The LGL Group, Inc (LGL) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $0.03 million, or $ 0.01 a share in the quarter, against a net loss of $0.20 million, or $0.07 a share in the last year period. On an adjusted basis, earnings per share were at $0.06 for the quarter compared with $0.04 in the same period last year.
Revenue during the quarter grew 6.92 percent to $5.13 million from $4.80 million in the previous year period. Operating margin for the quarter stood at negative 0.55 percent as compared to a negative 3.21 percent for the previous year period.
Operating loss for the quarter was $0.03 million, compared with an operating loss of $0.15 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.16 million compared with $0.10 million in the prior year period. At the same time, adjusted EBITDA margin improved 103 basis points in the quarter to 3.18 percent from 2.15 percent in the last year period.
The Company's executive chairman and chief executive officer, Michael Ferrantino, Sr., said, "When we reported our Q2 results in August, I said in the third quarter we expect a slight decline in revenue and we did see a slight decline from $5.2 million in Q2 versus $5.1 million this quarter. I also stated that our health care costs could be a factor in maintaining profitability. I am very pleased to report that even with the increase in health care costs, our operational people were once again up for the challenge, and we are pleased to report another profitable quarter."
Working capital increases marginally
The LGL Group, Inc has recorded an increase in the working capital over the last year. It stood at $9.97 million as at Sep. 30, 2016, up 1.90 percent or $0.19 million from $9.79 million on Sep. 30, 2015. Current ratio was at 4.83 as on Sep. 30, 2016, down from 5.22 on Sep. 30, 2015.
Days sales outstanding went up to 54 days for the quarter compared with 50 days for the same period last year.
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