This Day On The Street
Continue to site
ADVERTISEMENT
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 Second Quarter 2012 Financial Results

The LGL Group, Inc. (NYSE Amex:LGL) (the “Company”), announced results for the three and six months ended June 30, 2012.

Total revenues for the three months ended June 30, 2012, were approximately $7,582,000, a decrease of 21.4% compared to revenues of $9,646,000 for the comparable period in 2011. The Company reported a net loss of ($215,000), or diluted loss per share of ($0.08), for the three months ended June 30, 2012, compared with net income of $346,000, or earnings per share of $0.13, for the same period in 2011. Sequentially, net loss for second quarter 2012 was improved by 63.7%, or $387,000, compared to net loss of ($593,000), or diluted loss per share of ($0.23) for first quarter 2012.

Total revenues for the six months ended June 30, 2012, were approximately $14,756,000, a decrease of 20.9% compared to revenues of $18,666,000 for the comparable period in 2011. The Company reported a net loss of ($808,000), or diluted loss per share of ($0.31), for the six months ended June 30, 2012, compared with net income of $587,000, or earnings per share of $0.23, for the same period in 2011.

The decrease in revenues for first six months of 2012 was primarily due to reduced demand from existing clients for existing products in our Internet Communications Technology (“ICT”), and Military, Aeronautics and Instrumentation (“Mil/Aero”) market segments, which was driven by ongoing delays in ICT infrastructure spending and uncertainty related to government budget and spending cycles. The decrease in net income is a direct result of the decrease in revenues, as well as a decline in gross margin as compared to the same period in 2011, which was the result of pricing and cost pressures throughout the supply chain and of spreading fixed infrastructure costs over a smaller revenue base.

Greg Anderson, LGL’s President and Chief Executive Officer, said, “We are continuing to feel the effects of the prevailing macroeconomic weakness, which is also impacting our major OEM customers and EMS suppliers across the supply chain. While our results reflect the business cycle that we are working through, we made strides to improve costs compared to first quarter 2012, and our balance sheet remains strong. We remain in excellent position with our clients.”

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,757.00 +5.61 0.03%
S&P 500 2,107.29 -1.28 -0.06%
NASDAQ 5,128.1490 +16.4160 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs