Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries The LGL Group, Inc. Reports Second Quarter 2024 Results By: Newsfile August 13, 2024 at 17:00 PM EDT Orlando, Florida--(Newsfile Corp. - August 13, 2024) - The LGL Group, Inc. (NYSE American: LGL) ("LGL," "LGL Group," or the "Company") announced today its financial results for the second quarter ended June 30, 2024.Second Quarter 2024Total revenues increased $347,000 to $1,068,000 for the three months ended June 30, 2024 from $721,000 for the three months ended June 30, 2023Income from continuing operations before income taxes and after non-controlling interests increased $345,000 to $213,000 for the three months ended June 30, 2024 from ($132,000) for the three months ended June 30, 2023Net income per diluted share increased $0.04 to $0.02 for the three months ended June 30, 2024 from ($0.02) for the three months ended June 30, 2023Fiscal Year to Date 2024Total revenues increased $251,000 to $1,956,000 for the six months ended June 30, 2024 from $1,705,000 for the six months ended June 30, 2023Income from continuing operations before income taxes and after non-controlling interests increased $152,000 to $270,000 for the six months ended June 30, 2024 from $118,000 for the six months ended June 30, 2023Net income per diluted share increased $0.02 to $0.03 for the six months ended June 30, 2024 from $0.01 for the six months ended June 30, 2023Cash and cash equivalents and marketable securities were $41,092,000 as of June 30, 2024"With our sales and marketing initiatives starting to bear fruit, we are pleased with the improved performance within our Electronic Instruments segment. Additionally, we are actively pursuing investment opportunities to enhance shareholder value within our Merchant Investment segment," said Tim Foufas, Co-Chief Executive Officer.Consolidated ResultsSecond quarter 2024 net income available to LGL Group common stockholders was $137,000, or $0.02 per diluted share, compared with ($130,000), or ($0.02) per diluted share, in the second quarter of 2023. The increase was primarily due to:higher Net sales due to higher product shipments during Q2 2024 and higher backlog as of March 31, 2024; andhigher Net investment income on investments in U.S. Treasury money market funds due to the repositioning of the portfolio into U.S. Treasury money market funds that occurred during 2023.Gross MarginGross margin increased to 59.7% for the three months ended June 30, 2024 compared to 48.4% for the three months ended June 30, 2023. The increase was primarily due to higher sales of higher margin products.Fiscal year to date 2024 net income available to LGL group common stockholders was $158,000, or $0.03 per diluted share, compared with $27,000, or $0.01 per diluted share, in 2023. The increase was primarily due to:higher Net sales driven by operational efficiencies and higher product shipments; andhigher Net investment income on investments in U.S. Treasury money market funds due to the repositioning of the portfolio into U.S. Treasury money market funds that occurred during 2023.Gross MarginGross margin increased to 54.7% for the six months ended June 30, 2024 compared to 52.6% for the six months ended June 30, 2023 reflecting increased sales of higher margin products.BacklogAs of June 30, 2024, our order backlog was $737,000, an increase of $594,000 from $143,000 as of December 31, 2023 and an increase of $413,000 from $324,000 as of June 30, 2023. The backlog of unfilled orders includes amounts based on signed contracts, which we have determined are firm orders likely to be fulfilled primarily in the next 12 months but most of the backlog will ship in the next 90 days.LiquidityOur working capital metrics were as follows:(in thousands) June 30, 2024 December 31, 2023 Current assets $42,003 $41,566Less: Current liabilities 621 474Working capital $41,382 $41,092 As of June 30, 2024, LGL Group had investments (classified within Cash and cash equivalents and Marketable securities) with a fair value of $41.1 million, of which $23.8 million was held within the Merchant Investment business.About The LGL Group, Inc.The LGL Group, Inc. ("LGL," "LGL Group," or the "Company") is a holding company engaged in services, merchant investment and manufacturing business activities. Precise Time and Frequency, LLC ("PTF") is a globally positioned producer of industrial Electronic Instruments and commercial products and services. Founded in 2002, PTF operates from our design and manufacturing facility in Wakefield, Massachusetts. Lynch