Lynch Corporation - 500 Beiträge pro Seite

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Profile:Lynch Corporation, through its subsidiaries, engages in the design, manufacture, and marketing of customized electronic components used primarily to control the frequency or timing of electronic signals in electronic circuits in the United States and internationally. Its frequency control devices consist of packaged quartz crystals, crystal oscillators, and electronic filters. These devices are used in infrastructure equipment for the telecommunications and network equipment industries, as well as in electronic systems for military applications, avionics, medical devices, instrumentation, industrial devices, and global positioning systems. The company also manufactures and installs forming equipment that sizes, cuts, and forms tableware, such as glass tumblers, plates, cups, saucers, pitchers, architectural glass block, industrial lighting, commercial optical glass, and automobile lenses. It also manufactures glass-forming presses and electronic controls to provide high-speed automated systems to form different sizes of face panels and CRT display tubes for television screens and computer monitors. Additionally, the company manufactures and installs electronic controls and retrofit systems for CRT display and consumer glass presses. The company’s customers include original equipment manufacturers and contract manufacturers. The company was founded in 1917 and is based in Greenwich, Connecticut.

http://www.lynchcorp.com/

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Lynch Corporation Reports Net Income of $366,000 for First Quarter 2006, Compared With Net Income of $50,000 for First Quarter 2005
Thursday May 11, 4:43 pm ET


GREENWICH, Conn., May 11 /PRNewswire-FirstCall/ -- Lynch Corporation (Amex: LGL - News) today announced that consolidated revenues for the three months ended March 31, 2006 were $12,091,000, an increase of 14% from $10,595,000 for the three months ended March 31, 2005. For the three months ended March 31, 2006, the company reported net income of $366,000, or $0.17 per share, compared to net income of $50,000, or $0.03 per share, for the three months ended March 31, 2005. Average shares outstanding were 2,154,702 for the three months ended March 31, 2006 and 1,632,126 for the three months ended March 31, 2005.
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For the three months ended March 31, 2006, consolidated revenues increased $1,496,000 or 14%, to $12,091,000 from the three months ended March 31, 2005. The increase in revenues came from both MtronPTI and Lynch Systems. For the three months ended March 31, 2006, revenues at MtronPTI increased by $1,364,000, or 16%, to $9,748,000 primarily due higher international revenues resulting from an improved business environment. MtronPTI designs and manufactures components that control the frequency of electronic signals in communications systems.

For the three months ended March 31, 2006, revenues at Lynch Systems increased by $132,000, or 6% to $2,343,000 primarily due to increase in machine parts sales. Lynch Systems, Inc. produces advanced manufacturing systems for the electronic display and consumer glass industries.

The operating profit for three months ended March 31, 2006 was $386,000, compared to $227,000 for the three months ended March 31, 2005. For the three months ended March 31, 2006, MtronPTI had an operating profit of $975,000, an improvement of $396,000 compared to the three months ended March 31, 2005, primarily due to increased revenues and a slight improvement in gross margin. For the three months ended March 31, 2006, Lynch Systems had an operating loss of $260,000, compared to an operating profit of $74,000 in the three months ended March 31, 2005, primarily due lower margins in 2006 as compared to 2005 resulting from sales of high margin CRT machines in the first quarter of 2005. For the three months ended March 31, 2006, corporate expenses were $329,000, a decrease of $97,000 compared to the three months ended March 31, 2005 primarily due to lower professional fees.

Investment income for the three months ended March 31, 2006 was $235,000, an increase of $225,000 compared to the three months ended March 31, 2005 due to a $202,000 realized gain on sale of marketable securities. Interest expense for the three months ended March 31, 2006 was $163,000, a decrease of $22,000 compared to the three months ended March 31, 2005 primarily due to lower debt outstanding, partially offset by higher interest rates. For the three months ended March 31, 2006, other expense was $8,000, compared to other income of $3,000 for the three months ended March 31, 2005.

The net income for the three months ended March 31, 2006 was $366,000, compared to net income of $50,000 for the three months ended March 31, 2005.

EBITDA from operations improved $96,000 to $1,048,000 for the three months ended March 31, 2006, compared to EBITDA from operations of $952,000 for the three months ended March 31, 2005. EBITDA at MtronPTI improved $421,000 to $1,236,000 for the three months ended March 31, 2006, compared to $815,000 for the three months ended March 31, 2005. EBITDA loss at Lynch Systems was $188,000 for the three months ended March 31, 2006, compared to an EBITDA of $137,000 for the three months ended March 31, 2005.

