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The LGL Group, Inc. Reports Full Year And Fourth Quarter 2012 Financial Results

Total revenues for the quarter ended December 31, 2012, were $7,643,000, an increase of 4.6% over the Q3 2012 revenues of $7,307,000 and an increase of 3.5% over revenues for the comparable quarter in 2011. Net loss for the quarter ended December 31, 2012, was ($198,000), or ($0.08) per share, which was an improvement over the net loss of ($314,000), or ($0.12) per share for the prior quarter and the net loss of ($296,000), or ($0.11) per share for the same period in 2011.

The Company’s order backlog remained consistent quarter over quarter with an order backlog of $8,703,000 at December 31, 2012, compared to $8,745,000 at September 30, 2012.

2012 Gross Margins of 26.1% and Strong Capital Position

Gross margins for the year ended December 31, 2012, were 26.1%, compared to 30.2% for 2011. The decrease in gross margin was primarily due to the decrease in 2012 revenues compared to 2011, which spread fixed infrastructure costs over a smaller revenue base. However, for Q4 2012, gross margins were 30.7% compared to 27.4% for the same quarter in 2011. Mr. Anderson said, “Our efforts to manage costs were seen in gross margin results for Q4 2012, and we remain committed to managing structural costs closely going forward.”

Total cash and cash equivalents and restricted cash at December 31, 2012, was $10,125,000, or $3.90 per share, compared to $13,709,000, or $5.33 per share at December 31, 2011. The decrease of $3,584,000 was primarily due to the repayment of debt of $2,119,000, capital expenditures of $906,000, and cash used in operating activities of $469,000. Cash-adjusted working capital, which is comprised of accounts receivable plus inventory less trade accounts payable, improved to $7,247,000 at December 31, 2012, compared to $8,230,000 at December 31, 2011. The improvement was due to managing working capital levels to align with the reduced business activity that prevailed during 2012.

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