LGL Group Inc (LGL, Financial) filed Quarterly Report for the period ended 2010-09-30.
Lgl Group Inc has a market cap of $48.28 million; its shares were traded at around $21.46 with a P/E ratio of 8.69 and P/S ratio of 1.54. LGL is in the portfolios of Jim Simons of Renaissance Technologies LLC, Mario Gabelli of GAMCO Investors.
Consolidated revenues increased by $13,534,000, or 61.2%, to $35,633,000 for the nine-month period ended September 30, 2010 from $22,099,000 for the comparable period in 2009. The increase is due primarily to increased demand from existing customers for existing products in both our Telecom and MISA market segments. The revenue growth also resulted from the expansion of our product portfolio through the introduction of new lines of cavity filters and of double-oven oscillators, which entered production during the first half of 2010. The increase in demand is also reflected in foreign revenues, which grew 47.3% to $16,158,000 for the nine months ended September 30, 2010, compared to $10,972,000 for the nine months ended September 30, 2009. The Company opened a new sales office in Shanghai, China during the first quarter of 2010, as part of its efforts to attract and service new customers in that geographic region. The Company continues to direct engineering resources towards developing products for additional segments of the timing and frequency equipment market, such as alternative energy management, energy exploration, military personnel protection and homeland security.
The Company s cash and cash equivalents at September 30, 2010 were $2,255,000 as compared to $3,816,000 at December 31, 2009. At September 30, 2010, MtronPTI had no outstanding balance and an unused borrowing capacity of $4,000,000 under the FNBO Revolving Loan, compared with $1,696,000 outstanding and unused borrowing capacity of $2,304,000 at December 31, 2009. At November 15, 2010, the Company had $0 outstanding and unused borrowing capacity of $4,000,000 under the FNBO Revolving Loan.
Cash provided by operating activities was $3,024,000 for the nine months ended September 30, 2010, compared to cash provided by operating activities of $596,000 for the nine months ended September 30, 2009. The increase in cash provided by operating activities is due to the net increase in accounts receivable of ($1,887,000) compared to the net collection of accounts receivable of $2,213,000 during the same period in 2009, an increase in inventories of ($1,346,000) compared to a decrease of $640,000 during the same period in 2009, as well as a decrease in depreciation expense to $493,000 compared to $765,000 during the same period in 2009 due to certain assets from the acquisition of PTI (completed in October 2004) being fully depreciated during the fourth quarter of 2009. This was offset by net income for the nine months ended September 30, 2010 of $5,221,000, and by the increase in accounts payable, accrued expenses and other liabilities of $243,000, compared to a net loss of ($2,897,000) and a decrease in accounts payable, accrued compensation and commissions expense and other accrued expenses of ($235,000) for the same period in 2009.
Cash used in financing activities from operations was ($4,245,000) for the nine months ended September 30, 2010, compared with cash used in financing activities of ($1,073,000) for the same period in 2009. The increase in cash used in financing activities is due primarily to an increase in net repayments on the Company s note payable for the nine months ended September 30, 2010 of ($1,696,000) compared to net repayments of ($386,000) during the comparable period in 2009, as well as an increase in net repayments on the Company s long-term debt for the nine months ended September 30, 2010 of ($2,549,000) compared to net repayments of ($687,000) during the comparable period in 2009. Net repayments during the nine months ended September 30, 2010 were primarily the result of the repayment on September 30, 2010 of the remaining $2,282,000 of principal and interest due under the RBC Term Loan and termination of the RBC Loan Agreement. Net repayments during the nine months ended September 30, 2009 were the result of additional repayments above the scheduled principal payments made by the Company during that period to maintain compliance with MtronPTI s various debt covenant requirements.
At September 30, 2010, total liabilities of $5,450,000 were $4,108,000 less than the total liabilities at December 31, 2009 of $9,558,000. The decrease in total liabilities was primarily due to repayments under the FNBO Revolving Loan of ($1,696,000) and repayments of long-term debt of ($2,549,000), which were partially offset by increases in trade accounts payable and accrued compensation and commissions expense of $243,000. At September 30, 2010, the Company had $294,000 in current maturities of long-term debt compared with $2,620,000 at December 31, 2009.
Read the The complete Report
Lgl Group Inc has a market cap of $48.28 million; its shares were traded at around $21.46 with a P/E ratio of 8.69 and P/S ratio of 1.54. LGL is in the portfolios of Jim Simons of Renaissance Technologies LLC, Mario Gabelli of GAMCO Investors.
