The LGL Group, Inc. (LGL) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $0.11 million, or $ 0.04 a share in the quarter, against a net loss of $0.13 million, or $0.05 a share in the last year period. On an adjusted basis, earnings per share were at $0.12 for the quarter compared with $0.01 in the same period last year. Revenue during the quarter grew 18.25 percent to $5.62 million from $4.76 million in the previous year period. Gross margin for the quarter expanded 522 basis points over the previous year period to 36.74 percent. Operating margin for the quarter period stood at positive 1.92 percent as compared to a negative 3.41 percent for the previous year period.
Operating income for the quarter was $0.11 million, compared with an operating loss of $0.16 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.31 million compared with $0.02 million in the prior year period. At the same time, adjusted EBITDA margin improved 500 basis points in the quarter to 5.53 percent from 0.53 percent in the last year period.
Commenting on the Company’s 2017 results, chairman and chief executive officer, Michael J. Ferrantino, Sr. stated, 'I’m very pleased to report our first quarter financial results. We saw growth in both revenues and income from the same prior year period. And net income, although modest, is a great start to the new year. I would also like to highlight the 21% growth in our backlog which was close to $11 million at the close of the quarter and a strong indicator of how our revenue stream should improve."
Working capital increases
The LGL Group, Inc. has recorded an increase in the working capital over the last year. It stood at $10.45 million as at Mar. 31, 2017, up 5.63 percent or $0.56 million from $9.89 million on Mar. 31, 2016. Current ratio was at 4.65 as on Mar. 31, 2017, down from 5.62 on Mar. 31, 2016. Days sales outstanding went down to 46 days for the quarter compared with 49 days for the same period last year.
Days inventory outstanding has decreased to 51 days for the quarter compared with 99 days for the previous year period.
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