Capital International LLC is focused on the development of value through investments.LGL was incorporated in 1928 under the laws of the State of Indiana, and in 2007, the Company was reincorporated under the laws of the State of Delaware as The LGL Group, Inc. We maintain our executive offices at 2525 Shader Road, Orlando, Florida 32804. Our telephone number is (407) 298-2000. Our Internet address is www.lglgroup.com. LGL common stock and warrants are traded on the NYSE American ("NYSE") under the symbols "LGL" and "LGL WS", respectively.LGL Group's business strategy is primarily focused on growth through expanding new and existing operations across diversified industries. The Company's engineering and design origins date back to the early 1900s. In 1917, Lynch Glass Machinery Company ("Lynch Glass"), the predecessor of LGL Group, was formed and emerged in the late 1920s as a successful manufacturer of glass-forming machinery. Lynch Glass was then renamed Lynch Corporation ("Lynch") and was incorporated in 1928 under the laws of the State of Indiana. In 1946, Lynch was listed on the "New York Curb Exchange," the predecessor to the NYSE American. The Company has a had a long history of owning and operating various business in the precision engineering, manufacturing, and services sectors.Cautionary Note Concerning Forward-Looking StatementsThis 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 21E 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.###Contact:The LGL Group, Inc.Christopher Nossokoff(407) 298-2000info@lglgroup.comThe LGL Group, Inc.Condensed Consolidated Statements of Operations(Unaudited)Three Months Ended June 30, Six Months Ended June 30,(in thousands, except share data)2024 2023 2024 2023Revenues: Net sales$531 $403 $923 $844Net investment income538 275 1,037 473Net (losses) gains(1) 43 (4) 388Total revenues1,068 721 1,956 1,705Expenses: Manufacturing cost of sales214 208 418 400Engineering, selling and administrative617 645 1,222 1,187Total expenses831 853 1,640 1,587Income (loss) from continuing operations before income taxes237 (132) 316 118Income tax (benefit) expense76 (2) 112 63Net income (loss) from continuing operations161 (130) 204 55Income (loss) from discontinued operations, net of tax— — — (28)Net income (loss)161 (130) 204 27Less: Net income attributable to non-controlling interests24 — 46 —Net income (loss) attributable to LGL Group common stockholders$137 $(130) $158 $27 Income (loss) per common share attributable to LGL Group common stockholders: Basic (a): Income (loss) from continuing operations$0.03 $(0.02) $0.03 $0.01Income (loss) from discontinued operations— — — (0.01)Net income (loss) attributable to LGL Group common stockholders$0.03 $(0.02) $0.03 $0.01 Diluted (a): Income (loss) from continuing operations$0.02 $(0.02) $0.03 $0.01Income (loss) from discontinued operations— — — (0.01)Net income (loss) attributable to LGL Group common stockholders$0.02 $(0.02) $0.03 $0.01 Weighted average shares outstanding: Basic5,352,937 5,352,937 5,352,937 5,352,937Diluted5,482,543 5,352,937 5,548,869 5,352,937 (a) Basic and diluted earnings per share are calculated using actual, unrounded amounts. Therefore, the components of earnings per share may not sum to its corresponding total.The LGL Group, Inc.Condensed Consolidated Balance Sheets(Unaudited)(in thousands)June 30, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents$41,074 $40,711Marketable securities18 22Accounts receivable, net of reserves of $52 and $58, respectively339 356Inventories, net336 204Prepaid expenses and other current assets236 273Total current assets42,003 41,566Right-of-use lease assets41 75Intangible assets, net46 57Deferred income tax assets157 152Total assets$42,247 $41,850 Liabilities: Total current liabilities621 474Non-current liabilities722 694Total liabilities1,343 1,168 Stockholders' equity: Total LGL Group stockholders' equity38,938 38,762Non-controlling interests1,966 1,920Total stockholders' equity40,904 40,682Total liabilities and stockholders' equity$42,247 $41,850 The LGL Group, Inc.Segment Results(Unaudited)Three Months Ended June 30, (in thousands)2024 2023 $ Change % Change Revenues: Electronic Instruments$531 $403 $128 31.8%Merchant Investment315 — 315 n/mCorporate222 318 (96) -30.2%Total revenues1,068 721 347 48.1% Expenses: Electronic Instruments457 381 76 19.9%Merchant Investment78 — 78 n/mCorporate296 472 (176) -37.3%Total expenses831 853 (22) -2.6% Income (loss) from continuing operations before income taxes Electronic Instruments74 22 