Workflow
The LGL (LGL) - 2024 Q4 - Annual Results
LGLThe LGL (LGL)2025-04-01 12:50

Financial Performance - Fourth Quarter 2024 net income available to LGL Group common stockholders was 202,000,or202,000, or 0.04 per diluted share, compared to 134,000,or134,000, or 0.02 per diluted share in Q4 2023, reflecting an increase of 50%[4] - Fiscal Year 2024 net income available to LGL Group common stockholders was 432,000,or432,000, or 0.08 per diluted share, up from 269,000,or269,000, or 0.05 per diluted share in 2023, marking a 60.6% increase[6] - Net income from continuing operations for Q4 2024 was 228,000,a42.5228,000, a 42.5% increase from 160,000 in Q4 2023[29] - Net income attributable to LGL Group common stockholders for the fiscal year 2024 was 432,000,a60.6432,000, a 60.6% increase from 269,000 in 2023[31] Revenue Growth - Total revenues for Q4 2024 increased by 162,000to162,000 to 1,157,000 from 995,000inQ42023,representingagrowthofapproximately16.3995,000 in Q4 2023, representing a growth of approximately 16.3%[6] - Total revenues for the fiscal year 2024 rose by 614,000 to 4,292,000from4,292,000 from 3,678,000 in 2023, an increase of approximately 16.7%[6] - Total revenues for Q4 2024 increased by 16.3% to 1,157,000comparedto1,157,000 compared to 995,000 in Q4 2023[29] - The Electronic Instruments segment for the fiscal year 2024 reported a revenue increase of 28.8% to 2,226,000[31]−ElectronicInstrumentssegmentrevenueroseby46.42,226,000[31] - Electronic Instruments segment revenue rose by 46.4% to 653,000, while Merchant Investment segment revenue decreased by 6.4% to 306,000[29]MarginsandExpenses−GrossmarginforQ42024improvedto60.0306,000[29] Margins and Expenses - Gross margin for Q4 2024 improved to 60.0% from 54.9% in Q4 2023, driven by sales of higher margin products[5] - Total expenses for Q4 2024 increased by 36.9% to 912,000 compared to 666,000inQ42023[29]AssetsandLiabilities−Totalassetsincreasedto666,000 in Q4 2023[29] Assets and Liabilities - Total assets increased to 43,145,000 in 2024 from 41,850,000in2023,reflectingagrowthof3.141,850,000 in 2023, reflecting a growth of 3.1%[27] - Total liabilities rose to 1,905,000 in 2024, up from 1,168,000in2023,markingasignificantincreaseof62.91,168,000 in 2023, marking a significant increase of 62.9%[27] Order Backlog and Cash Position - As of December 31, 2024, the order backlog was 336,000, an increase of 193,000from193,000 from 143,000 as of December 31, 2023[10] - Cash and cash equivalents and marketable securities totaled 41,602,000asofDecember31,2024[6]StrategicInitiatives−LGLGroup′sacquisitionofMorganGroupHoldingCo.isexpectedtocloseinQ22025[14]−P3LogisticSolutions,Inc.wasselectedasapartnerintheDARPAVentureHorizonsprogramtoadvancedefense−relatedtechnologies[15]−Thecompanyisexaminingcostefficiencies,includingthestateofcorporatedomicile,toenhanceoperationalperformance[3]IncomefromContinuingOperations−Incomefromcontinuingoperationsbeforeincometaxesforthefiscalyear2024was41,602,000 as of December 31, 2024[6] Strategic Initiatives - LGL Group's acquisition of Morgan Group Holding Co. is expected to close in Q2 2025[14] - P3 Logistic Solutions, Inc. was selected as a partner in the DARPA Venture Horizons program to advance defense-related technologies[15] - The company is examining cost efficiencies, including the state of corporate domicile, to enhance operational performance[3] Income from Continuing Operations - Income from continuing operations before income taxes for the fiscal year 2024 was 699,000, an 8.2% increase from $646,000 in 2023[31]