Revenue and Sales Performance - Total revenues increased by 347,or48.1721,000 for the three months ended June 30, 2023, to 1,068,000forthesameperiodin2024[100].−Netsalesroseby128, or 31.8%, from 403,000inQ22023to531,000 in Q2 2024, primarily due to higher product shipments[100]. - Total revenues for the six months ended June 30, 2024, increased by 251,or14.71,705,000 in 2023 to 1,956,000in2024[107].InvestmentIncome−Netinvestmentincomesurgedby263, or 95.6%, from 275,000inQ22023to538,000 in Q2 2024, driven by investments in higher yielding U.S. Treasury money market funds[100]. - Net investment income for the six months ended June 30, 2024, rose by 564,or119.2473,000 in 2023 to 1,037,000in2024[107].−NetinvestmentincomeforthethreemonthsendedJune30,2024,was315 million, reflecting the commencement of operations of Lynch Capital International, LLC in June 2023[118]. - For the six months ended June 30, 2024, net investment income was 604million,alsoduetothecommencementofoperationsofLynchCapitalInternational,LLC[119].ExpensesandIncome−Totalexpensesdecreasedby22, or 2.6%, from 853,000forthethreemonthsendedJune30,2023,to831,000 for the same period in 2024[101]. - Total expenses for the six months ended June 30, 2024, increased by 53,or3.31,587,000 in 2023 to 1,640,000in2024[108].−IncometaxexpenseforthesixmonthsendedJune30,2024,increasedby49, or 77.8%, from 63,000in2023to112,000 in 2024, primarily due to the increase in income from continuing operations[110]. - Net income attributable to LGL Group common stockholders increased by 267,000,fromalossof130,000 in Q2 2023 to a profit of 137,000inQ22024[99].OrderBacklogandOperations−AsofJune30,2024,theorderbacklogwas737 million, an increase of 594millionor415.4143 million as of December 31, 2023, and an increase of 413millionor127.5324 million as of June 30, 2023[112]. - Income from continuing operations before income taxes increased by 52or236.422 for the three months ended June 30, 2023, to 74forthethreemonthsendedJune30,2024,drivenbya128 million or 31.8% increase in net sales[115]. - For the six months ended June 30, 2024, income from continuing operations before income taxes decreased by 18or19.194 to 76,primarilyduetoa79 million or 22.6% increase in engineering, selling, and administrative expenses[116]. Cash and Liquidity - Cash and cash equivalents as of June 30, 2024, were 41,074thousand,comparedto40,711 thousand as of December 31, 2023[125]. - Cash provided by operating activities was 363thousandforthesixmonthsendedJune30,2024,comparedtocashusedinoperatingactivitiesof9 thousand for the same period in 2023, an increase of 372thousand[127].−Currentassetsincreasedto42,003,000 as of June 30, 2024, compared to 41,566,000onDecember31,2023[128].−Workingcapitalroseto41,382,000 from 41,092,000duringthesameperiod[128].−Currentratiodecreasedto67.6from87.7,indicatingatighterliquidityposition[128].−Thecompanybelievesexistingcashandcashequivalentswillprovidesufficientliquidityforthenext12months[130].CorporateSegmentandDividends−Totalrevenuesforthecorporatesegmentdecreasedby432 thousand or 50.2% for the six months ended June 30, 2024, compared to the same period in 2023[123]. - Loss from continuing operations before income taxes for the six months ended June 30, 2024, was (237)thousand,adecreaseof261 thousand or 1087.5% from $24 thousand for the same period in 2023[123]. - The company has not paid cash dividends since January 30, 1989, and none are expected in the foreseeable future[130]. Management and Strategy - Management continues to focus on efficiently managing working capital to generate the greatest returns[128]. - The company adheres to a long-term growth strategy, prioritizing investments for organic growth and potential acquisitions[130]. - There have been no material changes in contractual obligations as of June 30, 2024, compared to December 31, 2023[131]. - No quantitative and qualitative disclosures about market risk were applicable[133].