52 236.4%Merchant Investment237 — 237 n/mCorporate(74) (154) 80 -51.9%Income from (loss) continuing operations before income taxes237 (132) 369 -279.5%Income tax expense (benefit)76 (2) 78 -3900.0%Net income (loss) from continuing operations161 (130) 291 -223.8%Income (loss) from discontinued operations, net of tax— — — n/mNet income (loss)161 (130) 291 -223.8%Less: Net income attributable to non-controlling interests24 — 24 n/mNet income (loss) attributable to LGL Group common stockholders$137 $(130) $267 -205.4% The LGL Group, Inc.Segment Results(Unaudited)Six Months Ended June 30, (in thousands)2024 2023 $ Change % ChangeRevenues: Electronic Instruments$923 $844 $79 9.4%Merchant Investment604 — 604 n/mCorporate429 861 (432) -50.2%Total revenues1,956 1,705 251 14.7% Expenses: Electronic Instruments847 750 97 12.9%Merchant Investment127 — 127 n/mCorporate666 837 (171) -20.4%Total expenses1,640 1,587 53 3.3% Income (loss) from continuing operations before income taxes Electronic Instruments76 94 (18) -19.1%Merchant Investment477 — 477 n/mCorporate(237) 24 (261) -1087.5%Income from continuing operations before income taxes316 118 198 167.8%Income tax expense112 63 49 77.8%Net income (loss) from continuing operations204 55 149 270.9%Income (loss) from discontinued operations, net of tax— (28) 28 -100.0%Net income204 27 177 655.6%Less: Net income attributable to non-controlling interests46 — 46 n/mNet income attributable to LGL Group common stockholders$158 $27 $131 485.2% To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219784 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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The LGL Group, Inc. Reports Second Quarter 2024 Results By: Newsfile August 13, 2024 at 17:00 PM EDT Orlando, Florida--(Newsfile Corp. - August 13, 2024) - The LGL Group, Inc. (NYSE American: LGL) ("LGL," "LGL Group," or the "Company") announced today its financial results for the second quarter ended June 30, 2024.Second Quarter 2024Total revenues increased $347,000 to $1,068,000 for the three months ended June 30, 2024 from $721,000 for the three months ended June 30, 2023Income from continuing operations before income taxes and after non-controlling interests increased $345,000 to $213,000 for the three months ended June 30, 2024 from ($132,000) for the three months ended June 30, 2023Net income per diluted share increased $0.04 to $0.02 for the three months ended June 30, 2024 from ($0.02) for the three months ended June 30, 2023Fiscal Year to Date 2024Total revenues increased $251,000 to $1,956,000 for the six months ended June 30, 2024 from $1,705,000 for the six months ended June 30, 2023Income from continuing operations before income taxes and after non-controlling interests increased $152,000 to $270,000 for the six months ended June 30, 2024 from $118,000 for the six months ended June 30, 2023Net income per diluted share increased $0.02 to $0.03 for the six months ended June 30, 2024 from $0.01 for the six months ended June 30, 2023Cash and cash equivalents and marketable securities were $41,092,000 as of June 30, 2024"With our sales and marketing initiatives starting to bear fruit, we are pleased with the improved performance within our Electronic Instruments segment. Additionally, we are actively pursuing investment opportunities to enhance shareholder value within our Merchant Investment segment," said Tim Foufas, Co-Chief Executive Officer.Consolidated ResultsSecond quarter 2024 net income available to LGL Group common stockholders was $137,000, or $0.02 per diluted share, compared with ($130,000), or ($0.02) per diluted share, in the second quarter of 2023. The increase was primarily due to:higher Net sales due to higher product shipments during Q2 2024 and higher backlog as of March 31, 2024; andhigher Net investment income on investments in U.S. Treasury money market funds due to the repositioning of the portfolio into U.S. Treasury money market funds that occurred during 2023.Gross MarginGross margin increased to 59.7% for the three months ended June 30, 2024 compared to 48.4% for the three months ended June 30, 2023. The increase was primarily due to higher sales of higher margin products.Fiscal year to date 2024 net income available to LGL group common stockholders was $158,000, or $0.03 per diluted share, compared with $27,000, or $0.01 per diluted share, in 2023. The increase was primarily due to:higher Net sales driven by operational efficiencies and higher product shipments; andhigher Net investment income on investments