The LGL Group, Inc. Reports Q2 2018 Financial Results
ORLANDO, Fla.--(BUSINESS WIRE)--Aug 9, 2018--The LGL Group, Inc. (NYSE American: LGL) (the “Company” or “LGL”), announced its financial results for the three and six months ended June 30, 2018.
Summary of Q2 2018 Financial Results:Revenues of $6.2 million, up 5.1% compared to Q2 2017 of $5.9 million Net income of $0.10 per share, compared to $0.01 for the prior year quarter Order backlog improved 33.1% to $14.5 million at June 30, 2018 from $10.9 million at June 30, 2017 Adjusted EBITDA was $616,000, or $0.13 per share on a diluted basis, compared to $234,000, or $0.09 per share for Q2 2017
Commenting on the Company’s Q2 2018 results, Executive Chairman and CEO, Michael J. Ferrantino, Sr. stated, “I am pleased to report that both revenues and backlog increased, and our book to bill ratio continued to be very positive. We experienced growth of 5.7% in revenues over the prior year quarter, while at the same time backlog increased over 33%, exceeding $14 million at the end of the quarter. This strong performance in sales and revenues, combined with our continued profitability, validates our strategy of developing higher margin, market-driven, highly engineered assemblies in the defense and aerospace markets.”
Mr. Ferrantino continued, “We have demonstrated our commitment and are continuing to work in pursuit of shareholder value. With our available funds, as well as our much improved operations we continue to look, both inside and outside our industry, where our management expertise will facilitate rapid top and bottom-line growth.”
In closing, Mr. Ferrantino added, “The Company is off to a great start and is positioned to perform well in 2018. We are looking forward to continuing to provide value to our dedicated employees, customers, and shareholders, and would like to thank you all for your support.”
About The LGL Group, Inc.
The LGL Group, Inc., through its two principal subsidiaries MtronPTI and PTF, designs, manufactures and markets highly-engineered electronic components used to control the frequency or timing of signals in electronic circuits, and designs high performance frequency and time reference standards that form the basis for timing and synchronization in various applications.
Headquartered in Orlando, Florida, the Company has additional design and manufacturing facilities in Yankton, South Dakota, Wakefield, Massachusetts and Noida, India, with local sales offices in Hong Kong, Sacramento, California and Austin, Texas.
For more information on the Company and its products and services, contact James Tivy at The LGL Group, Inc., 2525 Shader Rd., Orlando, Florida 32804, (407) 298-2000, or visit www.lglgroup.com and www.mtronpti.com.
Caution 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 21 E 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.
Reconciliations of GAAP to Non-GAAP Measures
To supplement our consolidated financial statements presented on a GAAP (generally accepted accounting principles) basis, the Company uses certain non-GAAP measures, including Adjusted EBITDA, which we define as net income adjusted to exclude depreciation and amortization expense, interest income (expense), provision (benefit) for income taxes, stock-based compensation expense, investment income and other items we believe are discrete events which have a significant impact on comparable GAAP measures and could distort an evaluation of our normal operating performance. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of the underlying operational results and trends and our marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with generally accepted accounting principles in the United States.
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CONTACT: The LGL Group, Inc.
James Tivy, 407-298-2000
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA
INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS ELECTRONIC DESIGN AUTOMATION HARDWARE MANUFACTURING ENGINEERING
SOURCE: The LGL Group, Inc.
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PUB: 08/09/2018 04:00 PM/DISC: 08/09/2018 04:01 PM