LGL came out with a great report after the close yesterday. I didn't see it till just a few minutes ago, or I would have been buying earlier this morning in pre-market. I will likely just watch for now as it looks like it is going to gap up nicely.
DJN: PRESS RELEASE: The LGL Group, Inc. Reports Results for Q4 2009 and Full Year
The LGL Group, Inc. Reports Results for Q4 2009 and Full Year 2009
ORLANDO, Fla., March 29, 2010 (GLOBE NEWSWIRE) -- The LGL Group, Inc. (NYSE
Amex:LGL) (the "Company"), today announced results for the quarter and year
ended December 31, 2009. LGL is the holding company for MtronPTI, which
specializes in the development and sale of highly engineered, custom made
products for advanced frequency control applications. Primary markets
include military, avionics, aerospace, telecommunications and test &
measurement sectors.
Total revenues for Q4 2009 were $9,202,000, which was an increase of 25.7%
over the Q3 2009 revenues of $7,321,000. Revenues for the comparable quarter
in 2008 were $9,998,000. Revenues improved in the fourth quarter primarily
due to stronger sales trends that first began in Q3 2009.
"We can report that as of December 31, 2009, our order backlog grew to
$13,958,000 compared with a backlog of $8,182,000 at December 31, 2008 -- a
70 percent increase owing primarily to increased orders from existing
customers as well as orders received from new customers in our military
personnel protection and homeland security target markets," according to LGL
President and Chief Executive Officer, Greg Anderson.
The Company had Q4 2009 net income of $334,000, or $0.15 per share, which
was an improvement over the net loss of ($113,000), or ($0.05) per share for
the same period in 2008. The improvements were primarily driven by quarter
over quarter improvement in gross margins due in part to the Company's
restructuring and management's implementation of cost-reduction measures and
productivity improvements during 2009.
Mr. Anderson noted, "The Company has made terrific strides in its efforts to
improve financial and operational measures, as evidenced by LGL's first
positive earnings since 2007. With a growing backlog that reached a new
record for the Company as of December 31, 2009, the Company's revenue level
appears to be sustainable in the near term."
Total revenues for the year ended December 31, 2009 were $31,301,000, a
decrease of 22.1% from 2008, due primarily to a general economic slowdown
and a corresponding decrease in demand for the electronic components in
which our products are used. The decrease in sales was primarily in our
foreign markets, with a decline of $6,935,000 in foreign sales, and a
decrease of $1,943,000 in domestic sales compared with 2008.
Net loss for the year ended December 31, 2009 was $2,522,000 compared with
net loss for the year ended December 31, 2008 of $1,282,000. The increased
loss was primarily attributable to a 22.1% decline in revenues for 2009 as
compared to 2008, compounded by a 2.2 percentage point decrease in gross
margin. The reduction in gross margin is primarily attributable to higher
fixed overhead as a percentage of sales driven by the overall economic
slowdown and the related decrease in revenues, as well as, in part, to
higher materials and supply costs.
The Company will host an investor conference call to discuss its results for
Q4 2009 and its fiscal year ended December 31, 2009, and other recent
Company announcements on Tuesday, March 30, 2010 at 10:00 a.m. Eastern Time.
The LGL Group President and CEO, Greg Anderson, will host the audio event.
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 LGLGROUP.
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:
livemeeting.com.
The meeting ID is: LGLGROUP; 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 infrastructure equipment for the
telecommunications and network equipment industries. They are also used in
electronic systems for military applications, avionics, earth-orbiting
satellites, medical devices, instrumentation, industrial devices and global
positioning systems. The Company has operations in Orlando, Florida,
Yankton, South Dakota and Noida, India. MtronPTI also has a sales office in
Hong Kong, China.
For more information on the Company and its products and services, contact
R. 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 Company's
filings with the Securities and Exchange Commission.
CONTACT: The LGL Group, Inc.
LaDuane Clifton
(407) 298-2000 ex: 144
lclifton@lglgroup.com
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Victor Emmanuel
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