Wed, May 15, 8:43 PM (302 days ago)
The LGL Group, Inc.'s quarterly report for the period ended March 31, 2024, reveals a mixed financial performance. Total revenues decreased by 9.8% year-over-year to $888,000, driven by an 11.1% drop in net sales and a significant decline in net gains on marketable securities. However, net investment income surged by 152% to $499,000, reflecting higher returns from U.S. Treasury money market funds. Total expenses increased by 10.2% primarily due to higher engineering, selling, and administrative costs. Consequently, income from continuing operations before income taxes fell by 68.4% to $79,000. The effective tax rate rose to 46.2%. Net income attributable to common stockholders plummeted by 86.6% to $21,000. The company's backlog increased to $341,000, indicating potential future revenue. Despite a challenging quarter, LGL maintains a strong liquidity position with $40.9 million in cash and cash equivalents, and a working capital of $41.2 million.