This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The LGL Group, Inc. Reports First Quarter 2012 Financial Results

The LGL Group, Inc. (NYSE Amex:LGL) (the “Company”), announced results for the quarter ended March 31, 2012.

First Quarter 2012 Financial Results

Total revenues for the three months ended March 31, 2012, were approximately $7,174,000, a decrease of 20.5% compared to revenues of $9,020,000 for the comparable period in 2011. The Company reported a net loss of ($593,000) for the three months ended March 31, 2012, compared with net income of $241,000 for the same period in 2011. Diluted loss per share was ($0.23) for the quarter ended March 31, 2012, compared with earnings per share of $0.10 for the quarter ended March 31, 2011.

The decrease in revenues for first quarter 2012 was due to continued weakness in the global macroeconomic environment and delays in capital decisions for telecommunications (“Telecom”) infrastructure spending, as well as due to the low levels of demand which continue to prevail in the Military, Instrumentation, Space and Avionics (“MISA”) market segments. The decrease in net income is a direct result of the decrease in revenues, as well as decline in gross margin for the period which was the result of pricing and cost pressures throughout the supply chain.

Greg Anderson, LGL’s President and Chief Executive Officer said, “We are disappointed with our first quarter’s performance. Our results clearly reflect the business cycle that we are working through. Capital spending in our markets remains tight and is having a direct impact on our Company’s financial performance. We are addressing the recent challenges affecting gross margins while at the same time seeking to maintain the strong operating leverage that we’ve previously demonstrated. We do expect the business cycle to improve. LGL has a strong balance sheet, strong customer positions, excellent technology, and remains positioned to weather the current business cycle.”

The Company’s order backlog increased to $8,895,000 at March 31, 2012, which was a 3.0% increase, compared the backlog of $8,634,000 at December 31, 2011. Mr. Anderson said, “Engineering activity remains high as existing and new customers are requesting new designs which have the potential to lead to new product revenue in future quarters. While it is difficult to predict timing of production orders from these efforts, we’re encouraged by the activity and are focusing our efforts on products that will support applications for the 3G/4G/LTE wireless infrastructure, microwave radio internet data backhaul and radios for public service, military and avionics.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs