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The LGL Group, Inc. Reports Second Quarter And First Half 2013 Financial Results

The LGL Group, Inc. (NYSE MKT:LGL) (the “Company”), announced results for the three and six months ended June 30, 2013.

Total revenues for the quarter ended June 30, 2013, were approximately $6,965,000, a decrease of 8.1% compared to revenues of $7,582,000 for the same period in 2012. The Company reported a net loss of ($4,964,000), or ($1.91) per share, for the quarter ended June 30, 2013, compared with a net loss of ($215,000), or ($0.08) per share, for the same period in 2012. The increase in net loss is primarily attributed to a one-time non-cash charge of ($4,135,000), or ($1.59) per share, to recognize a valuation allowance against our deferred tax assets, based on the guidance provided by U.S. GAAP. Pre-tax net loss was ($829,000), or ($0.32) per share, for the quarter ended June 30, 2013, compared to ($326,000), or ($0.13) per share, for the same period in 2012. Stock-based compensation expense was $143,000, or $0.05 per share, for the quarter ended June 30, 2013, compared to $89,000, or $0.03 per share, for the same period in 2012.

Total revenues for the first half of 2013, were approximately $14,363,000, a decrease of 2.7% compared to revenues of $14,756,000 for the same period in 2012. The Company reported a net loss of ($5,047,000), or loss per share of ($1.94), for the six months ended June 30, 2013, compared with a net loss of ($808,000), or loss per share of ($0.31), for the same period in 2012. Pre-tax net loss for the first half of 2013 improved to ($1,125,000), or ($0.43) per share, compared to pre-tax net loss of ($1,185,000), or ($0.46) per share for the first half of 2012.

The decrease in revenues for first half of 2013 was primarily due to reduced demand from existing clients in our Internet Communications Technology (“ICT”) market segment, offset by growth in our Aerospace and Defense (“Aero/Defense”) market segment.

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