LGL Q1 rev $441K, net $157K; Co-CEO to resign, board expansion, SPV formed

LGL GROUP INC

Revenue $441K vs $417K YoY; operating loss improved to $309K from $847K.
Net income $157K ($0.03 EPS) flat vs prior year; cash and marketable securities $38.4M.
Co-CEO Michael Ferrantino will resign after Q2 2023; Tim Foufas to become Co-CEO alongside Marc Gabelli.
New SPV Lynch Systems Acquisition Holding Company formed in April 2023 for merchant banking activities.
Board expanding; considering independent candidates with transactional experience.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LGL GROUP INC reported the three months ended March 31, 2023 results: revenue $441,000, net income $157,000, EPS $0.03 per share.

Period: the three months ended March 31, 2023
Revenue: $441,000
Net income: $157,000
EPS: $0.03 per share
Result: reported results

Exact text from the filing

FL. June 16, 2023 – The LGL Group, Inc. (NYSE American: LGL) (the “Company” or “LGL”) announced its financial results for the three months ended March 31, 2023. ● Revenue of $441,000 for the three months ended March 31, 2023 compared to $417,000 for the comparable prior year period. ● Operating loss of $309,000 for the three months ended March 31, 2023

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LGL GROUP INC filing history →

Source: SEC EDGAR

accession 0001437749-23-017653

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