THE LGL GROUP, INC.
|
||
(Exact Name of Registrant as Specified in Charter)
|
||
Delaware
|
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 May 13, 2016.
|
May 16, 2016
|
THE LGL GROUP, INC.
|
||
By:
|
/s/ Patti A. Smith
|
||
Name:
|
Patti A. Smith
|
||
Title:
|
Chief Financial Officer
|
Exhibit No.
|
Description
|
99.1
|
Press Release dated May 13, 2016.
|
·
|
Revenues were $4.8 million, down 12.0% from Q1 2015
|
·
|
Net loss of ($0.1) million, or ($0.05) per share, improved 29.2% compared to Q1 2015
|
·
|
Adjusted EBITDA per share was $0.01 versus $0.03 in Q1 2015
|
·
|
Order backlog was $9.0 million, up 2.5% from Q4 2015
|
For the three months ended March 31,
|
2016
|
2015
|
||||||
REVENUES
|
$
|
4,756
|
$
|
5,404
|
||||
Costs and expenses:
|
||||||||
Manufacturing cost of sales
|
3,257
|
3,605
|
||||||
Engineering, selling and administrative
|
1,661
|
1,960
|
||||||
OPERATING LOSS
|
(162
|
)
|
(161
|
)
|
||||
Total other income (expense)
|
36
|
(17
|
)
|
|||||
LOSS BEFORE INCOME TAXES
|
(126
|
)
|
(178
|
)
|
||||
Income tax provision
|
—
|
—
|
||||||
NET LOSS
|
$
|
(126
|
)
|
$
|
(178
|
)
|
||
Weighted average number of shares used in basic and diluted EPS calculation
|
2,665,434
|
2,616,485
|
||||||
BASIC AND DILUTED NET LOSS PER COMMON SHARE
|
$
|
(0.05
|
)
|
$
|
(0.07
|
)
|
||
March 31,
|
||||||||
2016
|
December 31,
|
|||||||
ASSETS
|
(Unaudited)
|
2015
|
||||||
Cash and cash equivalents
|
$
|
5,576
|
$
|
5,553
|
||||
Accounts receivable, less allowances of $34 at March 31, 2016 and
December 31, 2015, respectively
|
2,544
|
2,606
|
||||||
Inventories, net
|
3,550
|
3,546
|
||||||
Prepaid expenses and other current assets
|
359
|
247
|
||||||
Total Current Assets
|
12,029
|
11,952
|
||||||
Property, plant, and equipment, net
|
3,023
|
3,165
|
||||||
Intangible assets, net
|
461
|
475
|
||||||
Other assets
|
208
|
211
|
||||||
Total Assets
|
$
|
15,721
|
$
|
15,803
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Total Liabilities
|
2,139
|
2,076
|
||||||
Total Stockholders' Equity
|
13,582
|
13,727
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
15,721
|
$
|
15,803
|
||||
For the three months ended (000's, except shares and per share amounts)
|
March 31, 2016
|
March 31, 2015
|
||||||
Net loss before income taxes
|
$
|
(126
|
)
|
$
|
(178
|
)
|
||
Interest expense
|
6
|
5
|
||||||
Depreciation and amortization
|
204
|
228
|
||||||
Non-cash stock compensation
|
(16
|
)
|
13
|
|||||
Gain on disposal of assets
|
(43
|
)
|
—
|
|||||
Adjusted EBITDA
|
$
|
25
|
$
|
68
|
||||
Weighted average number of shares used in basic and diluted EPS calculation
|
2,665,434
|
2,616,485
|
||||||
Adjusted EBITDA per share
|
$
|
0.01
|
$
|
0.03
|
||||
-LCZ>Q]JM5QM-:,[4T]4%%5K_4+/2[-[N_N8K>W3[TD
MC8'T]S[5YU=^.M=\5W+Z?X)T]Q$#MDU*X7"K] >!^.3[5I"E*>JV[D5*L8:/
M?L=QKOB;2/#=OYVJ7B0[AE(^KO\ 11R?KTK@9?&/B[QFYM_">F-8V+':;^X
M!Q]>@^@W&M70OA?8V]S_ &CXAN'UG4G.YS,28P?H>6_'CV%=ZB)&BHBJJ*,*
MJC K3FIT_A7,_/;[C+EJU/B?*O+?[SSK2?A)9?:#?>)+^?5KUSN<%R$S[G.
MYOS'TKOK*PL]-MUM[&UAMH5Z)$@4?I5FBLYU9S^)FL*4*?PH****S- HHHH
M**** "O,_BCX#CU2QEUS380M_ I:=$7_ %Z#J?\ >'ZCCTKTRBM*=25.7,C.
MK3C4CRR/%_@YXJ>.[?PW=2$Q2@R6F?X6'++]".?P/K7M%?./C#3Y/!7Q$::R
M79&LJ7EL!P-I.=OT!#+]!7T3;7$=W:0W,)S%,BR(?4$9%=&+BKJI':1S8.;L
MZ \
MG_H)KY*KT\OVD>5F.\0KT[X:?#N#78?[9UA&:Q#%8( <><1U)/\ =!XQW(/8
M<^8U]5>%K6.S\)Z3;QJ J6D73N2H)/XDDUKC*LH0M'J8X*E&I.\NA0U7Q+X8
M\$Q1VL[PVA9+F73Y)(9'DX6WOH0-Q/89R"?;
M->+"PU/QWXUO4@DC-W/)))F9B%"J>!G!Z# 'TK=_X4UXH_YZ:?\ ]_F_^)K!
MX>E%>_*TCH6)K3?N0O$P?B!IEGH_CC4K&PA$-M&8RD8)(7=&K'K[DUS5;'BC
M3=3TG7IK36+@7%ZB)OD$A?(VC;R>3@8'X5CUZ%/X%K<\ZI\;TMJ=AIW_ "2G
M6O\ L(0?R-78:=_P DIUK_ +"$'\C7'U-/>7K^B*J;1]/U9U'P[BCF\?:3
M'+&LB-(V589!^1NU>_:R^@:#IDFH:A9VT=M&0&9;8,>3@< >M>!_#;_DH6D?
M]=&_] :O<_'6AW?B/PID_98;F/&JKVN*Y3W.W@BM;:*W@0)#$@1%'1
M5 P!^52445Y![(4444 %%%% !1110 4444 %%%% !1110 445P7B+QS;\>H5&'_LPK<^%=O\ 9_AYIQ(PTIDD/XNP'Z 5V/3"KS9Q+7%OR1V5
M%%%<9VA1110 4444 %%%% !17DEW\;?LM[/;_P#"/;O*D9-WVW&<'&?]74/_
M O7_J7/_)[_ .UUT_5*W;\CF^N4/YOP9[#17CW_ O7_J7/_)[_ .UT?\+U
M_P"I<_\ )[_[71]4K=OR%]=H?S?@SC_BE-YOQ$U3!R$\I!QZ1KG]
OU)#
MFJ-UXG\=Z+N6\;0KG;DDA),X!YQC'\J**[*251>\E]QPUFZ;]UO[V9D_QCU>
MR,8N-)L7+