The LGL Group, Inc. Reports Second Quarter 2024 Results

Core Viewpoint - The LGL Group, Inc. reported significant improvements in financial performance for the second quarter and the first half of 2024, with increases in revenues, net income, and gross margins compared to the same periods in 2023 [2][3][4]. Financial Performance - Total revenues for Q2 2024 increased by $347,000 to$1,068,000, up 48.1% from $721,000 in Q2 2023 [2][18]. - For the first half of 2024, total revenues rose by$251,000 to $1,956,000, a 14.7$1,705,000 in the same period of 2023 [3][19]. - Net income available to common stockholders for Q2 2024 was $137,000, or$0.02 per diluted share, compared to a net loss of $130,000, or ($0.02) per diluted share, in Q2 2023 [4][13]. - For the first half of 2024, net income available to common stockholders was $158,000, or$0.03 per diluted share, compared to $27,000, or$0.01 per diluted share, in the first half of 2023 [5][19]. Gross Margin - Gross margin for Q2 2024 increased to 59.7% from 48.4% in Q2 2023, attributed to higher sales of higher-margin products [5][6]. - For the first half of 2024, gross margin was 54.7%, up from 52.6% in the same period of 2023, reflecting increased sales of higher-margin products [6]. Backlog and Liquidity - As of June 30, 2024, the order backlog was $737,000, an increase of$594,000 from $143,000 as of December 31, 2023, and an increase of$413,000 from $324,000 as of June 30, 2023 [7]. - Cash and cash equivalents, along with marketable securities, totaled$41,092,000 as of June 30, 2024 [3][8]. Segment Performance - Revenues from the Electronic Instruments segment for Q2 2024 were $531,000, a 31.8$403,000 in Q2 2023 [18]. - The Merchant Investment segment reported revenues of $315,000 for Q2 2024, a significant increase as it had no revenues in Q2 2023 [18]. - Corporate revenues decreased by 30.2$222,000 in Q2 2024 from $318,000 in Q2 2023 [18].