LGL Announces Termination of Discussions with Investment Group
July 31 2018 - 4:11PM
Business Wire
The LGL Group, Inc. (NYSE MKT: LGL) (the “Company”), a globally
diversified holding company with a history of operations dating
back to 1914, today announced the termination of discussions with
respect to a proposal from an investment group to acquire the
assets of the Company’s two principal operating subsidiaries,
M-tron Industries, Inc. (“MtronPTI”) and Precise Time and
Frequency, LLC (“PTF”).
The Company’s board of directors, after carefully reviewing and
evaluating the proposal and consulting with its legal and financial
advisors and shareholders, has concluded that it is in the best
interests of the Company and its shareholders for the Company to
pursue other strategic alternatives.
The Company’s Chief Executive Officer, Michael J. Ferrantino,
Sr., added, “Our strategy is working, our business has been
trending up for the last several quarters and although we are not
yet ready to release full quarterly financial results, we do expect
to report results that are very positive. We expect revenues for
the second quarter of 2018 to be near $6 million. New orders
continue to be strong and are expected to be approximately $7
million for the second quarter of 2018. Earnings are also trending
higher and are anticipated to be between 9 and 10 cents per share
for the second quarter of 2018. In addition, our order backlog once
again increased and is anticipated to be around $13 million for the
second quarter of 2018.”
Mr. Ferrantino continued, “We are excited to present our
quarterly results and provide you with more information about how
our business is trending, and to that end, we will be conducting an
earnings call at 4:00 p.m. Eastern time on August 9, 2018. Thank
you for your support and we look forward to talking to you on
August 9th.”
About The LGL Group, Inc.
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.
Caution Concerning Forward Looking Statements
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 21E 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180731005934/en/
The LGL Group, Inc.Michael Ferrantino, Sr.,
407-298-2000mferrantino@lglgroup.comorJames Tivy,
407-298-2000jtivy@lglgroup.com
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