ORLANDO, Fla.--(BUSINESS WIRE)--The LGL Group, Inc. (NYSE MKT: LGL), announced results for the three and six months ended June 30, 2016.
Summary of Q2 2016 Results:
- Revenues of $5.2 million, down 4.4% compared to Q2 2015
- Net income of $0.01 per share compared to a net loss of ($0.08) per share in Q2 2015
- Order backlog improved 7.4% to $9.7 million at June 30, 2016 from $9.0 million at March 31, 2016
- Adjusted EBITDA was $0.08 per share, compared to $0.07 per share for the second quarter of 2015
- Total cash and cash equivalents was $5.6, or $2.08 per share, at June 30, 2016 and December 31, 2016
The Company’s Executive Chairman and CEO, Michael Ferrantino, Sr., said, “It pleases me to report that after a very long period of red ink, our marketing and product strategy is beginning to take hold and we have turned positive. However, while we continue to make improvements to lower our breakeven and increase market share, it is still too early to expect that we will consistently grow our operating income quarter over quarter. For instance, beginning in the third quarter we will see increases in health care costs and we are forecasting a slight decline in revenue from the second quarter. So, until we can stabilize our shipments at a slightly higher level or identify additional savings, we will face challenges.”
Mr. Ferrantino continued, “Our book to bill ratio has increased for the second straight quarter and our backlog, which continues to trend away from lower margin commodities to higher margin assemblies, is now at the highest level it has been for quite some time. This trend is perfectly in line with our ongoing strategy to engineer and manufacture products that separate us from our competitors.
“Finally, a comment about our team. All of our employees are highly motivated and proud of the fact that their efforts have turned our Company around. I expect that pride and motivation will continue, and will do everything possible to make every quarter better than the prior one. I fully expect our results will be reflected in stock appreciation for our shareholders.”
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 components ensure reliability and security in aerospace and defense communications, synchronize data transfers throughout the wireless and internet infrastructure, and provide low noise and base accuracy for lab instruments.
Headquartered in Orlando, Florida, the Company has additional design and manufacturing facilities in Yankton, South Dakota and Noida, India, with local sales offices in Sacramento, California and Hong Kong.
For more information on the Company and its products and services, contact Patti Smith at The LGL Group, Inc., 2525 Shader Rd., Orlando, Florida 32804, (407) 298-2000, or visit www.lglgroup.com and www.mtronpti.com.
