| (Mark One) |                                                                                     |
|------------|------------------------------------------------------------------------------------------|
| x          | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|       |                                                                                     |
|       | For the quarterly period ended March 31, 2010                                            |
| OR         |
| o          | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

----

| Delaware                                                                           | 38-1799862                           |
|------------------------------------------------------------------------------------|--------------------------------------|
| (State or Other Jurisdiction of                                                    | (I.R.S. Employer Identification No.) |
| Incorporation or Organization)                                                     |                                 |
|                                                                               |                                 |
| 2525 Shader Rd., Orlando, Florida                                                  | 32804                                |
| (Address of principal executive offices)                                           | (Zip Code)                           |
|                                                                               |
| (407) 298-2000                                                                     |
| (Registrant’s telephone number, including area code)                         |
|                                                                               |                                 |
|                                                                               |                                 |
| (Former name, former address, and former fiscal year if changed since last report) |

----

| Class                        |   | Outstanding at May 19, 2010 |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|
| Common Stock, $0.01 par value                                                                                                                   |   | 2,232,262                   |

----

----

| PART I.          | FINANCIAL INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |     |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
| Item 1.          | Financial Statements (Unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
|             | Condensed Consolidated Balance Sheets:                                                                                                                               | 111      |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
|             | –         March 31, 2010                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
|             | –         December 31, 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
|             | Condensed Consolidated Statements of Operations:                                                                                                                     | 333      |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
|             | –         Three months ended March 31, 2010 and 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
|             | Condensed Consolidated Statements of Stockholders’ Equity:                                                                                                     | 444      |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
|             | –         Three months ended March 31, 2010                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
|             | Condensed Consolidated Statements of Cash Flows:                                                                                                                     | 555      |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
|             | –         Three months ended March 31, 2010 and 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
|             | Notes to Condensed Consolidated Financial Statements:                                                                                                                | 666      |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
| Item 2.          | Management’s Discussion and Analysis of Financial Condition and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |     |
|             | Results of Operations                                                                                                                                                | 1313     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
| Item 3.          | Quantitative and Qualitative Disclosure About Market Risk                                                                                                            | 1717     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
| Item 4.          | Controls and Procedures                                                                                                                                              | 1717     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
| PART II.         | OTHER INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
| Item 1.          | Legal Proceedings                                                                                                                                                    | 1919     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
| Item 1A.         | Risk Factors                                                                                                                                                         | 1919     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
| Item 2.          | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                          | 2020     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
| Item 3.          | Defaults Upon Senior Securities                                                                                                                                      | 2020     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
| Item 4.          | (Removed and Reserved)                                                                                                                                               | 2020     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
| Item 5.          | Other Information                                                                                                                                                    | 2020     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
| Item 6.          | Exhibits                                                                                                                                                             | 2121     |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |
| SIGNATURES  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  22 |

----

|                                                             |   | March 31, 2010 |    |   | December 31,2009 (A) |   |
|-----------------------------------------------------------------------|--------|----------------|---------|--------|----------------------|--------|
| ASSETS                                                                |   |           |    |   |                 |   |
| Current Assets:                                                       |   |           |    |   |                 |   |
| Cash and cash equivalents                                             |   | $              | 3,977   |   |                 | $      | 3,816 |   |
| Accounts receivable, less allowances of $190 and $259, respectively   |   |           | 5,933   |   |                 |   | 4,779 |   |
| Inventories                                                           |   |           | 6,636   |   |                 |   | 5,348 |   |
| Prepaid expenses and other current assets                             |   |           | 335     |   |                 |   | 412 |   |
| Total Current Assets                                                  |   |           | 16,881  |   |                 |   | 14,355 |   |
| Property, Plant and Equipment:                                        |   |           |    |   |                 |   |   |   |
| Land                                                                  |   |           | 670     |   |                 |   | 670 |   |
| Buildings and improvements                                            |   |           | 4,856   |   |                 |   | 4,856 |   |
| Machinery and equipment                                               |   |           | 13,368  |   |                 |   | 13,312 |   |
| Gross property, plant and equipment                                   |   |           | 18,894  |   |                 |   | 18,838 |   |
| Less: accumulated depreciation                                        |   |           | (15,266 | )      |                 |   | (15,113 | ) |
|       Net property, plant and equipment |   |           | 3,628   |   |                 |   | 3,725 |   |
| Deferred income taxes, net                                            |   |           | 111     |   |                 |   | 111 |   |
| Other assets                                                          |   |           | 341     |   |                 |   | 377 |   |
| Total Assets                                                          |   | $              | 20,961  |   |                 | $      | 18,568 |   |

----

|                                                                                                                                                                 |   | March 31, 2010 |    |   | December 31,2009 (A) |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|---------|--------|----------------------|--------|
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                                |   |           |    |   |                 |   |
| Current Liabilities:                                                                                                                                                      |   |           |    |   |                 |   |
| Note payable to bank                                                                                                                                                      |   | $              | 1,972   |   |                 | $      | 1,696 |   |
| Accounts payable                                                                                                                                                          |   |           | 2,809   |   |                 |   | 2,333 |   |
| Accrued compensation and commissions expense                                                                                                                              |   |           | 1,528   |   |                 |   | 1,220 |   |
| Other accrued expenses                                                                                                                                                    |   |           | 1,335   |   |                 |   | 1,020 |   |
| Current maturities of long-term debt                                                                                                                                      |   |           | 2,603   |   |                 |   | 2,620 |   |
| Total Current Liabilities                                                                                                                                                 |   |           | 10,247  |   |                 |   | 8,889 |   |
| Long-term debt                                                                                                                                                            |   |           | 596     |   |                 |   | 669 |   |
| Total Liabilities                                                                                                                                                         |   |           | 10,843  |   |                 |   | 9,558 |   |
|                                                                                                                                                                      |   |           |    |   |                 |   |   |   |
| Commitments and Contingencies                                                                                                                                             |   |           |    |   |                 |   |   |   |
|                                                                                                                                                                      |   |           |    |   |                 |   |   |   |
| Stockholders’ Equity:                                                                                                                                               |   |           |    |   |                 |   |   |   |
| Common stock, $0.01 par value - 10,000,000 shares authorized; 2,232,262 and 2,227,684 shares issued and outstanding at March 31, 2010 and December 31, 2009, respectively |   |           | 22      |   |                 |   | 22 |   |
| Additional paid-in capital                                                                                                                                                |   |           | 20,723  |   |                 |   | 20,708 |   |
| Accumulated deficit                                                                                                                                                       |   |           | (10,538 | )      |                 |   | (11,604 | ) |
| Accumulated other comprehensive loss                                                                                                                                      |   |           | (89     | )      |                 |   | (116 | ) |
| Total Stockholders’ Equity                                                                                                                                          |   |           | 10,118  |   |                 |   | 9,010 |   |
| Total Liabilities and Stockholders’ Equity                                                                                                                          |   | $              | 20,961  |   |                 | $      | 18,568 |   |

| (A)   | The Condensed Consolidated Balance Sheet at December 31, 2009 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                          |   | Three MonthsEnded March 31, |      |
|--------------------------------------------------------------------|--------|-----------------------------|-----------|
|                                                               |   |    2010           |      |   |    2009 |   |
|                                                               |   |                        |      |   |   |   |
| REVENUES                                                           |   | $                           | 10,701    |   |   | $ | 7,542 |   |
| Cost and expenses:                                                 |   |                        |      |   |   |   |   |   |
| Manufacturing cost of sales                                        |   |                        | 7,048     |   |   |   | 5,946 |   |
| Engineering, selling and administrative                            |   |                        | 2,449     |   |   |   | 2,554 |   |
|   Total Cost and Expenses                                |   |                        | 9,497     |   |   |   | 8,500 |   |
| OPERATING INCOME (LOSS)                                            |   |                        | 1,204     |   |   |   | (958 | ) |
| Other income (expense):                                            |   |                        |      |   |   |   |   |   |
| Interest expense                                                   |   |                        | (105      | ) |   |   | (93 | ) |
| Other income (expense)                                             |   |                        | (5        | ) |   |   | 13 |   |
|    Total Other Income (Expense)                     |   |                        | (110      | ) |   |   | (80 | ) |
| INCOME (LOSS) BEFORE INCOME TAXES                                  |   |                        | 1,094     |   |   |   | (1,038 | ) |
| Income tax benefit (provision)                                     |   |                        | (28       | ) |   |   | 30 |   |
|                                                               |   |                        |      |   |   |   |   |   |
| NET INCOME (LOSS)                                                  |   | $                           | 1,066     |   |   | $ | (1,008 | ) |
|                                                               |   |                        |      |   |   |   |   |   |
| Weighted average number of shares used in basic EPS calculation.   |   |                        | 2,227,684 |   |   |   | 2,183,236 |   |
| Weighted average number of shares used in diluted EPS calculation. |   |                        | 2,238,931 |   |   |   | 2,183,236 |   |
|                                                               |   |                        |      |   |   |   |   |   |
| BASIC NET INCOME (LOSS) PER COMMON SHARE                           |   | $                           | 0.48      |   |   | $ | (0.46 | ) |
| DILUTED NET INCOME (LOSS) PER COMMON SHARE                         |   | $                           | 0.48      |   |   | $ | (0.46 | ) |

|   |   |
|--------|--------|

----

|                                               |   | Shares ofCommon StockOutstanding |      |   | CommonStock |   |   | AdditionalPaid-InCapital |   |   | Accumulated Deficit |   |   | Accumulated Other Comprehensive Loss |    |   | Treasury Stock |   |   | Total  |   |
|----------------------------------------------------|--------|----------------------------------|-----------|--------|-------------|--------|--------|--------------------------|--------|--------|---------------------|--------|--------|--------------------------------------|---------|--------|----------------|--------|--------|--------|--------|
| Balance at January 1, 2010                         |   |                             | 2,227,684 |   |        | $      | 22     |                     |   | $      | 20,708              |   |   | $                                    | (11,604 | )      |           | $      | (116   | )      |   | $ | -- |   |   | $ | 9,010 |   |
| Comprehensive income:                              |   |                             |      |   |        |   |   |                     |   |   |                |   |   |                                 |    |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Net income for period                              |   |                             | --        |   |        |   | --     |                     |   |   | --                  |   |   |                                 | 1,066   |   |           |   | --     |   |   |   | -- |   |   |   | 1,066 |   |
| Other comprehensive income                         |   |                             | --        |   |        |   | --     |                     |   |   | --                  |   |   |                                 | --      |   |           |   | 27     |   |   |   | -- |   |   |   | 27 |   |
| Comprehensive income                               |   |                             |      |   |        |   |   |                     |   |   |                |   |   |                                 |    |   |           |   |   |   |   |   |   |   |   |   | 1,093 |   |
| Stock-based compensation                           |   |                             | --        |   |        |   | --     |                     |   |   | 15                  |   |   |                                 | --      |   |           |   | --     |   |   |   | -- |   |   |   | 15 |   |
| Issuance of new shares for vested restricted stock |   |                             | 4,578     |   |        |   | --     |                     |   |   | --                  |   |   |                                 | --      |   |           |   | --     |   |   |   | -- |   |   |   | -- |   |
| Balance at March 31, 2010                          |   |                             | 2,232,262 |   |        | $      | 22     |                     |   | $      | 20,723              |   |   | $                                    | (10,538 | )      |           | $      | (89    | )      |   | $ | -- |   |   | $ | 10,118 |   |
|                                               |   |                             |      |   |        |   |   |                     |   |   |                |   |   |                                 |    |   |           |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                |   | Three Months EndedMarch 31, |   |
|------------------------------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                                     |   | 2010                        |   |   | 2009 |   |
|                                                                                     |   |                        |   |   |   |   |
| OPERATING ACTIVITIES                                                                     |   |                        |   |   |   |   |
| Net income (loss)                                                                        |   | $                           | 1,066  |   |   | $ | (1,008 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |   |                        |   |   |   |   |   |   |
| Depreciation                                                                             |   |                        | 153    |   |   |   | 257 |   |
| Amortization of finite-lived intangible assets                                           |   |                        | 36     |   |   |   | 15 |   |
| Stock-based compensation                                                                 |   |                        | 15     |   |   |   | 20 |   |
| Changes in operating assets and liabilities:                                             |   |                        |   |   |   |   |   |   |
|    Decrease (increase) in accounts receivable                             |   |                        | (1,154 | ) |   |   | 2,350 |   |
|    Increase in inventories                                                |   |                        | (1,288 | ) |   |   | (59 | ) |
|    Increase in trade accounts payable and accrued liabilities             |   |                        | 1,125  |   |   |   | 107 |   |
|    Decrease in other assets/liabilities, net                              |   |                        | 78     |   |   |   | 39 |   |
| Net cash provided by operating activities                                                |   |                        | 31     |   |   |   | 1,721 |   |
|                                                                                     |   |                        |   |   |   |   |   |   |
| INVESTING ACTIVITIES                                                                     |   |                        |   |   |   |   |   |   |
| Capital expenditures                                                                     |   |                        | (56    | ) |   |   | (116 | ) |
| Net cash used in investing activities                                                    |   |                        | (56    | ) |   |   | (116 | ) |
|                                                                                     |   |                        |   |   |   |   |   |   |
| FINANCING ACTIVITIES                                                                     |   |                        |   |   |   |   |   |   |
| Net borrowings (repayments) on note payable to bank                                      |   |                        | 276    |   |   |   | (1,366 | ) |
| Repayments of long-term debt                                                             |   |                        | (90    | ) |   |   | (83 | ) |
| Net cash provided by (used in) financing activities                                      |   |                        | 186    |   |   |   | (1,449 | ) |
|                                                                                     |   |                        |   |   |   |   |   |   |
| Increase in cash and cash equivalents                                                    |   |                        | 161    |   |   |   | 156 |   |
| Cash and cash equivalents at beginning of period                                         |   |                        | 3,816  |   |   |   | 5,325 |   |
| Cash and cash equivalents at end of period                                               |   | $                           | 3,977  |   |   | $ | 5,481 |   |
|                                                                                     |   |                        |   |   |   |   |   |   |
| Supplemental Disclosure:                                                                 |   |                        |   |   |   |   |   |   |
| Cash paid for interest                                                                   |   | $                           | 105    |   |   | $ | 93 |   |
| Non-cash Financing Transactions:                                                         |   |                        |   |   |   |   |   |   |
| Issuance of treasury shares for vested restricted stock                                  |   | $                           | --     |   |   | $ | 101 |   |

----

| A.   |  Subsidiaries of the Registrant |
|----------------|--------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Owned By LGL |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|
| M-tron Industries, Inc.                                                                                                                                                                                           |   |         | 100.0  | % |
|         M-tron Industries, Ltd.                                                                                                                                           |   |         | 100.0  | % |
|         Piezo Technology, Inc.                                                                                                                                            |   |         | 100.0  | % |
|                 Piezo Technology India Private Ltd.                                                                               |   |         | 99.9   | % |
| Lynch Systems, Inc.                                                                                                                                                                                          |   |         | 100.0  | % |

| B.   | Basis of Presentation  |
|----------------|-----------------------------|

----

| C.   | Inventories |
|----------------|-------------|

|              |   | March 31,2010  |   |   | December 31,2009 |   |
|-------------------|--------|----------------|--------|--------|------------------|--------|
|              |   | (in thousands) |   |
| Raw materials     |   | $              | 3,087  |   |             | $      | 2,738 |   |
| Work in process   |   |           | 2,341  |   |             |   | 1,486 |   |
| Finished goods    |   |           | 1,208  |   |             |   | 1,124 |   |
| Total Inventories |   | $              | 6,636  |   |             | $      | 5,348 |   |

| D.   | Note Payable to Bank and Long-Term Debt |
|----------------|-----------------------------------------|

|                                                                                                                                                                                                                                     |   | March 31, 2010 |   |   | December 31,2009 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|--------|------------------|--------|
| Note Payable:                                                                                                                                                                                                                            |   | (in thousands) |   |
| MtronPTI revolving loan (First National Bank of Omaha (“FNBO”)) at 30-day LIBOR plus 4.75%; (4.98% at March 31, 2010), due June 30, 2010                                                                                     |   | $              | 1,972  |   |             | $      | 1,696 |   |
|                                                                                                                                                                                                                                     |   |           |   |   |             |   |   |   |
| Long-Term Debt:                                                                                                                                                                                                                          |   |           |   |   |             |   |   |   |
| MtronPTI term loan (RBC Centura Bank (“RBC”)) due October 1, 2010.  The note bears interest at LIBOR Base Rate plus 2.75%.  Interest rate swap converts loan to a fixed rate, at 7.51% at March 31, 2010 |   | $              | 2,319  |   |             | $      | 2,341 |   |
| Mtron term loan (FNBO) due January 24, 2013. The note bears interest at 30-day LIBOR plus 2.10%. Interest rate swap converts loan to a fixed rate, at 5.60% at March 31, 2010                                                       |   |           | 880    |   |             |   | 948 |   |
|                                                                                                                                                                                                                                     |   |           | 3,199  |   |             |   | 3,289 |   |
| Current maturities                                                                                                                                                                                                                       |   |           | 2,603  |   |             |   | 2,620 |   |
| Long -Term Debt                                                                                                                                                                                                                          |   | $              | 596    |   |             | $      | 669 |   |

----

----

| E.   | Stock-Based Compensation |
|----------------|--------------------------|

| F.   | Earnings (Loss) Per Share |
|----------------|---------------------------|

|                             |   | Three Months EndedMarch 31, |   |
|----------------------------------|--------|-----------------------------|--------|
|                             |   | 2010                        |   |   | 2009 |   |
| Options to purchase common stock |   |                        | 20,000 |   |   |   | 200,000 |   |
| Unvested restricted stock        |   |                        | 11,247 |   |   |   | 33,328 |   |
| Totals                           |   |                        | 31,247 |   |   |   | 233,328 |   |

| G.   | Other Comprehensive Income (Loss) |
|----------------|-----------------------------------|

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Three Months EndedMarch 31, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 2010                        |   |   | 2009 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (in thousands)              |   |
| Balance beginning of period                                                                                                 |   | $                           | (116   | ) |   | $ | (235 | ) |
| Deferred gain on swap liability on hedge contracts                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                        | 27     |   |   |   | 16 |   |
| Unrealized gain on available-for-sale securities                                                                            |   |                        | --     |   |   |   | 2 |   |
| Balance end of period                                                                                                                           |   | $                           | (89    | ) |   | $ | (217 | ) |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | March 31,2010  |   |   | December 31, 2009 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (in thousands) |   |
| Deferred loss on swap liability on hedge contracts                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $              | (102   | )      |              | $      | (129 | ) |
| Unrealized gain on available-for-sale securities                                                                            |   |           | 13     |   |              |   | 13 |   |
| Accumulated other comprehensive loss                                                                                                            |   | $              | (89    | )      |              | $      | (116 | ) |

| H.   | Fair Value Measurements |
|----------------|-------------------------|

|                |   | Quoted Prices in Active Markets for Identical Assets (Level 1) |   |   | Significant Other Observable Inputs (Level 2) |   |   | Significant Unobservable Inputs (Level 3) |   |   | March 31, 2010 |   |
|---------------------|--------|----------------------------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-------------------------------------------|--------|--------|----------------|--------|
|                |   | (in thousands)                                                 |   |
| Marketable security |   | $                                                              | 28     |   |                                          | $      | --     |                                      |   | $      | --             |   |   | $ | 28 |   |

----

|                              |   | Quoted Prices in Active Markets for Identical Assets (Level 1) |   |   | Significant Other Observable Inputs (Level 2) |   |   | Significant Unobservable Inputs (Level 3) |   |   | March 31, 2010 |   |
|-----------------------------------|--------|----------------------------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-------------------------------------------|--------|--------|----------------|--------|
|                              |   | (in thousands)                                                 |   |
| Swap liability on hedge contracts |   | $                                                              | --     |   |                                          | $      | 102    |                                      |   | $      | --             |   |   | $ | 102 |   |

| I.   | Foreign Sales |
|----------------|---------------|

|                                                 |   | Three Months EndedMarch 31, |   |
|------------------------------------------------------|--------|-----------------------------|--------|
| Foreign Revenues:                                    |   | 2010                        |   |   | 2009 |   |
|                                                 |   | (in thousands)              |   |
| Malaysia                                             |   | $                           | 1,545  |   |   | $ | 896 |   |
| China                                                |   |                        | 1,363  |   |   |   | 790 |   |
| Thailand                                             |   |                        | 644    |   |   |   | 238 |   |
| Mexico                                               |   |                        | 499    |   |   |   | 355 |   |
| France                                               |   |                        | 195    |   |   |   | 178 |   |
| Netherlands                                          |   |                        | 144    |   |   |   | 56 |   |
| Singapore                                            |   |                        | 104    |   |   |   | 605 |   |
| Taiwan                                               |   |                        | 104    |   |   |   | 31 |   |
| Canada                                               |   |                        | 59     |   |   |   | 91 |   |
| All other foreign countries                          |   |                        | 420    |   |   |   | 458 |   |
|      Total foreign revenues |   | $                           | 5,077  |   |   | $ | 3,698 |   |

| J.   | Commitments and Contingencies |
|----------------|-------------------------------|

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| K.   |  Income Taxes |
|----------------|--------------------|

| L.   | Related Party Transactions |
|----------------|----------------------------|

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|   | Consolidated Revenues and Gross Margin |
|--------|----------------------------------------|

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|   | Operating Income (Loss) |
|--------|-------------------------|

|   | Interest expense |
|--------|------------------|

|   | Income Taxes |
|--------|--------------|

|   | Net Income (Loss) |
|--------|-------------------|

|   | Liquidity and Capital Resources |
|--------|---------------------------------|

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| Exhibit No. |  Description                                                                                            |
|-------------|--------------------------------------------------------------------------------------------------------------|
|        |                                                                                                         |
| 31.1        | Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
| 31.2        | Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
| 32.1        | Certification of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |
| 32.2        | Certification of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |

|   | * Filed herewith |
|--------|------------------|

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|                                                                                      |   | THE LGL GROUP, INC. |
|-------------------------------------------------------------------------------------------|--------|---------------------|
|                                                                                      |   |                |
|                                                                                      |   |                |
| Date:            May 21, 2010 |   | By:                 | /s/ Gregory P. Anderson |
|                                                                                      |   |                | Gregory P. Anderson |
|                                                                                      |   |                | President and Chief Executive Officer(Principal Executive Officer) |
|                                                                                      |   |                |   |
|                                                                                      |   |                |   |
| Date:            May 21, 2010 |   | By:                 | /s/ R. LaDuane Clifton |
|                                                                                      |   |                | R. LaDuane Clifton |
|                                                                                      |   |                | Chief Accounting Officer(Principal Financial and Accounting Officer) |

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| Exhibit No. |  Description                                                                                            |
|-------------|--------------------------------------------------------------------------------------------------------------|
|        |                                                                                                         |
| 31.1        | Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
| 31.2        | Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
| 32.1        | Certification of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |
| 32.2        | Certification of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |

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