THE LGL GROUP, INC.
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(Exact Name of Registrant as Specified in Charter)
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Delaware
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1-106
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38-1799862
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(State or Other Jurisdiction
of Incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
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2525 Shader Road, Orlando, FL
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32804
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(Address of Principal Executive Offices)
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(Zip Code)
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(Former Name or Former Address, If Changed Since Last Report)
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¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. | Regulation FD Disclosure. |
Exhibit No.
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Description
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99.1
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Press Release dated November 13, 2014.
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November 13, 2014
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THE LGL GROUP, INC.
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By:
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/s/ R. LaDuane Clifton
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Name:
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R. LaDuane Clifton
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Title:
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Chief Financial Officer
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Exhibit No.
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Description
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99.1
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Press Release dated November 13, 2014.
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·
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Revenues of $5.6 million, a decrease of 8.5% compared to Q3 2013
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·
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Net loss of ($0.5) million, or ($0.19) per share, improved 59.0% vs. Q3 2013
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·
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Adjusted EBITDA loss of ($0.2) million, or ($0.07) per share, improved 77.2% vs. Q3 2013
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·
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Gross margin of 31.0%, improved 8.6 percentage points vs. Q3 2013
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
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||||||||||||||
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2014
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2013
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2014
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2013
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||||||||||||
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||||||||||||||||
REVENUES
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$
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5,581
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$
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6,098
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$
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17,562
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$
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20,461
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||||||||
Cost and Expenses:
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||||||||||||||||
Manufacturing cost of sales
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3,849
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4,731
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12,869
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14,904
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||||||||||||
Engineering, selling and administrative
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2,094
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2,548
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6,750
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7,834
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||||||||||||
Restructuring expense
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47
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—
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444
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—
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||||||||||||
OPERATING LOSS
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(409
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)
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(1,181
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)
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(2,501
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)
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(2,277
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)
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||||||||
Other Income (Expense):
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||||||||||||||||
Interest expense, net
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(5
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)
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(4
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)
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(21
|
)
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(33
|
)
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||||||||
Other (expense) income, net
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(78
|
)
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(14
|
)
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(48
|
)
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(14
|
)
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||||||||
Total Other Income (Expense)
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(83
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)
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(18
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)
|
(69
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)
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(47
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)
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||||||||
LOSS BEFORE INCOME TAXES
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(492
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)
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(1,199
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)
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(2,570
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)
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(2,324
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)
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||||||||
Income tax provision
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—
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—
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—
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(3,922
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)
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|||||||||||
NET LOSS
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$
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(492
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)
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$
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(1,199
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)
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$
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(2,570
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)
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$
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(6,246
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)
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Weighted average number of shares used in basic and diluted net loss per common share calculation.
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2,594,730
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2,595,385
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2,594,752
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2,598,609
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||||||||||||
BASIC AND DILUTED NET LOSS PER COMMON SHARE
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$
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(0.19
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)
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$
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(0.46
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)
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$
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(0.99
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)
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$
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(2.40
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)
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September 30,
2014
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December 31,
2013
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|||||||
Cash and cash equivalents
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$
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5,496
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$
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7,183
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Restricted cash
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—
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1,500
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||||||
Accounts receivable, less allowances of $46 and $42, respectively
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3,482
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3,237
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||||||
Inventories, net
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4,423
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4,629
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||||||
Prepaid expenses and other current assets
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288
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405
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||||||
Total Current Assets
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13,689
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16,954
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||||||
Property, plant, and equipment
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3,648
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3,986
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||||||
Other assets, net
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802
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323
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||||||
Total Assets
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18,139
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$
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21,263
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|||||
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||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
Note payable to bank
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$
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—
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$
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1,181
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||||
Accounts payable
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2,193
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1,978
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||||||
Accrued restructuring expense
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88
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70
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||||||
Other current liabilities
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1,464
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265
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||||||
Total Liabilities
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3,745
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4,508
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||||||
Stockholders' Equity
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14,394
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16,755
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||||||
Total Liabilities and Stockholders' Equity
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$
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18,139
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$
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21,263
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For the period ended September 30, 2014 (000's, except shares and per share amounts)
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Three months
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Nine months
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||||||
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||||||||
Net loss before income taxes
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$
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(492
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)
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$
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(2,570
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)
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Add: Interest expense
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5
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21
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||||||
Add: Depreciation and amortization
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231
|
704
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||||||
Add: Non-cash stock compensation
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27
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213
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||||||
Add: Restructuring expense
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47
|
444
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||||||
Adjusted EBITDA loss
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$
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(182
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)
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$
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(1,188
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)
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||||||||
Weighted average number of shares used in basic and diluted EPS calculation
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2,594,730
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2,594,752
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||||||
Adjusted EBITDA loss per share
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$
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(0.07
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)
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$
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(0.46
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)
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For the period ended September 30, 2013 (000's, except shares and per share amounts)
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Three months
|
Nine months
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||||||
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||||||||
Net loss before income taxes
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$
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(1,199
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)
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$
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(2,324
|
)
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Add: Interest expense
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4
|
33
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||||||
Add: Depreciation and amortization
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254
|
742
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||||||
Add: Non-cash stock compensation
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143
|
388
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||||||
Adjusted EBITDA loss
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$
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(798
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)
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$
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(1,161
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)
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||||||||
Weighted average number of shares used in basic and diluted EPS calculation
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2,595,385
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2,598,609
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||||||
Adjusted EBITDA loss per share
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$
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(0.31
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)
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$
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(0.45
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)
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