The LGL Group, Inc. to Announce Q4 and 2019 Annual Results March 30, 2020
March 17 2020 - 3:53PM
Business Wire
The LGL Group will release its 2019 Q4 and annual results on
March 30, 2020.
- Balance Sheet Cash Strength bolstered by approximately $3.6
million as a result of sales of 263,725 shares under the Company’s
ATM Program.
- Positive January and February Monthly order trends were
roughly in line with internal expectations for the First
Quarter.
- Still too early to have visibility on the COVID-19 impact to
customers or the supply chain.
- 4Q 2019 Revenues increase 37.5%; increase for the fourth
quarter of 2019 is expected to be approximately $8.8 million vs.
$6.4 million reported for the fourth quarter of 2018, and up from
revenues of $8.6 million reported in the third quarter of
2019.
- 2019 Annual Revenues increased 28%; 2019 Revenues are
expected to be approximately $31.9 million vs. $24.9 million
reported for 2018, an increase of $7.0 million.
- Backlog up 25%; Backlog is expected to be around $21.9
million as of the fourth quarter of 2019 vs. $17.5 million for the
fourth quarter of 2018, a decrease from the third quarter of 2019
of $23.3 million.
Ivan Arteaga, President and Chief Executive Officer said, “The
balance sheet cash position has improved into the year by the
addition of $3.6 million from the successful implementation of the
Company’s ATM Program. We also saw positive monthly sales trends
continued from the 4th quarter as defense customers added to their
bookings since December.”
Regarding the COVID-19 Impacts Mr. Arteaga added “while our
current business and visibility appears to remain healthy, we
proceed with caution that in light of current market developments
relating to COVID-19, we cannot determine at this time the
potential ripple effect, if any, on our supply chain nor customer
demand for our precision engineered products.”
The Company will release its 2019 annual results before the
market open on Monday, March 30, 2020. Management will host a
conference call on Monday, March 30, 2020 at 4:30 p.m. ET to review
the Company's 2019 annual results and provide insights, if any, of
the COVID-19 impact on business.
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 ask to be connected to The LGL Group Q4
2019 Annual Earnings Call.
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/20200317005761/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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