The LGL Group, Inc. Reports Second Quarter 2024 Results
The LGL Group, Inc. (NYSE American: LGL) reported improved financial results for Q2 2024. Total revenues increased by $347,000 to $1,068,000, up from $721,000 in Q2 2023. Income from continuing operations before taxes rose to $213,000, compared to a loss of $132,000 in the same period last year. Net income per diluted share improved to $0.02, up from a loss of $0.02 in Q2 2023.
For the first half of 2024, total revenues reached $1,956,000, with net income per diluted share at $0.03. The company's gross margin improved to 59.7% in Q2 2024, up from 48.4% in Q2 2023. As of June 30, 2024, LGL Group had $41,092,000 in cash, cash equivalents, and marketable securities. The order backlog increased to $737,000, showing significant growth from both year-end 2023 and June 30, 2023 levels.
Il LGL Group, Inc. (NYSE American: LGL) ha riportato risultati finanziari migliorati per il secondo trimestre del 2024. I ricavi totali sono aumentati di 347.000 dollari, raggiungendo 1.068.000 dollari, rispetto ai 721.000 dollari del secondo trimestre del 2023. Il reddito dalle operazioni continue prima delle tasse è salito a 213.000 dollari, rispetto a una perdita di 132.000 dollari nello stesso periodo dell'anno scorso. Il reddito netto per azione diluita è migliorato a 0,02 dollari, rispetto a una perdita di 0,02 dollari nel secondo trimestre del 2023.
Per il primo semestre del 2024, i ricavi totali hanno raggiunto 1.956.000 dollari, con un reddito netto per azione diluita di 0,03 dollari. Il margine lordo dell'azienda è migliorato al 59,7% nel secondo trimestre del 2024, rispetto al 48,4% nel secondo trimestre del 2023. A partire dal 30 giugno 2024, il LGL Group aveva 41.092.000 dollari in contanti, equivalenti di cassa e titoli negoziabili. L'ordine da evadere è aumentato a 737.000 dollari, mostrando una crescita significativa rispetto ai livelli di fine anno 2023 e del 30 giugno 2023.
El LGL Group, Inc. (NYSE American: LGL) reportó resultados financieros mejorados para el segundo trimestre de 2024. Los ingresos totales aumentaron en 347,000 dólares, alcanzando 1,068,000 dólares, en comparación con 721,000 dólares en el segundo trimestre de 2023. El ingreso de las operaciones continuas antes de impuestos aumentó a 213,000 dólares, en comparación con una pérdida de 132,000 dólares en el mismo período del año anterior. El ingreso neto por acción diluida mejoró a 0.02 dólares, frente a una pérdida de 0.02 dólares en el segundo trimestre de 2023.
En la primera mitad de 2024, los ingresos totales alcanzaron 1,956,000 dólares, con un ingreso neto por acción diluida de 0.03 dólares. El margen bruto de la empresa mejoró al 59.7% en el segundo trimestre de 2024, frente al 48.4% en el segundo trimestre de 2023. A partir del 30 de junio de 2024, LGL Group tenía 41,092,000 dólares en efectivo, equivalentes de efectivo y valores negociables. La cartera de pedidos aumentó a 737,000 dólares, mostrando un crecimiento significativo desde los niveles de fin de año 2023 y del 30 de junio de 2023.
LGL 그룹, Inc. (NYSE American: LGL)는 2024년 2분기에 개선된 재무 결과를 보고했습니다. 총 수익은 347,000 달러 증가하여 1,068,000 달러에 달했습니다, 2023년 2분기의 721,000 달러에서 증가했습니다. 세전 계속 운영 수익은 213,000 달러로 상승했습니다, 작년 같은 기간의 132,000 달러 손실에 비해 증가했습니다. 희석 주당 순이익은 0.02 달러로 개선되었습니다, 2023년 2분기의 0.02 달러 손실에서 개선되었습니다.
