THE LGL GROUP, INC.
|
||
(Exact Name of Registrant as Specified in Charter)
|
||
Delaware
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1-106
|
38-1799862
|
(State or Other Jurisdiction
of Incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
2525 Shader Road, Orlando, FL
|
32804
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
(Former Name or Former Address, If Changed Since Last Report)
|
☐ | 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 2.02. | Results of Operations and Financial Condition. |
Item 7.01. | Regulation FD Disclosure. |
Exhibit No.
|
Description
|
99.1
|
Press Release dated March 24, 2016.
|
March 28, 2016
|
THE LGL GROUP, INC.
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||
By:
|
/s/ Patti A. Smith
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||
Name:
|
Patti A. Smith
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||
Title:
|
Chief Financial Officer
|
Exhibit No.
|
Description
|
99.1
|
Press Release dated March 24, 2016.
|
·
|
Revenues of $20.7 million, a decrease of 10.0% compared to 2014
|
·
|
Gross margin of 33.1% compared to 2014 gross margin of 27.5%
|
·
|
Net loss per share of ($0.27) compared to 2014 net loss per share of ($1.09)
|
·
|
Adjusted EBITDA of $0.5 million, a year-over-year improvement of $1.6 million from 2014
|
·
|
Revenues of $5.0 million, a decrease of 7.5% compared to Q4 2014
|
·
|
Gross margin of 33.2% compared to Q4 2014 gross margin of 30.0%
|
·
|
Net loss per share of ($0.05) compared to Q4 2014 net loss per share of ($0.10)
|
·
|
Adjusted EBITDA of $0.1 million, a year-over-year improvement of $0.06 million from Q4 2014
|
For the year ended December 31,
|
2015
|
2014
|
||||||
REVENUES
|
$
|
20,713
|
$
|
23,013
|
||||
Costs and expenses:
|
||||||||
Manufacturing cost of sales
|
13,863
|
16,685
|
||||||
Engineering, selling and administrative
|
7,638
|
8,692
|
||||||
Restructuring charges
|
—
|
465
|
||||||
OPERATING LOSS
|
(788
|
)
|
(2,829
|
)
|
||||
Total other income
|
85
|
—
|
||||||
LOSS BEFORE INCOME TAXES
|
(703
|
)
|
(2,829
|
)
|
||||
Income tax (provision) benefit
|
(8
|
)
|
4
|
|||||
NET LOSS
|
$
|
(711
|
)
|
$
|
(2,825
|
)
|
||
Weighted average number of shares used in basic and diluted EPS calculation
|
2,640,803
|
2,595,988
|
||||||
BASIC AND DILUTED NET LOSS PER COMMON SHARE
|
$
|
(0.27
|
)
|
$
|
(1.09
|
)
|
For the quarter ended December 31,
|
2015
|
2014
|
||||||
REVENUES
|
$
|
5,042
|
$
|
5,451
|
||||
Costs and expenses:
|
||||||||
Manufacturing cost of sales
|
3,366
|
3,816
|
||||||
Engineering, selling and administrative
|
1,816
|
1,942
|
||||||
Restructuring charges
|
—
|
21
|
||||||
OPERATING LOSS
|
(140
|
)
|
(328
|
)
|
||||
Total other (expense) income
|
(2
|
)
|
69
|
|||||
LOSS BEFORE INCOME TAXES
|
(142
|
)
|
(259
|
)
|
||||
Income tax benefit
|
5
|
4
|
||||||
NET LOSS
|
$
|
(137
|
)
|
$
|
(255
|
)
|
||
Weighted average number of shares used in basic and diluted EPS calculation
|
2,655,668
|
2,599,657
|
||||||
BASIC AND DILUTED NET LOSS PER COMMON SHARE
|
$
|
(0.05
|
)
|
$
|
(0.10
|
)
|
||
December 31,
|
||||||||
ASSETS
|
2015
|
2014
|
||||||
Cash and cash equivalents
|
$
|
5,553
|
$
|
5,192
|
||||
Accounts receivable, less allowances of $34 and $43, respectively
|
2,606
|
3,266
|
||||||
Inventories, net
|
3,546
|
4,198
|
||||||
Prepaid expenses and other current assets
|
247
|
278
|
||||||
Total Current Assets
|
11,952
|
12,934
|
||||||
Property, plant, and equipment, net
|
3,165
|
3,547
|
||||||
Intangible assets, net
|
475
|
528
|
||||||
Other assets
|
211
|
253
|
||||||
Total Assets
|
$
|
15,803
|
$
|
17,262
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Total Liabilities
|
2,076
|
3,025
|
||||||
Stockholders' Equity
|
13,727
|
14,237
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
15,803
|
$
|
17,262
|
||||
For the period ended December 31, 2015 (000's, except shares and per share amounts)
|
Three months
|
Twelve months
|
||||||
Net loss before income taxes
|
$
|
(142
|
)
|
$
|
(703
|
)
|
||
Add: Interest expense
|
7
|
32
|
||||||
Add: Depreciation and amortization
|
212
|
870
|
||||||
Add: Non-cash stock compensation
|
64
|
265
|
||||||
Add: Non-cash impairment of note receivable
|
—
|
38
|
||||||
Adjusted EBITDA
|
$
|
141
|
$
|
502
|
||||
Weighted average number of shares used in basic and diluted EPS calculation
|
2,655,668
|
2,640,803
|
||||||
Adjusted EBITDA per share
|
$
|
0.05
|
$
|
0.19
|
For the period ended December 31, 2014 (000's, except shares and per share amounts)
|
Three months
|
Twelve months
|
||||||
Net loss before income taxes
|
$
|
(259
|
)
|
$
|
(2,829
|
)
|
||
Add: Interest expense
|
5
|
26
|
||||||
Add: Depreciation and amortization
|
218
|
922
|
||||||
Add: Non-cash stock compensation
|
94
|
308
|
||||||
Add: One-time restructuring expense
|
21
|
465
|
||||||
Adjusted EBITDA (loss)
|
$
|
79
|
$
|
(1,108
|
)
|
|||
Weighted average number of shares used in basic and diluted EPS calculation
|
2,599,657
|
2,595,988
|
||||||
Adjusted EBITDA (loss) per share
|
$
|
0.03
|
$
|
(0.43
|
)
|
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