The LGL Group, Inc. Reports Second Quarter 2011 Pre-Tax Earnings Of $540,000; Second Quarter 2011 Revenues Of $9,646,000

The LGL Group, Inc. (NYSE Amex:LGL) (the “Company”), announced results for the quarter ended June 30, 2011.

Total revenues for the three months ended June 30, 2011, were $9,646,000, a decrease of 23.0% from revenues of $12,535,000 for the three months ended June 30, 2010. Net income for the three months ended June 30, 2011, was $346,000, compared with $2,177,000 for the same period in 2010. Diluted earnings per share were $0.13 for the three months ended June 30, 2011, compared with diluted earnings per share of $0.97 for the same period in 2010. The decreases in revenue and net income primarily were the result of reduced order activity for the Military, Instrumentation, Space and Avionics (“MISA”) market segment due to uncertainty related to government budget and spending cycles, and secondarily, the fact that the Company had de minimis tax expense in 2010 due to a full valuation allowance against its deferred tax assets. Pre-tax earnings for the three months ended June 30, 2011, were 540,000, compared to $2,275,000 for the same period in 2010, and diluted pre-tax earnings per share were $0.21 for the three months ended June 30, 2011, compared to $1.01 for the same period in 2010. The decreases in diluted pre-tax earnings per share and diluted earnings per share were also attributed to the 16.5% increase in the weighted average number of shares outstanding, which was 2,617,260 as of June 30, 2011, compared to 2,245,970 as of June 30, 2010. The increase in the weighted average number of shares outstanding is due primarily to the additional 350,000 shares sold by the Company in its public offering completed in February 2011.

Total revenues for the six months ended June 30, 2011, were $18,666,000, a decrease of 19.7% from revenues of $23,236,000 for the comparable period in 2010. Pre-tax earnings for the six months ended June 30, 2011, were 920,000, compared to $3,369,000 for the same period in 2010. Net income for the six months ended June 30, 2011, was $587,000, compared with $3,243,000 for the comparable period in 2010. Diluted earnings per share for the six months ended June 30, 2011, were $0.23 compared with $1.44 for the same period in 2010.

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