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

Stocks in this article: LGL

For more information on the Company and its products and services, contact R. LaDuane Clifton, Chief Financial Officer, The LGL Group, Inc., 2525 Shader Rd., Orlando, Florida 32804, (407) 298-2000, or visit the Company’s Web site:

Caution Concerning Forward Looking Statements

This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in The LGL Group’s filings with the U.S. Securities and Exchange Commission.



Condensed Consolidated Statements of Operations - UNAUDITED


(Dollars in Thousands, Except Per Share Amounts)


For the year ended December 31,





REVENUES $ 29,706 $ 35,682
Cost and expenses:
Manufacturing cost of sales 21,966 24,918
Engineering, selling and administrative   9,522     10,090  
OPERATING (LOSS) INCOME   (1,782 )   674  
Total other expense   (62 )   (107 )
Income tax benefit (provision) 524 (185 )
NET (LOSS) INCOME $ (1,320 ) $ 382  

Weighted average number of shares used in basic and diluted EPS calculation

  2,593,741     2,572,825  


$ (0.51 ) $ 0.15  

For the quarter ended December 31,



REVENUES $ 7,643 $ 7,387
Cost and expenses:
Manufacturing cost of sales 5,300 5,327
Engineering, selling and administrative   2,578     2,455  
OPERATING LOSS (235 ) (395 )
Total other income (expense)   37     (49 )
Income tax benefit -- 148
NET LOSS $ (198 ) $ (296 )

Weighted average number of shares used in basic and diluted EPS calculation

  2,586,181     2,582,049  


$ (0.08 ) $ (0.11 )


Condensed Consolidated Balance Sheets – UNAUDITED


(Dollars in Thousands)


December 31, 2012

December 31, 2011

Cash and cash equivalents $ 8,625 $ 13,709
Restricted cash 1,500 --
Accounts receivable, less allowances of $79 and $131, respectively 4,350 4,309
Inventories, net 5,349 5,676
Deferred income taxes 1,114 960
Prepaid expenses and other current assets   665   292
Total current assets   21,603   24,946
Property, plant and equipment, net 4,707 4,530
Other assets, net   3,283   2,945
Total Assets   29,593   32,421
Current Liabilities 4,979 6,828
Long-term debt, net of current portion   --   --
Total Liabilities   4,979   6,828
Stockholders’ Equity   24,614   25,593
Total Liabilities and Stockholders’ Equity $ 29,593 $ 32,421

Reconciliations of GAAP to Non-GAAP Measures

To supplement our consolidated condensed financial statements presented on a GAAP basis, the Company uses non-GAAP additional measures of operating results, net earnings and earnings per share adjusted to exclude certain costs, expenses, gains and losses we believe appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of the underlying operational results and trends and our marketplace performance. For example, the non-GAAP results are an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside of our core business segment operational results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with generally accepted accounting principles in the United States.


Reconciliation of 2012 GAAP Net Loss to Non-GAAP Pre-Tax Loss


For the year ended December 31, 2012



Amounts Per Share


Net loss and diluted loss per share $ 1,844 $ 0.71
Income benefit   524   0.20
Pre-tax loss and pre-tax loss per share $ 1,320 $ 0.51
Weighted average number of shares used in basic and diluted EPS calculation 2,593,741

For the quarter ended December 31, 2012

Dollars (000’s)


Amounts Per Share


Net loss and diluted loss per share $ 198 $ 0.08
Income tax benefit   --   --
Pre-tax loss and pre-tax loss per share $ 198 $ 0.08
Weighted average number of shares used in basic and diluted EPS calculation 2,586,181

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