ORLANDO, FL, March 24, 2014 â€“ The LGL Group, Inc. (NYSE MKT: LGL) (the â€śCompanyâ€ť), announced results for the full year and quarter ended December 31, 2013.
2013 Full-Year and Q4 Financial Results
Total revenues for the year ended December 31, 2013, were $26.2 million, a decrease of 11.8% from revenues of $29.7 million in 2012. Net loss for the year ended December 31, 2013, was ($8.2) million, compared to ($1.3) million in 2012. Basic and diluted loss per share was ($3.17) for the year ended December 31, 2013, compared with ($0.51) for the year ended December 31, 2012. The decrease in 2013 revenues was primarily due to reduced demand and price compression in the Internet Communications Technology (â€śICTâ€ť) market segment, and to a lesser degree, reduced demand from existing customers within the Aerospace and Defense (â€śAero/Defenseâ€ť) market segment. The competitive environment of the frequency control industry, as well as effects of the U.S. budget sequestration and related government spending uncertainty, continue to impact our business.
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