lgl-ex991

ORLANDO, FL, May 8, 2019 – The LGL Group, Inc. (NYSE American: LGL) (the “Company” or “LGL”), announced its financial results for the three months ended March 31, 2019.

Commenting on the Company’s Q1 2019 results, Executive Chairman and CEO, Michael J. Ferrantino, Sr. stated, “Revenues and backlog increased substantially, and our book to bill ratio continue to grow. We experienced growth of 11.6% in revenues over the prior year quarter, while at the same time backlog increased 60%, exceeding $21 million at the end of the quarter. This very strong performance in sales and revenues, combined with our continued profitability, validates our strategy of pursuing and developing higher margin, market-driven, highly engineered assemblies in the defense and aerospace markets.”

Mr. Ferrantino continued, “I am grateful for the support I have received from you our shareholders, our directors, all our employees, and most importantly our customers, who, in addition to staying with us through some difficult times for our company in the past, most recently have rewarded us with significant increases in the volume of business they have awarded our company.”

Management will host a conference call today at 4:30 p.m. ET to review the Company's 2019 first quarter results. Participants are invited to access the call by dialing (844) 401-3350 (within the United States), or (248) 847-2523 (international callers) approximately fifteen minutes before the conference start time and provide the conference ID 6292245.

The LGL Group, Inc., through its two principal subsidiaries MtronPTI and PTF, designs, manufactures and markets highly-engineered electronic components used to control the frequency or timing of signals in electronic circuits, and designs high performance frequency and time reference standards that form the basis for timing and synchronization in various applications.

Headquartered in Orlando, Florida, the Company has additional design and manufacturing facilities in Yankton, South Dakota, Wakefield, Massachusetts and Noida, India, with local sales offices in Hong Kong, Sacramento, California and Austin, Texas.

For more information on the Company and its products and services, contact James Tivy at The LGL Group, Inc., 2525 Shader Rd., Orlando, Florida 32804, (407) 298-2000, or visit www.lglgroup.com and www.mtronpti.com.

This press release may contain forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. These forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to us and our current plans or expectations, and are subject to a number of uncertainties and risks that could significantly affect current plans, anticipated actions and our future financial condition and results. Certain of these risks and uncertainties are described in greater detail in our filings with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

For the Three Months Ended March 31,	2019		2018
REVENUES	$	6,632	$	5,945
Costs and expenses:
Manufacturing cost of sales		4,215		3,716
Engineering, selling and administrative		1,983		2,071
OPERATING INCOME		434		158
Total other income, net		154		36
INCOME BEFORE INCOME TAXES		588		194
Income tax provision		6		1
NET INCOME	$	582	$	193

Weighted average number of shares used in basic EPS calculation		4,838,568		4,696,415
Weighted average number of shares used in diluted EPS calculation		4,959,636		4,806,196
BASIC AND DILUTED NET INCOME PER COMMON SHARE	$	0.12	$	0.04

	March 31, 2019		December 31, 2018
ASSETS
Cash and cash equivalents	$	10,298	$	15,508
Marketable securities		8,852		3,775
Accounts receivable, net		4,399		3,394
Inventories, net		5,173		4,466
Prepaid expenses and other current assets		295		242
Total Current Assets		29,017		27,385
Property, plant, and equipment, net		2,388		2,086
Intangible assets, net		458		477
Deferred income taxes, net		114		127
Other assets, net		142		-
Total Assets	$	32,119	$	30,075
LIABILITIES AND STOCKHOLDERS' EQUITY
Total Current Liabilities		4,137		2,752
Total Stockholders' Equity		27,982		27,323
Total Liabilities and Stockholders' Equity	$	32,119	$	30,075

To supplement our consolidated financial statements presented on a GAAP (generally accepted accounting principles) basis, the Company uses certain non-GAAP measures, including Adjusted EBITDA, which we define as net income adjusted to exclude depreciation and amortization expense, interest income (expense), provision (benefit) for income taxes, stock-based compensation expense, investment income and other items we believe are discrete events which have a significant impact on comparable GAAP measures and could distort an evaluation of our normal operating performance. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of the underlying operational results and trends and our marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with generally accepted accounting principles in the United States.

Reconciliation of GAAP Net Income Before Income Taxes to Non-GAAP Adjusted EBITDA:

For the Three Months Ended March 31,	2019			2018
(000's, except shares and per share amounts)
Net income before income taxes	$	588		$	194
Interest income		(1	)		(12	)
Depreciation and amortization		119			122
Non-cash stock compensation		6			7
Investment income		(146	)		—
Recovery of note receivable		—			(4	)
Adjusted EBITDA	$	566		$	307

Basic per share information:
Weighted average shares outstanding		4,838,568			4,696,415
Adjusted EBITDA per share	$	0.12		$	0.07

Diluted per share information:
Weighted average shares outstanding		4,959,636			4,806,196
Adjusted EBITDA per share	$	0.11		$	0.06