in U.S. Treasury money market funds due to the repositioning of the portfolio into U.S. Treasury money market funds that occurred during 2023.Gross MarginGross margin increased to 54.7% for the six months ended June 30, 2024 compared to 52.6% for the six months ended June 30, 2023 reflecting increased sales of higher margin products.BacklogAs of June 30, 2024, our order backlog was $737,000, an increase of $594,000 from $143,000 as of December 31, 2023 and an increase of $413,000 from $324,000 as of June 30, 2023. The backlog of unfilled orders includes amounts based on signed contracts, which we have determined are firm orders likely to be fulfilled primarily in the next 12 months but most of the backlog will ship in the next 90 days.LiquidityOur working capital metrics were as follows:(in thousands) June 30, 2024 December 31, 2023 Current assets $42,003 $41,566Less: Current liabilities 621 474Working capital $41,382 $41,092 As of June 30, 2024, LGL Group had investments (classified within Cash and cash equivalents and Marketable securities) with a fair value of $41.1 million, of which $23.8 million was held within the Merchant Investment business.About The LGL Group, Inc.The LGL Group, Inc. ("LGL," "LGL Group," or the "Company") is a holding company engaged in services, merchant investment and manufacturing business activities. Precise Time and Frequency, LLC ("PTF") is a globally positioned producer of industrial Electronic Instruments and commercial products and services. Founded in 2002, PTF operates from our design and manufacturing facility in Wakefield, Massachusetts. Lynch Capital International LLC is focused on the development of value through investments.LGL was incorporated in 1928 under the laws of the State of Indiana, and in 2007, the Company was reincorporated under the laws of the State of Delaware as The LGL Group, Inc. We maintain our executive offices at 2525 Shader Road, Orlando, Florida 32804. Our telephone number is (407) 298-2000. Our Internet address is www.lglgroup.com. LGL common stock and warrants are traded on the NYSE American ("NYSE") under the symbols "LGL" and "LGL WS", respectively.LGL Group's business strategy is primarily focused on growth through expanding new and existing operations across diversified industries. The Company's engineering and design origins date back to the early 1900s. In 1917, Lynch Glass Machinery Company ("Lynch Glass"), the predecessor of LGL Group, was formed and emerged in the late 1920s as a successful manufacturer of glass-forming machinery. Lynch Glass was then renamed Lynch Corporation ("Lynch") and was incorporated in 1928 under the laws of the State of Indiana. In 1946, Lynch was listed on the "New York Curb Exchange," the predecessor to the NYSE American. The Company has a had a long history of owning and operating various business in the precision engineering, manufacturing, and services sectors.Cautionary Note Concerning Forward-Looking StatementsThis 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 21E 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.###Contact:The LGL Group, Inc.Christopher Nossokoff(407) 298-2000info@lglgroup.comThe LGL Group, Inc.Condensed Consolidated Statements of Operations(Unaudited)Three Months Ended June 30, Six Months Ended June 30,(in thousands, except share data)2024 2023 2024 2023Revenues: Net sales$531 $403 $923 $844Net investment income538 275 1,037 473Net (losses) gains(1) 43 (4) 388Total revenues1,068 721 1,956 1,705Expenses: Manufacturing cost of sales214 208 418 400Engineering, selling and administrative617 645 1,222 1,187Total expenses831 853 1,640 1,587Income (loss) from continuing operations before income taxes237 (132) 316 118Income tax (benefit) expense76 (2) 112 63Net income (loss) from continuing operations161 (130) 204 55Income (loss) from discontinued operations, net of tax— — — (28)Net income (loss)161 (130) 204 27Less: Net income attributable to non-controlling interests24 — 46 —Net income (loss) attributable to LGL Group common stockholders$137 $(130) $158 $27 Income (loss) per common share attributable to LGL Group common stockholders: Basic (a): Income (loss) from continuing operations$0.03 $(0.02) $0.03 $0.01Income (loss) from discontinued operations— — — (0.01)Net income (loss) attributable to LGL Group common stockholders$0.03 $(0.02) $0.03 $0.01 Diluted (a): Income (loss) from continuing operations$0.02 $(0.02) $0.03 $0.01Income (loss) from discontinued operations— — — (0.01)Net income (loss) attributable to LGL Group common stockholders$0.02 $(0.02) $0.03 $0.01 Weighted average shares outstanding: Basic5,352,937 5,352,937 5,352,937 5,352,937Diluted5,482,543 5,352,937 5,548,869 5,352,937 (a) Basic and diluted earnings per share are calculated using actual, unrounded amounts. Therefore, the components of earnings per share may not sum to its corresponding total.The LGL Group, Inc.Condensed Consolidated Balance Sheets(Unaudited)(in thousands)June 30, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents$41,074 $40,711Marketable securities18 22Accounts receivable, net of reserves of $52 and $58, respectively339 356Inventories, net336 204Prepaid expenses and other current assets236 273Total current assets42,003 41,566Right-of-use lease assets41 75Intangible assets, net46 57Deferred income tax assets157 152Total assets$42,247 $41,850 Liabilities: Total current liabilities621 474Non-current liabilities722 694Total liabilities1,343 1,168 Stockholders' equity: Total LGL Group stockholders' equity38,938 38,762Non-controlling interests1,966 1,920Total stockholders' equity40,904 40,682Total liabilities and stockholders' equity$42,247 $41,850 The LGL Group, Inc.Segment Results(Unaudited)Three Months Ended June 30, (in thousands)2024 2023 $ Change % Change Revenues: Electronic Instruments$531 $403 $128 31.8%Merchant Investment315 — 315 n/mCorporate222 318 (96) -30.2%Total revenues1,068 721 347 48.1% Expenses: Electronic Instruments457 381 76 19.9%Merchant Investment78 — 78 n/mCorporate296 472 (176) -37.3%Total expenses831 853 (22) -2.6% Income (loss) from continuing operations before income taxes Electronic Instruments74 22 52 236.4%Merchant Investment237 — 237 n/mCorporate(74) (154) 80 -51.9%Income from (loss) continuing operations before income taxes237 (132) 369 -279.5%Income tax expense (benefit)76 (2) 78 -3900.0%Net income (loss) from continuing operations161 (130) 291 -223.8%Income (loss) from discontinued operations, net of tax— — — n/mNet income (loss)161 (130) 291 -223.8%Less: Net income attributable to non-controlling interests24 — 24 n/mNet income (loss) attributable to LGL Group common stockholders$137 $(130) $267 -205.4% The LGL Group, Inc.Segment Results(Unaudited)Six Months Ended June 30, (in thousands)2024 2023 $ Change % ChangeRevenues: Electronic Instruments$923 $844 $79 9.4%Merchant Investment604 — 604 n/mCorporate429 861 (432) -50.2%Total revenues1,956 1,705 251 14.7% Expenses: Electronic Instruments847 750 97 12.9%Merchant Investment127 — 127 n/mCorporate666 837 (171) -20.4%Total expenses1,640 1,587 53 3.3% Income (loss) from continuing operations before income taxes Electronic Instruments76 94 (18) -19.1%Merchant Investment477 — 477 n/mCorporate(237) 24 (261) -1087.5%Income from continuing operations before income taxes316 118 198 167.8%Income tax expense112 63 49 77.8%Net income (loss) from continuing operations204 55 149 270.9%Income (loss) from discontinued operations, net of tax— (28) 28 -100.0%Net income204 27 177 655.6%Less: Net income attributable to non-controlling interests46 — 46 n/mNet income attributable to LGL Group common stockholders$158 $27 $131 485.2% To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219784
Orlando, Florida--(Newsfile Corp. - August 13, 2024) - The LGL Group, Inc. (NYSE American: LGL) ("LGL," "LGL Group," or the "Company") announced today its financial results for the second quarter ended June 30, 2024.Second Quarter 2024Total revenues increased $347,000 to $1,068,000 for the three months ended June 30, 2024 from $721,000 for the three months ended June 30, 2023Income from continuing operations before income taxes and after non-controlling interests increased $345,000 to $213,000 for the three months ended June 30, 2024 from ($132,000) for the three months ended June 30, 2023Net income per diluted share increased $0.04 to $0.02 for the three months ended June 30, 2024 from ($0.02) for the three months ended June 30, 2023Fiscal Year to Date 2024Total revenues increased $251,000 to $1,956,000 for the six months ended June 30, 2024 from $1,705,000 for the six months ended June 30, 2023Income from continuing operations before income taxes and after non-controlling interests increased $152,000 to $270,000 for the six months ended June 30, 2024 from $118,000 for the six months ended June 30, 2023Net income per diluted share increased $0.02 to $0.03 for the six months ended June 30, 2024 from $0.01 for the six months ended June 30, 2023Cash and cash equivalents and marketable securities were $41,092,000 as of June 30, 2024"With our sales and marketing initiatives starting