2024년 상반기 동안 총 수익은 1,956,000 달러에 달했습니다, 희석 주당 순이익은 0.03 달러입니다. 회사의 총 매출총이익률은 2024년 2분기에 59.7%로 개선되었으며, 2023년 2분기의 48.4%에서 증가했습니다. 2024년 6월 30일 현재, LGL 그룹은 41,092,000 달러의 현금, 현금성 자산 및 매각 가능한 증권을 보유하고 있었습니다. 주문 잔고는 737,000 달러로 증가하여 2023년 연말 및 2023년 6월 30일의 수준에서 상당한 성장을 나타냈습니다.
Le LGL Group, Inc. (NYSE American: LGL) a annoncé des résultats financiers améliorés pour le deuxième trimestre de 2024. Les revenus totaux ont augmenté de 347 000 dollars pour atteindre 1 068 000 dollars, contre 721 000 dollars au deuxième trimestre 2023. Le revenu des opérations continues avant impôts a augmenté à 213 000 dollars, par rapport à une perte de 132 000 dollars au même période de l'année dernière. Le bénéfice net par action diluée s'est amélioré à 0,02 dollar, contre une perte de 0,02 dollar au deuxième trimestre 2023.
Pour le premier semestre 2024, les revenus totaux ont atteint 1 956 000 dollars, avec un bénéfice net par action diluée de 0,03 dollar. La marge brute de l'entreprise s'est améliorée à 59,7% au deuxième trimestre 2024, contre 48,4% au deuxième trimestre 2023. Au 30 juin 2024, LGL Group disposait de 41 092 000 dollars en espèces, équivalents de liquidités et titres négociables. Le carnet de commandes a augmenté à 737 000 dollars, montrant une croissance significative par rapport aux niveaux de fin d'année 2023 et au 30 juin 2023.
Die LGL Group, Inc. (NYSE American: LGL) hat für das zweite Quartal 2024 verbesserte finanzielle Ergebnisse gemeldet. Die Gesamteinnahmen stiegen um 347.000 Dollar auf 1.068.000 Dollar, im Vergleich zu 721.000 Dollar im zweiten Quartal 2023. Das Einkommen aus fortgeführten Betrieben vor Steuern stieg auf 213.000 Dollar, verglichen mit einem Verlust von 132.000 Dollar im gleichen Zeitraum des Vorjahres. Der Nettogewinn pro verwässerter Aktie verbesserte sich auf 0,02 Dollar, im Vergleich zu einem Verlust von 0,02 Dollar im zweiten Quartal 2023.
Im ersten Halbjahr 2024 erreichten die Gesamteinnahmen 1.956.000 Dollar, wobei der Nettogewinn pro verwässerter Aktie bei 0,03 Dollar lag. Die Bruttomarge des Unternehmens verbesserte sich im zweiten Quartal 2024 auf 59,7%, im Vergleich zu 48,4% im zweiten Quartal 2023. Zum 30. Juni 2024 hatte die LGL Group 41.092.000 Dollar in Bargeld, Zahlungsmitteln und handelbaren Wertpapieren. Der Auftragsbestand stieg auf 737.000 Dollar, was ein signifikantes Wachstum im Vergleich zu den Werten Ende 2023 und 30. Juni 2023 zeigt.
- Total revenues increased by 48.1% year-over-year in Q2 2024
- Net income per diluted share improved from -$0.02 to $0.02 in Q2 2024
- Gross margin increased from 48.4% to 59.7% in Q2 2024
- Order backlog grew to $737,000, up from $143,000 at the end of 2023
- Cash and cash equivalents and marketable securities totaled $41,092,000 as of June 30, 2024
- None.
LGL Group's Q2 2024 results show notable improvements across key financial metrics. Total revenues increased by
The gross margin expanded significantly to
With
LGL Group's performance indicates a positive trend in the electronic instruments sector. The substantial increase in backlog (
The company's focus on higher-margin products is paying off, as evidenced by the improved gross margin. This strategy could lead to sustained profitability if market conditions remain favorable. The mention of "sales and marketing initiatives bearing fruit" implies successful market penetration strategies.
Investors should note the company's dual-segment approach: improving performance in Electronic Instruments while actively seeking investment opportunities in the Merchant Investment segment. This diversification could provide multiple avenues for growth and risk mitigation in the evolving tech landscape.
