ORLANDO, Fla., Nov. 17, 2010 (GLOBE NEWSWIRE) -- The LGL Group, Inc. (NYSE Amex:LGL) (the "Company") today announced that MtronPTI, its wholly-owned subsidiary, has broadened its product offerings and technical expertise in the rapidly expanding Unmanned Aerial Vehicle ("UAV") market.
UAVs have become a vital component of modern warfare and security, allowing surveillance and communications without endangering the pilot, who is able to guide the UAV from a distant location.
The Company announced that MtronPTI has successfully qualified the Model M611X Series Precision TCXO for the next generation data link for a UAV platform.
The new product platform joins MtronPTI's other product offerings for this market, including the XO5080 Series OCXOs, which meet precise timing and frequency reference requirements, as well as the M9100 Series of GPSDO timing modules, which provide broad capability, low risk modular integrated subsystem, and a host of relevant filter offerings, including crystal, lumped element (LC), cavity, mono-block ceramic and SAW filters for avionic applications to assist the UAV data link and radar subsystems.
Forty Years of Experience
The Company's Chief Executive Officer, Greg Anderson, said, "The qualification of this system expands our broad offerings in this rapidly expanding market. We have over 40 years of experience as a supplier of frequency control devices for military and Homeland Security applications including weapons platforms, communications, electronic warfare and radar systems. This further strengthens our engineering capability and technical expertise to assist UAV prime contractors and their subsystem payload partners with solutions for their specific frequency control device requirements."
MtronPTI has already qualified both leaded and surface mount LC filters on UAV data link and radar platforms, and has been providing LC and cavity filters to support the challenging LINK 16 data protocol. These filters have been qualified for rugged environments and, in some cases, high-power handling.
Third Quarter Basic and Diluted EPS of $0.88 with Revenues of $12.4MM
The Company also recently announced its results for third quarter 2010, reporting earnings of $0.88 per share and revenues of approximately $12,397,000 for the three months ended September 30, 2010, compared to loss per share of ($0.43) and revenues of approximately $7,321,000 for the comparable period in 2009. For the nine months ended September 30, 2010, the Company reported earnings of $2.32 per share and revenues of approximately $35,633,000, compared to loss per share of ($1.32) and revenues of approximately $22,099,000 for the comparable period in 2009.
Mr. Anderson said, "The Company continues to execute its strategy to keep costs in line and deliver results for stockholders while strategically investing in product opportunities such as the UAV product offerings that will expand and enhance the Company's value offering to customers and create stockholder value."
About The LGL Group, Inc.
The LGL Group, Inc., through its wholly-owned subsidiary MtronPTI, manufactures and markets highly engineered electronic components used to control the frequency or timing of signals in electronic circuits. These devices are used extensively in infrastructure equipment for the telecommunications and network equipment industries, as well as in electronic systems for military applications, avionics, earth-orbiting satellites, medical devices, instrumentation, industrial devices and global positioning systems. The Company has operations in Orlando, Florida, Yankton, South Dakota and Noida, India. MtronPTI also has sales offices in Hong Kong and Shanghai, China.
For more information on the Company and its products and services, contact R. LaDuane Clifton, Chief Accounting Officer, The LGL Group, Inc., 2525 Shader Rd., Orlando, Florida 32804, (407) 298-2000, or visit the Company's Web site: www.lglgroup.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 the Company's filings with the U.S. Securities and Exchange Commission.