to bear fruit, we are pleased with the improved performance within our Electronic Instruments segment. Additionally, we are actively pursuing investment opportunities to enhance shareholder value within our Merchant Investment segment," said Tim Foufas, Co-Chief Executive Officer.Consolidated ResultsSecond quarter 2024 net income available to LGL Group common stockholders was $137,000, or $0.02 per diluted share, compared with ($130,000), or ($0.02) per diluted share, in the second quarter of 2023. The increase was primarily due to:higher Net sales due to higher product shipments during Q2 2024 and higher backlog as of March 31, 2024; andhigher Net investment income on investments in U.S. Treasury money market funds due to the repositioning of the portfolio into U.S. Treasury money market funds that occurred during 2023.Gross MarginGross margin increased to 59.7% for the three months ended June 30, 2024 compared to 48.4% for the three months ended June 30, 2023. The increase was primarily due to higher sales of higher margin products.Fiscal year to date 2024 net income available to LGL group common stockholders was $158,000, or $0.03 per diluted share, compared with $27,000, or $0.01 per diluted share, in 2023. The increase was primarily due to:higher Net sales driven by operational efficiencies and higher product shipments; andhigher Net investment income on investments in U.S. Treasury money market funds due to the repositioning of the portfolio into U.S. Treasury money market funds that occurred during 2023.Gross MarginGross margin increased to 54.7% for the six months ended June 30, 2024 compared to 52.6% for the six months ended June 30, 2023 reflecting increased sales of higher margin products.BacklogAs of June 30, 2024, our order backlog was $737,000, an increase of $594,000 from $143,000 as of December 31, 2023 and an increase of $413,000 from $324,000 as of June 30, 2023. The backlog of unfilled orders includes amounts based on signed contracts, which we have determined are firm orders likely to be fulfilled primarily in the next 12 months but most of the backlog will ship in the next 90 days.LiquidityOur working capital metrics were as follows:(in thousands) June 30, 2024 December 31, 2023 Current assets $42,003 $41,566Less: Current liabilities 621 474Working capital $41,382 $41,092 As of June 30, 2024, LGL Group had investments (classified within Cash and cash equivalents and Marketable securities) with a fair value of $41.1 million, of which $23.8 million was held within the Merchant Investment business.About The LGL Group, Inc.The LGL Group, Inc. ("LGL," "LGL Group," or the "Company") is a holding company engaged in services, merchant investment and manufacturing business activities. Precise Time and Frequency, LLC ("PTF") is a globally positioned producer of industrial Electronic Instruments and commercial products and services. Founded in 2002, PTF operates from our design and manufacturing facility in Wakefield, Massachusetts. Lynch Capital International LLC is focused on the development of value through investments.LGL was incorporated in 1928 under the laws of the State of Indiana, and in 2007, the Company was reincorporated under the laws of the State of Delaware as The LGL Group, Inc. We maintain our executive offices at 2525 Shader Road, Orlando, Florida 32804. Our telephone number is (407) 298-2000. Our Internet address is www.lglgroup.com. LGL common stock and warrants are traded on the NYSE American ("NYSE") under the symbols "LGL" and "LGL WS", respectively.LGL Group's business strategy is primarily focused on growth through expanding new and existing operations across diversified industries. The Company's engineering and design origins date back to the early 1900s. In 1917, Lynch Glass Machinery Company ("Lynch Glass"), the predecessor of LGL Group, was formed and emerged in the late 1920s as a successful manufacturer of glass-forming machinery. Lynch Glass was then renamed Lynch Corporation ("Lynch") and was incorporated in 1928 under the laws of the State of Indiana. In 1946, Lynch was listed on the "New York Curb Exchange," the predecessor to the NYSE American. The Company has a had a long history of owning and operating various business in the precision engineering, manufacturing, and services sectors.Cautionary Note Concerning Forward-Looking StatementsThis 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 21E 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.