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 2024
- Total revenues increased
$347,000 t o$1,068,000 for the three months ended June 30, 2024 from$721,000 for the three months ended June 30, 2023 - Income from continuing operations before income taxes and after non-controlling interests increased
$345,000 t o$213,000 for the three months ended June 30, 2024 from ($132,000) for the three months ended June 30, 2023 - Net income per diluted share increased
$0.04 t o$0.02 for the three months ended June 30, 2024 from ($0.02) for the three months ended June 30, 2023
Fiscal Year to Date 2024
- Total revenues increased
$251,000 t o$1,956,000 for the six months ended June 30, 2024 from$1,705,000 for the six months ended June 30, 2023 - Income from continuing operations before income taxes and after non-controlling interests increased
$152,000 t o$270,000 for the six months ended June 30, 2024 from$118,000 for the six months ended June 30, 2023 - Net income per diluted share increased
$0.02 t o$0.03 for the six months ended June 30, 2024 from$0.01 for the six months ended June 30, 2023 - Cash 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 Results
Second quarter 2024 net income available to LGL Group common stockholders was
- higher Net sales due to higher product shipments during Q2 2024 and higher backlog as of March 31, 2024; and
- higher 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 Margin
Gross margin increased to
Fiscal year to date 2024 net income available to LGL group common stockholders was
- higher Net sales driven by operational efficiencies and higher product shipments; and
- higher 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 Margin
Gross margin increased to
Backlog
As of June 30, 2024, our order backlog was
Liquidity
Our working capital metrics were as follows:
| (in thousands) | June 30, 2024 | December 31, 2023 | ||||||
| Current assets | $ | 42,003 | $ | 41,566 | ||||
| Less: Current liabilities | 621 | 474 | ||||||
| Working 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
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 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 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) 298-2000
info@lglgroup.com
The 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 | 2023 | ||||||||||||
| Revenues: | ||||||||||||||||
| Net sales | $ | 531 | $ | 403 | $ | 923 | $ | 844 | ||||||||
| Net investment income | 538 | 275 | 1,037 | 473 | ||||||||||||
| Net (losses) gains | (1 | ) | 43 | (4 | ) | 388 | ||||||||||
| Total revenues | 1,068 | 721 | 1,956 | 1,705 | ||||||||||||
| Expenses: | ||||||||||||||||
| Manufacturing cost of sales | 214 | 208 | 418 | 400 | ||||||||||||
| Engineering, selling and administrative | 617 | 645 | 1,222 | 1,187 | ||||||||||||
| Total expenses | 831 | 853 | 1,640 | 1,587 | ||||||||||||
| Income (loss) from continuing operations before income taxes | 237 | (132 | ) | 316 | 118 | |||||||||||
| Income tax (benefit) expense | 76 | (2 | ) | 112 | 63 | |||||||||||
| Net income (loss) from continuing operations | 161 | (130 | ) | 204 | 55 | |||||||||||
| Income (loss) from discontinued operations, net of tax | — | — | — | (28 | ) | |||||||||||
| Net income (loss) | 161 | (130 | ) | 204 | 27 | |||||||||||
| Less: Net income attributable to non-controlling interests | 24 | — | 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 | $ | 0.01 | |||||||
| Income (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 | $ | 0.01 | |||||||
| Income (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: | ||||||||||||||||
| Basic | 5,352,937 | 5,352,937 | 5,352,937 | 5,352,937 | ||||||||||||
| Diluted | 5,482,543 | 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 | $ | 40,711 | ||||
| Marketable securities | 18 | 22 | ||||||
