LGL Group - LGL STOCK NEWS

The LGL Group, Inc. (NYSE American: LGL) will host a webinar on May 3, 2023, at 10:30 am Eastern Time to discuss its financial results and future business initiatives. CEO Marc Gabelli expressed optimism about the company’s ongoing development of frequency reference and time synchronization solutions through its subsidiary, Precise Time and Frequency LLC (PTF). Gabelli noted LGL's history of strategic spinoffs, emphasizing the company's focus on enhancing shareholder value. The webinar is open for registration on the company’s Investor Relations page. As of December 31, 2022, LGL had investments valued at approximately $38.1 million in cash, cash equivalents, and marketable securities. LGL aims to continue its growth strategy by identifying and investing in undervalued assets.

The LGL Group, Inc. (LGL) reported a revenue increase of 16.8% to $8.8 million for Q3 2022 and 16.2% to $24.3 million for the first nine months, driven by strong defense product shipments and market recovery. However, the company faced a net loss of $3.1 million, significantly down from a profit of $31.8 million in the prior year, impacted by $4.4 million in investment losses tied to IronNet, Inc. Adjusted EBITDA rose to $1.9 million. A backlog of $44.2 million indicates positive future demand, though gross margins decreased due to inflation and product mix changes.

The LGL Group, Inc. (NYSE American: LGL) announced adjustments to its warrants due to the recent spin-off of M-tron Industries, Inc. The exercise price for LGL warrants has been lowered from $12.50 to $4.75, while the trigger price for potential acceleration has been revised from $17.50 to $6.65. Approximately 5.25 million European Style warrants will be affected, and these adjustments will take effect following the valuation period on October 18, 2022. The LGL warrants are traded under the symbol LGL.WS.