Total backlog of manufactured products at March 31, 2006 was $14,636,000, a $776,000 increase compared to the backlog at December 31, 2005. The backlog at March 31, 2006 at MtronPTI was $9,660,000, a $754,000 increase from December 31, 2005. The backlog at March 31, 2006 at Lynch Systems was $4,976,000, a $22,000 increase from December 31, 2005.

At March 31, 2006, the cash and cash equivalents were $3,465,000, compared to $5,512,000 at December 31, 2005. The total assets and total debt at March 31, 2006 were $32,273,000 and $8,061,000, respectively, compared to $32,664,000 and $9,084,000 at December 31, 2005.


Lynch is a holding company for two manufacturing subsidiaries:

-- MtronPTI which designs and manufactures components that control the
frequency of electronic signals in communications systems.

-- Lynch Systems, Inc., which produces advanced manufacturing systems for
the electronic display and consumer glass industries.

For more information on the company and its products and services, contact Gene Hynes, Vice President, Lynch Corporation, 140 Greenwich Avenue, 4th Floor, Greenwich, Connecticut 06830, [phone], or visit the company's Web site: http://www.lynchcorp.com.

Caution Concerning Forward Looking Statements

This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in Lynch Corporation's filings with the Securities and Exchange Commission.



LYNCH CORPORATION
STATEMENTS OF OPERATIONS
(Dollars In Thousands, Except Per Share Data)

Three months
Ended March 31,
2006 2005
SALES
MtronPTI $9,748 $8,384
Lynch Systems 2,343 2,211
Consolidated Total 12,091 10,595

OPERATING EXPENSES
MtronPTI 8,773 7,805
Lynch Systems 2,603 2,137
Operating Expense 11,376 9,942
Corporate expenses - unallocated 329 426
Consolidated Total 11,705 10,368

OPERATING PROFIT (LOSS)
MtronPTI 975 579
Lynch Systems (260) 74
Operating Profit (Loss) 715 653
Corporate expenses - unallocated (329) (426)
Consolidated Total 386 227

OTHER INCOME (EXPENSE)
Investment income 235 10
Interest expense (163) (185)
Other income (expense) (8) 3
Consolidated Total 64 (172)

INCOME BEFORE INCOME TAXES 450 55
PROVISION FOR INCOME TAXES (84) (5)

NET INCOME $366 $50

WEIGHTED AVERAGE SHARES
OUTSTANDING 2,154,702 1,632,126

BASIC & DILUTED INCOME PER SHARE: $0.17 $0.03


EARNINGS (LOSS) BEFORE
INTEREST, TAXES, DEPRECIATION &
AMORTIZATION (EBITDA)
MtronPTI 1,236 815
Lynch Systems (188) 137
EBITDA from Operations 1,048 952
Corporate expenses - unallocated (328) (425)
Consolidated Total $720 $527



LYNCH CORPORATION
RECONCILIATION OF NON-GAAP RESULTS
(Dollars in Thousands, Except Per Share Data)

Three Months
Ended March 31,
2006 2005

RECONCILIATION OF NON-GAAP EBITDA
Operating profit as reported $386 $227
Depreciation and amortization 334 300
Non-GAAP EBITDA $720 $527


Year-to-date comparisons must take into account non-recurring expenses
and gains in both years.

EBITDA is presented because it is a widely accepted financial indicator
of value and ability to incur and service debt.
EBITDA is not a substitute for operating income or cash flow from
operating activities.



LYNCH CORPORATION
SELECTED BALANCE SHEET DATA
(Dollars in Thousands, Except Share Data)

Mar. 31, Dec. 31,
SELECTED BALANCE SHEET DATA 2006 2005

CASH AND CASH EQUIVALENTS $3,465 $5,512

RESTRICTED CASH 650 650

MARKETABLE SECURITIES, NET OF MARGIN
LIABILITY 3,242 2,408

PROPERTY PLANT AND EQUIPMENT - COST 21,281 21,228

TOTAL ASSETS 32,273 32,664

TOTAL DEBT 8,061 9,084

TOTAL LIABILITIES 16,442 17,976

SHAREHOLDERS' EQUITY 15,831 14,688

BACKLOG -
MTRON/PTI 9,660 8,906

LYNCH SYSTEMS 4,976 4,954

TOTAL BACKLOG 14,636 13,860

SHARES OUTSTANDING 2,154,702 2,154,702





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Source: Lynch Corporation