future financial condition and results. Certain of
these risks and uncertainties are described in greater detail in
our filings with the Securities and Exchange Commission. We are
under no obligation to (and expressly disclaim any such obligation
to) update or alter our forward-looking statements, whether as a
result of new information, future events or otherwise.
THE LGL GROUP, INC. Consolidated Statements of
Operations (Unaudited)
(Dollars in Thousands, Except Shares and
Per Share Amounts)
For the three months ended March 31,
2018 2017
REVENUES
$ 5,945 $ 5,624 Costs and expenses: Manufacturing cost of sales
3,716 3,558 Engineering, selling and administrative 2,071
1,958 OPERATING INCOME 158 108 Total other income, net
36 6 INCOME BEFORE INCOME TAXES 194 114 Income tax
provision (1 ) (3 ) NET INCOME $ 193 $ 111
Weighted average number of shares used in basic EPS calculation
4,696,415 2,675,466 Weighted average number of shares
used in diluted EPS calculation 4,806,196 2,688,484
BASIC AND DILUTED NET INCOME PER COMMON SHARE $ 0.04 $ 0.04
THE LGL GROUP, INC. Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)
March 31, 2018
December 31,
2017
ASSETS Cash and cash equivalents $ 1,483 $ 13,250 Marketable
securities 15,590 3,803 Accounts receivable, net 3,652 3,393
Inventories, net 4,008 3,875 Prepaid expenses and other current
assets 262 229 Total Current Assets 24,995 24,550
Property, plant, and equipment, net 2,247 2,179 Intangible assets,
net 532 552 Deferred income taxes, net 180 173 Other assets, net
2 101 Total Assets $ 27,956 $ 27,555 LIABILITIES AND
STOCKHOLDERS' EQUITY Total Current Liabilities 2,806 2,627 Total
Stockholders' Equity 25,150 24,928 Total Liabilities
and Stockholders' Equity $ 27,956 $ 27,555
Reconciliations of GAAP to Non-GAAP Measures
To supplement our consolidated financial statements presented on
a GAAP (generally accepted accounting principles) basis, the
Company uses certain non-GAAP measures, including Adjusted EBITDA,
which we define as net income adjusted to exclude depreciation and
amortization expense, interest income (expense), provision
(benefit) for income taxes, stock-based compensation expense and
other items we believe are discrete events which have a significant
impact on comparable GAAP measures and could distort an evaluation
of our normal operating performance. These adjustments to our GAAP
results are made with the intent of providing both management and
investors a more complete understanding of the underlying
operational results and trends and our marketplace performance. The
presentation of this additional information is not meant to be
considered in isolation or as a substitute for net earnings or
diluted earnings per share prepared in accordance with generally
accepted accounting principles in the United States.
Reconciliation of GAAP Net Income Before
Income Taxes to Non-GAAP Adjusted EBITDA:
For the three months ended (in 000's,
except shares and per share
amounts)
March 31, 2018 March
31, 2017 Net income before income taxes $ 194 $ 114
Interest (income) expense (12 ) 6 Depreciation and amortization 122
187 Non-cash stock compensation 7 7 Recovery of note receivable
(4 ) — Adjusted EBITDA $ 307 $ 314 Basic per
share information: Weighted average shares outstanding
4,696,415 2,675,466 Adjusted EBITDA per share $ 0.07 $ 0.12
Diluted per share information: Weighted average shares
outstanding 4,806,196 2,688,484 Adjusted EBITDA per
share $ 0.06 $ 0.12
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version on businesswire.com: https://www.businesswire.com/news/home/20180510005195/en/
The LGL Group, Inc.James Tivy,
407-298-2000jtivy@lglgroup.com
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