LGL Group Inc (LGL, Financial) filed Quarterly Report for the period ended 2010-03-31.
Lgl Group Inc has a market cap of $23.7 million; its shares were traded at around $10.71 with and P/S ratio of 0.8. LGL is in the portfolios of Jim Simons of Renaissance Technologies LLC.
The Company s cash and cash equivalents at March 31, 2010 were $3,977,000, compared to $3,816,000 at December 31, 2009. At March 31, 2010, MtronPTI had $1,972,000 outstanding and unused borrowing capacity of $2,028,000 under the FNBO Revolving Loan, compared with $1,696,000 outstanding and unused borrowing capacity of $2,304,000 at December 31, 2009. As of May 19, 2010, the Company had unused borrowing capacity of $1,141,000 under the FNBO Revolving Loan.
At March 31, 2010, the Company s consolidated working capital was $6,634,000, as compared to $5,466,000 at December 31, 2009. At March 31, 2010, the Company had current assets of $16,881,000 and current liabilities of $10,247,000. The ratio of current assets to current liabilities was 1.65 to 1.00 at March 31, 2010, compared to 1.61 to 1.00 at December 31, 2009. The increase in net working capital is primarily due to the increase in the Company s accounts receivable and inventory balances, offset by increases in the Company s outstanding balance under the FNBO Revolving Loan and in accounts payable and accrued expenses. These increases are due to the
Cash provided by operating activities was $31,000 for the quarter ended March 31, 2010, compared to cash provided by operating activities from operations of $1,721,000 for the same period in 2009. The decrease in cash provided by operating activities is due to the net increase in the accounts receivable of $1,154,000 compared to the net collection of accounts receivable of $2,350,000 during the same period in 2009, as well as an increase in the inventory balance of $1,288,000 compared to $59,000 during the same period in 2009. This was offset by net income for the quarter ended March 31, 2010 of $1,066,000, and by the increase in accounts payable and accrued expenses of $1,125,000, compared to a net loss of $1,008,000 and an increase in accounts payable and accrued expenses of $107,000 for the same period in 2009.
Cash provided by financing activities from operations was $186,000 for the quarter ended March 31, 2010, compared with cash used in financing activities of $1,449,000 for the same period in 2009. The decrease in cash used in financing activities is due primarily to an increase in net borrowings on the Company s note payable for the quarter ended March 31, 2010 of $276,000 compared to net repayments of $1,366,000 during the comparable period in 2009.
At March 31, 2010, total liabilities of $10,843,000 were $1,285,000 greater than the total liabilities at December 31, 2009 of $9,558,000. The increase in total liabilities was primarily due to an increase in accounts payable of $476,000 due to increased materials purchases, an increase in accrued compensation and sales commission expense of $308,000 resulting from increased sales and an increase in MtronPTI s borrowing on its revolving loan of $276,000 to fund its working capital requirements. At March 31, 2010, the Company had $2,603,000 in current maturities of long-term debt compared with $2,620,000 at December 31, 2009.
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Lgl Group Inc has a market cap of $23.7 million; its shares were traded at around $10.71 with and P/S ratio of 0.8. LGL is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Consolidated revenues increased by $3,159,000, or 41.9%, to $10,701,000 for the first quarter 2010 from $7,542,000 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 market segments. This increase in demand is also reflected in foreign sales, which grew 37.3% to $5,077,000 for the quarter ended March 31, 2010, compared to $3,698,000 for the quarter ended March 31, 2009. The Company is continuing its efforts to grow revenue by expanding into new geographic regions and into additional segments of the timing and frequency equipment market, such as alternative energy management, energy exploration, military personnel protection and homeland security. The Company also introduced a new product line of cavity filters into production during the quarter ended March 31, 2010, which creates the opportunity for the Company to expand further into its target market segments. In addition, the Company expects to place a second line of double-oven oscillators into production during the second quarter of 2010, which represents a technical advancement of the Company s existing product offerings that will support the Company s efforts to grow revenue.The Company s cash and cash equivalents at March 31, 2010 were $3,977,000, compared to $3,816,000 at December 31, 2009. At March 31, 2010, MtronPTI had $1,972,000 outstanding and unused borrowing capacity of $2,028,000 under the FNBO Revolving Loan, compared with $1,696,000 outstanding and unused borrowing capacity of $2,304,000 at December 31, 2009. As of May 19, 2010, the Company had unused borrowing capacity of $1,141,000 under the FNBO Revolving Loan.
At March 31, 2010, the Company s consolidated working capital was $6,634,000, as compared to $5,466,000 at December 31, 2009. At March 31, 2010, the Company had current assets of $16,881,000 and current liabilities of $10,247,000. The ratio of current assets to current liabilities was 1.65 to 1.00 at March 31, 2010, compared to 1.61 to 1.00 at December 31, 2009. The increase in net working capital is primarily due to the increase in the Company s accounts receivable and inventory balances, offset by increases in the Company s outstanding balance under the FNBO Revolving Loan and in accounts payable and accrued expenses. These increases are due to the
Cash provided by operating activities was $31,000 for the quarter ended March 31, 2010, compared to cash provided by operating activities from operations of $1,721,000 for the same period in 2009. The decrease in cash provided by operating activities is due to the net increase in the accounts receivable of $1,154,000 compared to the net collection of accounts receivable of $2,350,000 during the same period in 2009, as well as an increase in the inventory balance of $1,288,000 compared to $59,000 during the same period in 2009. This was offset by net income for the quarter ended March 31, 2010 of $1,066,000, and by the increase in accounts payable and accrued expenses of $1,125,000, compared to a net loss of $1,008,000 and an increase in accounts payable and accrued expenses of $107,000 for the same period in 2009.
Cash provided by financing activities from operations was $186,000 for the quarter ended March 31, 2010, compared with cash used in financing activities of $1,449,000 for the same period in 2009. The decrease in cash used in financing activities is due primarily to an increase in net borrowings on the Company s note payable for the quarter ended March 31, 2010 of $276,000 compared to net repayments of $1,366,000 during the comparable period in 2009.
At March 31, 2010, total liabilities of $10,843,000 were $1,285,000 greater than the total liabilities at December 31, 2009 of $9,558,000. The increase in total liabilities was primarily due to an increase in accounts payable of $476,000 due to increased materials purchases, an increase in accrued compensation and sales commission expense of $308,000 resulting from increased sales and an increase in MtronPTI s borrowing on its revolving loan of $276,000 to fund its working capital requirements. At March 31, 2010, the Company had $2,603,000 in current maturities of long-term debt compared with $2,620,000 at December 31, 2009.
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