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Lynch Corporation Announces Second-Quarter Loss

Positive trends include first-half 03 growth in bookings and operating revenue

PROVIDENCE, R.I., August 14 Lynch Corporation (American Stock Exchange symbol LGL) today announced a net loss of $173,000, or $0.12 per share, for the second quarter of calendar-fiscal 2003, versus a net loss of $108,000, or $0.07 per share, for the corresponding period last year. Sales for the second quarter of 2003 were $6,714,000, down 31 percent from $9,691,000 for the same quarter one year ago.

The company reported a net loss of $911,000, or $0.61 per share, for the first half of 2003 compared to a net loss of $400,000, or $0.27 per share, for the first half of 2002. Sales for the first half of 2003 were $11,458,000, down 31 percent from sales of $16,694,000 for the first half last year. Average shares outstanding were 1,497,900 for all four reporting periods.

Nonetheless, we are encouraged by growth in bookings and operating revenue in the first half of 2003, compared to the same period last year, said Ralph R. Papitto, chairman and chief executive officer. He said June was the sixth consecutive month of revenue growth and the first month this year in which both operating units shipped more than $1 million in goods. Consolidated bookings for the first six months of 2003 were $18.1 million, almost double the companys bookings of $9.1 million in the first half of 2002.
 

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