###Contact:The LGL Group, Inc.Christopher Nossokoff(407) 298-2000info@lglgroup.comThe LGL Group, Inc.Condensed Consolidated Statements of Operations(Unaudited)Three Months Ended June 30, Six Months Ended June 30,(in thousands, except share data)2024 2023 2024 2023Revenues: Net sales$531 $403 $923 $844Net investment income538 275 1,037 473Net (losses) gains(1) 43 (4) 388Total revenues1,068 721 1,956 1,705Expenses: Manufacturing cost of sales214 208 418 400Engineering, selling and administrative617 645 1,222 1,187Total expenses831 853 1,640 1,587Income (loss) from continuing operations before income taxes237 (132) 316 118Income tax (benefit) expense76 (2) 112 63Net income (loss) from continuing operations161 (130) 204 55Income (loss) from discontinued operations, net of tax— — — (28)Net income (loss)161 (130) 204 27Less: Net income attributable to non-controlling interests24 — 46 —Net income (loss) attributable to LGL Group common stockholders$137 $(130) $158 $27 Income (loss) per common share attributable to LGL Group common stockholders: Basic (a): Income (loss) from continuing operations$0.03 $(0.02) $0.03 $0.01Income (loss) from discontinued operations— — — (0.01)Net income (loss) attributable to LGL Group common stockholders$0.03 $(0.02) $0.03 $0.01 Diluted (a): Income (loss) from continuing operations$0.02 $(0.02) $0.03 $0.01Income (loss) from discontinued operations— — — (0.01)Net income (loss) attributable to LGL Group common stockholders$0.02 $(0.02) $0.03 $0.01 Weighted average shares outstanding: Basic5,352,937 5,352,937 5,352,937 5,352,937Diluted5,482,543 5,352,937 5,548,869 5,352,937 (a) Basic and diluted earnings per share are calculated using actual, unrounded amounts. Therefore, the components of earnings per share may not sum to its corresponding total.The LGL Group, Inc.Condensed Consolidated Balance Sheets(Unaudited)(in thousands)June 30, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents$41,074 $40,711Marketable securities18 22Accounts receivable, net of reserves of $52 and $58, respectively339 356Inventories, net336 204Prepaid expenses and other current assets236 273Total current assets42,003 41,566Right-of-use lease assets41 75Intangible assets, net46 57Deferred income tax assets157 152Total assets$42,247 $41,850 Liabilities: Total current liabilities621 474Non-current liabilities722 694Total liabilities1,343 1,168 Stockholders' equity: Total LGL Group stockholders' equity38,938 38,762Non-controlling interests1,966 1,920Total stockholders' equity40,904 40,682Total liabilities and stockholders' equity$42,247 $41,850 The LGL Group, Inc.Segment Results(Unaudited)Three Months Ended June 30, (in thousands)2024 2023 $ Change % Change Revenues: Electronic Instruments$531 $403 $128 31.8%Merchant Investment315 — 315 n/mCorporate222 318 (96) -30.2%Total revenues1,068 721 347 48.1% Expenses: Electronic Instruments457 381 76 19.9%Merchant Investment78 — 78 n/mCorporate296 472 (176) -37.3%Total expenses831 853 (22) -2.6% Income (loss) from continuing operations before income taxes Electronic Instruments74 22 52 236.4%Merchant Investment237 — 237 n/mCorporate(74) (154) 80 -51.9%Income from (loss) continuing operations before income taxes237 (132) 369 -279.5%Income tax expense (benefit)76 (2) 78 -3900.0%Net income (loss) from continuing operations161 (130) 291 -223.8%Income (loss) from discontinued operations, net of tax— — — n/mNet income (loss)161 (130) 291 -223.8%Less: Net income attributable to non-controlling interests24 — 24 n/mNet income (loss) attributable to LGL Group common stockholders$137 $(130) $267 -205.4% The LGL Group, Inc.Segment Results(Unaudited)Six Months Ended June 30, (in thousands)2024 2023 $ Change % ChangeRevenues: Electronic Instruments$923 $844 $79 9.4%Merchant Investment604 — 604 n/mCorporate429 861 (432) -50.2%Total revenues1,956 1,705 251 14.7% Expenses: Electronic Instruments847 750 97 12.9%Merchant Investment127 — 127 n/mCorporate666 837 (171) -20.4%Total expenses1,640 1,587 53 3.3% Income (loss) from continuing operations before income taxes Electronic Instruments76 94 (18) -19.1%Merchant Investment477 — 477 n/mCorporate(237) 24 (261) -1087.5%Income from continuing operations before income taxes316 118 198 167.8%Income tax expense112 63 49 77.8%Net income (loss) from continuing operations204 55 149 270.9%Income (loss) from discontinued operations, net of tax— (28) 28 -100.0%Net income204 27 177 655.6%Less: Net income attributable to non-controlling interests46 — 46 n/mNet income attributable to LGL Group common stockholders$158 $27 $131 485.2% To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219784
