The LGL Group, Inc. Reports Third Quarter 2013 Financial Results

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

Total revenues for the quarter ended September 30, 2013, were approximately $6,098,000, a decrease of 16.5% compared to revenues of $7,307,000 for the same period in 2012. The Company reported a net loss of ($1,199,000), or ($0.46) per share, for the quarter ended September 30, 2013, compared with a net loss of ($314,000), or ($0.12) per share, for the same period in 2012. The increase in net loss is primarily attributed to the decline in revenues. Stock-based compensation expense was $135,000, or $0.05 per share, for the quarter ended September 30, 2013, compared to $92,000, or $0.04 per share, for the same period in 2012.

Total revenues for the nine months ended September 30, 2013, were approximately $20,461,000, a decrease of 7.3% compared to revenues of $22,063,000 for the same period in 2012. The Company reported a net loss of ($6,246,000), or loss per share of ($2.40), for the nine months ended September 30, 2013, compared with a net loss of ($1,122,000), or loss per share of ($0.43), for the same period in 2012. Pre-tax net loss for the nine months ended September 30, 2013 was ($2,324,000), or ($0.89) per share, compared to pre-tax net loss of ($1,646,000), or ($0.63) per share for the same period in 2012.

The decrease in revenues for the three and nine months ended September 30, 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.

Gross margin for the third quarter 2013, was 22.4%, compared to 24.5% for the comparable period in 2012. The decrease in gross margin was primarily due to a 16.5% decline in revenues from the comparable period in 2012. Gross margin for the nine months ended September 30, 2013, improved to 27.2%, compared to 24.5% for the same period in 2012.

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