Highlight of Business Operations:
Consolidated revenues increased by $5,076,000, or 69.3%, to $12,397,000 for the third quarter 2010 from $7,321,000 for the comparable period in 2009. The increase is due primarily to increased demand from existing customers for existing products in both our Telecom and Military, Instrumentation, Space and Avionics (“MISA”) market segments. The revenue growth also resulted from the expansion of our product portfolio through the introduction of new lines of cavity filters and of double-oven oscillators, which entered production during the first half of 2010. The increase in demand is also reflected in foreign revenues, which grew 52.0% to $5,724,000 for the quarter ended September 30, 2010, compared to $3,765,000 for the quarter ended September 30, 2009. The Company opened a new sales office in Shanghai, China during the first quarter of 2010, as part of its efforts to attract and service new customers in that geographic region. The Company continues to direct engineering resources toward developing products for additional segments of the timing and frequency equipment market, such as alternative energy management, energy exploration, military personnel protection and homeland security.Consolidated revenues increased by $13,534,000, or 61.2%, to $35,633,000 for the nine-month period ended September 30, 2010 from $22,099,000 for the comparable period in 2009. The increase is due primarily to increased demand from existing customers for existing products in both our Telecom and MISA market segments. The revenue growth also resulted from the expansion of our product portfolio through the introduction of new lines of cavity filters and of double-oven oscillators, which entered production during the first half of 2010. The increase in demand is also reflected in foreign revenues, which grew 47.3% to $16,158,000 for the nine months ended September 30, 2010, compared to $10,972,000 for the nine months ended September 30, 2009. The Company opened a new sales office in Shanghai, China during the first quarter of 2010, as part of its efforts to attract and service new customers in that geographic region. The Company continues to direct engineering resources towards developing products for additional segments of the timing and frequency equipment market, such as alternative energy management, energy exploration, military personnel protection and homeland security.
The Company s cash and cash equivalents at September 30, 2010 were $2,255,000 as compared to $3,816,000 at December 31, 2009. At September 30, 2010, MtronPTI had no outstanding balance and an unused borrowing capacity of $4,000,000 under the FNBO Revolving Loan, compared with $1,696,000 outstanding and unused borrowing capacity of $2,304,000 at December 31, 2009. At November 15, 2010, the Company had $0 outstanding and unused borrowing capacity of $4,000,000 under the FNBO Revolving Loan.
Cash provided by operating activities was $3,024,000 for the nine months ended September 30, 2010, compared to cash provided by operating activities of $596,000 for the nine months ended September 30, 2009. The increase in cash provided by operating activities is due to the net increase in accounts receivable of ($1,887,000) compared to the net collection of accounts receivable of $2,213,000 during the same period in 2009, an increase in inventories of ($1,346,000) compared to a decrease of $640,000 during the same period in 2009, as well as a decrease in depreciation expense to $493,000 compared to $765,000 during the same period in 2009 due to certain assets from the acquisition of PTI (completed in October 2004) being fully depreciated during the fourth quarter of 2009. This was offset by net income for the nine months ended September 30, 2010 of $5,221,000, and by the increase in accounts payable, accrued expenses and other liabilities of $243,000, compared to a net loss of ($2,897,000) and a decrease in accounts payable, accrued compensation and commissions expense and other accrued expenses of ($235,000) for the same period in 2009.
Cash used in financing activities from operations was ($4,245,000) for the nine months ended September 30, 2010, compared with cash used in financing activities of ($1,073,000) for the same period in 2009. The increase in cash used in financing activities is due primarily to an increase in net repayments on the Company s note payable for the nine months ended September 30, 2010 of ($1,696,000) compared to net repayments of ($386,000) during the comparable period in 2009, as well as an increase in net repayments on the Company s long-term debt for the nine months ended September 30, 2010 of ($2,549,000) compared to net repayments of ($687,000) during the comparable period in 2009. Net repayments during the nine months ended September 30, 2010 were primarily the result of the repayment on September 30, 2010 of the remaining $2,282,000 of principal and interest due under the RBC Term Loan and termination of the RBC Loan Agreement. Net repayments during the nine months ended September 30, 2009 were the result of additional repayments above the scheduled principal payments made by the Company during that period to maintain compliance with MtronPTI s various debt covenant requirements.
At September 30, 2010, total liabilities of $5,450,000 were $4,108,000 less than the total liabilities at December 31, 2009 of $9,558,000. The decrease in total liabilities was primarily due to repayments under the FNBO Revolving Loan of ($1,696,000) and repayments of long-term debt of ($2,549,000), which were partially offset by increases in trade accounts payable and accrued compensation and commissions expense of $243,000. At September 30, 2010, the Company had $294,000 in current maturities of long-term debt compared with $2,620,000 at December 31, 2009.
Read the The complete Report
