The LGL Group, Inc. (NYSE MKT:LGL) (the “Company” or “LGL”),
announced results for the full year and quarter ended December 31,
2016.
Summary of 2016 Full-Year Financial Results:
- Revenues of $20.9 million, up 0.9%
compared to 2015
- Net income of $0.06 per share compared
to a net loss of ($0.27) per share in 2015
- Order backlog improved 19.9% to $10.5
million at December 31, 2016 from $8.8 million at December 31,
2015
- Adjusted EBITDA was $0.27 per share,
compared to $0.19 per share for 2015
Summary of Q4 2016 Financial Results:
- Revenues of $5.8 million, up 14.6%
compared to Q4 2015
- Net income of $0.08 per share compared
to a net loss of ($0.05) per share in Q4 2015
- Adjusted EBITDA was $0.12 per share,
compared to $0.05 per share for Q4 2015
Commenting on the Company’s 2016 results, Chairman and CEO,
Michael J. Ferrantino, Sr. stated, “All of the arrows in our
statement of operations and, for the first time in several years,
our balance sheet as well, are pointed north. In addition, our
share price from the start of the year to the end of the year moved
from $3.70 per share to $5.02 per share, an increase of 35.7%.”
Mr. Ferrantino continued, “Although I am pleased with the
increase in our share price I am still not satisfied, so our work
continues. Our strategy is clear and consistent. We are about
growth, both as it relates to our organic strategy of introducing
new market driven products, as well as our initiative to add on
synergistic pieces to LGL like the purchase of Precise Time and
Frequency, Inc. (“PTF”) in September. PTF added a small amount to
our revenue in 2016 and incurred a small loss due to one-time costs
related to moving the business over to our systems. I do expect
that in Q1 2017 PTF will be accretive.”
In closing, Mr. Ferrantino added, “To our shareholders who have
stood by us, thank you for your patience. All of us at LGL and our
subsidiaries are doing our best to see you are properly rewarded.
And to our new shareholders and potential shareholders, I believe
our future is only limited by our bandwidth which continues to
broaden every year.”
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 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.
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.
THE LGL GROUP, INC. Condensed Consolidated Statements of
Operations (Dollars in Thousands, Except Shares and Per
Share Amounts) For the year ended December
31, 2016 2015
(Unaudited)
REVENUES $ 20,891 $ 20,713 Costs and expenses:
Manufacturing cost of sales 13,858 13,863 Engineering, selling and
administrative 7,194 7,638 OPERATING
LOSS (161 ) (788 ) Total other income 144 85
LOSS BEFORE INCOME TAXES (17 ) (703 ) Income tax benefit
(provision) 165 (8 ) NET INCOME (LOSS)
$ 148 $ (711 ) Weighted average number of shares used
in basic EPS calculation 2,665,043 2,640,803
Weighted average number of shares used in diluted EPS
calculation 2,665,730 2,640,803 BASIC
AND DILUTED NET INCOME (LOSS) PER COMMON SHARE $ 0.06 $
(0.27 )
For the quarter ended December
31,
2016 2015
REVENUES $ 5,776 $ 5,042 Costs and expenses: Manufacturing
cost of sales 3,789 3,366 Engineering, selling and administrative
1,984 1,816 OPERATING INCOME (LOSS) 3 (140 )
Total other income (expense) 59 (2 ) INCOME (LOSS)
BEFORE INCOME TAXES 62 (142 ) Income tax benefit (provision)
164 5 NET INCOME (LOSS) $ 226 $ (137 )
Weighted average number of shares used in basic EPS calculation
2,664,123 2,655,668 Weighted average number of
shares used in diluted EPS calculation 2,672,549
2,655,668 BASIC AND DILUTED NET INCOME (LOSS) PER COMMON
SHARE $ 0.08 $ (0.05 )
THE LGL GROUP, INC.
Condensed Consolidated Balance Sheets
(Dollars in Thousands)
December 31,
2016
December 31,
2015
(Unaudited) ASSETS Cash and cash equivalents $ 2,778 $ 5,553
Marketable securities 2,770 56 Accounts receivable, net of
allowances of $31 and $34, respectively 3,504 2,606 Inventories,
net 3,638 3,546 Prepaid expenses and other current assets
200 191 Total Current Assets 12,890 11,952 Property, plant
and equipment, net 2,711 3,165 Intangible assets, net 628 475
Deferred income taxes, net 214 — Other assets, net 203
211 Total Assets $ 16,646 $ 15,803 LIABILITIES AND
STOCKHOLDERS’ EQUITY Total Liabilities 2,755 2,076 Stockholders’
Equity 13,891 13,727 Total Liabilities and
Stockholders’ Equity $ 16,646 $ 15,803
Reconciliations of GAAP to Non-GAAP Measures
To supplement our consolidated condensed 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 (loss) adjusted to
exclude depreciation and amortization expense, interest income
(expense), provision (benefit) for income taxes, stock-based
compensation expense 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.
Reconciliation of GAAP Income (Loss)
Before Income Taxes to Non-GAAP Adjusted EBITDA:
For the period ended December 31, 2016 (000’s, except shares and
per share amounts) Three months Twelve
months Net income (loss) before income taxes $ 62 $ (17
) Interest expense 2 22 Depreciation and amortization 185 772
Non-cash stock compensation 71 67 Gain on disposal of assets — (110
) Bargain purchase gain — (4 ) Adjusted EBITDA $ 320
$ 730
Basic per share information:
Weighted average shares outstanding. 2,664,123
2,665,043 Adjusted EBITDA. $ 0.12 $ 0.27
Diluted per share information:
Weighted average shares outstanding. 2,672,549
2,665,730 Adjusted EBITDA. $ 0.12 $ 0.27
For the period ended December 31, 2015 (000’s, except shares
and per share amounts)
Three months Twelve months Net
loss before income taxes $ (142 ) $ (703 ) Interest expense 7 32
Depreciation and amortization 212 870 Non-cash stock compensation
64 265 Impairment of note receivable — 38
Adjusted EBITDA $ 141 $ 502 Weighted
average number of shares used in basic and diluted EPS calculation
2,655,668 2,640,803 Adjusted EBITDA per
share $ 0.05 $ 0.19
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version on businesswire.com: http://www.businesswire.com/news/home/20170321005347/en/
The LGL Group, Inc.Patti Smith,
407-298-2000pasmith@lglgroup.com
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