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The LGL Group (NYSE American: LGL) released its financial results for Q1 2024, ending March 31, 2024. During this period, total revenues fell by $96,000 to $888,000 compared to Q1 2023. Income from continuing operations before taxes decreased by $193,000 to $57,000. Net income per diluted share dropped by $0.03 to $0.00. Cash and marketable securities stood at $40.89 million.
Tim Foufas, Co-CEO, noted a revenue decline in the Electronics Instruments segment but pointed out an improved order backlog. The order backlog rose to $341,000, an increase of $198,000 from December 31, 2023.
Gross margin fell to 48.0% from 56.5% in Q1 2023, attributed to a lower margin product mix and higher labor costs. Working capital was $41.17 million, and investments in U.S. Treasury money market funds provided higher net investment income.
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