The LGL (LGL) - 2024 Q3 - Quarterly Results

Revenue Growth - Total revenues increased by $201,000 to$1,179,000 for Q3 2024 compared to $978,000 for Q3 2023, representing a growth of approximately 20.5$452,000 to $3,135,000 from$2,683,000 in the same period of 2023, a growth of approximately 16.8%[3] - Total revenues for the quarter ended September 30, 2024, increased by 20.6% to $1,179,000 compared to$978,000 in the same quarter of 2023[23] - Electronic Instruments segment revenue rose by 48.4% to $650,000 from$438,000 year-over-year[23] - Merchant Investment segment revenue increased by 10.8% to $318,000 compared to$287,000 in the prior year[23] Net Income - Net income attributable to LGL Group common stockholders decreased to $72,000, or$0.01 per diluted share, down from $108,000, or$0.02 per diluted share in Q3 2023, reflecting a decline of 33.3%[4] - Net income for the nine months ended September 30, 2024, increased to $230,000, or$0.04 per diluted share, compared to $135,000, or$0.03 per diluted share in 2023, marking a growth of 70.4%[7] - Net income attributable to LGL Group common stockholders decreased by 33.3% to $72,000 from$108,000 year-over-year[22] - Net income from continuing operations increased by 58.9% to $294,000 compared to$185,000 in the previous year[26] Expenses - Total expenses for the quarter were $1,041,000, up 33.6$779,000 in the same quarter of 2023[23] - Manufacturing cost of sales increased to $368,000 in Q3 2024 from$195,000 in Q3 2023, driven by higher-cost product sales[4] - Engineering, selling, and administrative expenses rose to $673,000 in Q3 2024 from$584,000 in Q3 2023, attributed to changes in headcount and increased wages[4] Financial Position - Cash and cash equivalents and marketable securities totaled $41,618,000 as of September 30, 2024, reflecting a stable liquidity position[3] - Total current assets as of September 30, 2024, were$42,274,000, an increase from $41,566,000 at December 31, 2023[21] - Total liabilities increased to$1,482,000 from $1,168,000 at the end of the previous year[21] - Stockholders' equity rose to$41,003,000 from $40,682,000 at December 31, 2023[21] Order Backlog and Demand - As of September 30, 2024, the order backlog was$505,000, an increase of $362,000 from$143,000 as of December 31, 2023, indicating strong demand[10] Strategic Initiatives - The company is actively pursuing investment opportunities and has welcomed a new team member to drive strategy forward[3] Segment Performance - Income from continuing operations before income taxes for the Electronic Instruments segment was $44,000, down 37.1$70,000[22]