The LGL Group, Inc. (NYSE MKT: LGL) (the “Company”), announced results for the quarter ended March 31, 2014.
- Revenues of $6.1 million, a decrease of 17.6% compared to Q1 2013
- Net loss of ($0.8) million, or ($0.31) per share
- Adjusted EBITDA loss of ($0.5) million, or ($0.18) per share
- Gross margin of 26.0%
- Backlog improves to $9.1 million at end of Q1 2014 vs. end of Q4 2013
- Completed acquisition of filter product line assets from Trilithic
Total revenues for the three months ended March 31, 2014, were approximately $6.1 million, a decrease of 17.6% compared to revenues of $7.4 million for the comparable period in 2013. The Company reported a net loss of ($0.8) million, or ($0.31) per share for the quarter ended March 31, 2014, compared with a net loss of ($0.1) million, or ($0.03) per share for the same period in 2013. Adjusted EBITDA, which excludes non-cash stock-based compensation, was a loss of ($0.5) million, or ($0.18) per share, for first quarter of 2014, compared to income of $0.1 million, $0.03 per share, for the same period in 2013.
Gross margins for the quarter ended March 31, 2014, were 26.0%, compared to 32.5% for the comparable period in 2013. The decrease was primarily due to a 17.6% decrease in revenues as well as a less favorable product mix compared to the same prior year period. The Company is focusing research and development efforts on strengthening and differentiating its high reliability RF and microwave portfolio, with the goal of adding differentiated product offerings, expanded client access, and new capabilities.
As previously announced, on January 31, 2014, the Company’s primary operating subsidiary, MtronPTI, acquired certain filter product line assets from Trilithic, Inc. (“Trilithic”), including intellectual property and equipment for fixed and tunable filter products used in cellular, defense and other wireless applications.