The LGL Group, Inc. Pre-Announces Q4 & 2019 Annual Revenues & Backlog & Sets the Date for its 2019 Annual Earnings Conference...
February 21 2020 - 8:12AM
Business Wire
Flash report: The Company’s Q4 and 2019 Annual Revenues and
Backlog are as follows:
- Revenues for the fourth quarter of 2019 are expected to be
approximately $8.8 million vs. $6.4 million reported for the fourth
quarter of 2018, and up slightly from revenues of $8.6 million
reported in the third quarter of 2019.
- Annual Revenues for 2019 are expected to be approximately
$31.9 million vs. $24.9 million reported for 2018, an increase of
$7.0 million, or 28%.
- Backlog is anticipated to be around $21.9 million as of the
fourth quarter of 2019 vs. $17.5 million for the fourth quarter of
2018. Backlog was $23.3 million for the third quarter of
2019.
The Company’s Chairman of the Board, Marc Gabelli, said, “Our
results for 2019 are a testament to the business transformation
that continues. We thank all of our professional staff, who
continue to build and support the business, for their dedication to
our customers. We welcome to the team Bill Drafts who joined us in
the fourth quarter and brings a wealth of successful experience
serving the defense industry.”
Bill Drafts commented, “I am delighted to join the team and look
forward to continuing the company’s path of profitable growth.”
Mr Gabelli continued, “LGL Group continues its path towards a
program of prudent capital allocation, accelerated with the
addition of Ivan Arteaga as interim CEO, leveraging the core
resources of customers and its financial position in an effort to
broaden its footprint and grow value over the long term.”
The Company will release its 2019 annual results after the
market close on Wednesday, March 18, 2020. Management will host a
conference call on Wednesday, March 18, 2020 at 4:30 p.m. ET to
review the Company's 2019 annual results.
Participants are invited to access the call by dialing (844)
401-3350 (within the United States), or (248) 847-2523
(international callers) approximately fifteen minutes before the
conference start time and provide the conference ID 2275708.
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 sales offices in
Austin, Texas and Hong Kong.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200221005233/en/
The LGL Group, Inc. Ivan Arteaga, 407-298-2000 CEO
iarteaga@lglgroup.com or James Tivy, 407-298-2000 CFO
jtivy@lglgroup.com
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