| Accounts receivable, net of reserves of | 339 | 356 | ||||||
| Inventories, net | 336 | 204 | ||||||
| Prepaid expenses and other current assets | 236 | 273 | ||||||
| Total current assets | 42,003 | 41,566 | ||||||
| Right-of-use lease assets | 41 | 75 | ||||||
| Intangible assets, net | 46 | 57 | ||||||
| Deferred income tax assets | 157 | 152 | ||||||
| Total assets | $ | 42,247 | $ | 41,850 | ||||
| Liabilities: | ||||||||
| Total current liabilities | 621 | 474 | ||||||
| Non-current liabilities | 722 | 694 | ||||||
| Total liabilities | 1,343 | 1,168 | ||||||
| Stockholders' equity: | ||||||||
| Total LGL Group stockholders' equity | 38,938 | 38,762 | ||||||
| Non-controlling interests | 1,966 | 1,920 | ||||||
| Total stockholders' equity | 40,904 | 40,682 | ||||||
| Total 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 Investment | 315 | — | 315 | n/m | ||||||||||||
| Corporate | 222 | 318 | (96 | ) | -30.2 | % | ||||||||||
| Total revenues | 1,068 | 721 | 347 | 48.1 | % | |||||||||||
| Expenses: | ||||||||||||||||
| Electronic Instruments | 457 | 381 | 76 | 19.9 | % | |||||||||||
| Merchant Investment | 78 | — | 78 | n/m | ||||||||||||
| Corporate | 296 | 472 | (176 | ) | -37.3 | % | ||||||||||
| Total expenses | 831 | 853 | (22 | ) | -2.6 | % | ||||||||||
| Income (loss) from continuing operations before income taxes | ||||||||||||||||
| Electronic Instruments | 74 | 22 | 52 | 236.4 | % | |||||||||||
| Merchant Investment | 237 | — | 237 | n/m | ||||||||||||
| Corporate | (74 | ) | (154 | ) | 80 | -51.9 | % | |||||||||
| Income from (loss) continuing operations before income taxes | 237 | (132 | ) | 369 | -279.5 | % | ||||||||||
| Income tax expense (benefit) | 76 | (2 | ) | 78 | -3900.0 | % | ||||||||||
| Net income (loss) from continuing operations | 161 | (130 | ) | 291 | -223.8 | % | ||||||||||
| Income (loss) from discontinued operations, net of tax | — | — | — | n/m | ||||||||||||
| Net income (loss) | 161 | (130 | ) | 291 | -223.8 | % | ||||||||||
| Less: Net income attributable to non-controlling interests | 24 | — | 24 | n/m | ||||||||||||
| Net 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 | % Change | ||||||||||||
| Revenues: | ||||||||||||||||
| Electronic Instruments | $ | 923 | $ | 844 | $ | 79 | 9.4 | % | ||||||||
| Merchant Investment | 604 | — | 604 | n/m | ||||||||||||
| Corporate | 429 | 861 | (432 | ) | -50.2 | % | ||||||||||
| Total revenues | 1,956 | 1,705 | 251 | 14.7 | % | |||||||||||
| Expenses: | ||||||||||||||||
| Electronic Instruments | 847 | 750 | 97 | 12.9 | % | |||||||||||
| Merchant Investment | 127 | — | 127 | n/m | ||||||||||||
| Corporate | 666 | 837 | (171 | ) | -20.4 | % | ||||||||||
| Total expenses | 1,640 | 1,587 | 53 | 3.3 | % | |||||||||||
| Income (loss) from continuing operations before income taxes | ||||||||||||||||
| Electronic Instruments | 76 | 94 | (18 | ) | -19.1 | % | ||||||||||
| Merchant Investment | 477 | — | 477 | n/m | ||||||||||||
| Corporate | (237 | ) | 24 | (261 | ) | -1087.5 | % | |||||||||
| Income from continuing operations before income taxes | 316 | 118 | 198 | 167.8 | % | |||||||||||
| Income tax expense | 112 | 63 | 49 | 77.8 | % | |||||||||||
| Net income (loss) from continuing operations | 204 | 55 | 149 | 270.9 | % | |||||||||||
| Income (loss) from discontinued operations, net of tax | — | (28 | ) | 28 | -100.0 | % | ||||||||||
| Net income | 204 | 27 | 177 | 655.6 | % | |||||||||||
| Less: Net income attributable to non-controlling interests | 46 | — | 46 | n/m | ||||||||||||
| Net income attributable to LGL Group common stockholders | $ | 158 | $ | 27 | $ | 131 | 485.2 | % | ||||||||
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FAQ
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