The LGL Group, Inc. (NYSE Amex: LGL) (the “Company”) today announced that its Board of Directors (the “Board”) has authorized the repurchase of up to 100,000 shares of the Company’s common stock, effective immediately. This authorization increased the total number of shares authorized and available for repurchase under the Company’s existing share repurchase program to 540,000 shares, or approximately 21% of the shares outstanding, which is consistent with the Company’s historical practice.
The repurchases will be funded from the Company’s available cash and may be made at the discretion of the Company’s management, in the open market, or in privately negotiated transactions, in accordance with applicable securities laws and regulations. The amount and timing of the repurchases will be based on a variety of factors, including but not limited to the Company’s cash balances, general business and market conditions, and alternative investment opportunities. The share repurchase program does not obligate the Company to repurchase any minimum number of shares and may be commenced, suspended or discontinued at any time or from time to time without prior notice.
“We’re pleased with the decision by our Board and their message of confidence in our operational and financial long-term growth opportunities, as well as this demonstration of our commitment to bring value to stockholders,” said Greg Anderson, LGL’s President and Chief Executive Officer. “We intend to manage our balance sheet wisely in order to create additional stockholder value and to take advantage of strategic growth opportunities to expand our business and to execute on our growth strategy.”
The Company also announced the recent addition of Raj Das, new Director of Strategy and Corporate Development, who joins the team to focus and drive the Company’s strategic growth objectives forward. Mr. Anderson said, “Raj has more than 20 years of experience in investment banking and corporate finance and is a welcome addition to our team as we drive forward to execute on our framework for strategic growth. His initial focus is on the Company’s efforts to create stockholder value through acquisitive growth, as well as the development of joint ventures and marketing partnerships with strategic technology partners.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV