10-Q/A Filing

LGL GROUP INC CIK: 61004 Q2 2011

Filing Information

Form Type	10-Q/A
Accession Number	`0000061004-11-000045`
Period End Date	20110630
Filing Date	20110815
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	lgl-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 60 Cash Flow Statement 52 Stockholders Equity 15

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.15M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$155.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.98M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.61M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.82M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$161.00K	USD	Point-in-time
Accounts receivable, less allowances of $155 and $161, respectively	`AccountsReceivableNetCurrent`	$5.78M	USD	Point-in-time
Accounts receivable, less allowances of $155 and $161, respectively	`AccountsReceivableNetCurrent`	$5.19M	USD	Point-in-time
Inventories	`InventoryNet`	$6.87M	USD	Point-in-time
Inventories	`InventoryNet`	$5.95M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.29M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.29M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	2.27M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$310.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	2.62M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$317.00K	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	2.62M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	2.27M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$24.65M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$17.49M	USD	Point-in-time
Land	`Land`	$672.00K	USD	Point-in-time
Land	`Land`	$668.00K	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$5.00M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$5.45M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$14.63M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$13.92M	USD	Point-in-time
Gross Property, Plant and Equipment	`PropertyPlantAndEquipmentGross`	$20.75M	USD	Point-in-time
Gross Property, Plant and Equipment	`PropertyPlantAndEquipmentGross`	$19.59M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$16.09M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$15.76M	USD	Point-in-time
Net Property, Plant and Equipment	`PropertyPlantAndEquipmentNet`	$4.66M	USD	Point-in-time
Net Property, Plant and Equipment	`PropertyPlantAndEquipmentNet`	$3.83M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsNetNoncurrent`	$1.84M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsNetNoncurrent`	$2.06M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$269.00K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$354.00K	USD	Point-in-time
Total Assets	`Assets`	$23.73M	USD	Point-in-time
Total Assets	`Assets`	$31.42M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.03M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.88M	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$1.30M	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$1.45M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$689.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$1.02M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$299.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$335.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$5.35M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.66M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$201.00K	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$370.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$5.55M	USD	Point-in-time
Total Liabilities	`Liabilities`	$5.03M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,617,260 and 2,267,260 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively	`CommonStockValue`	$26.00K	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,617,260 and 2,267,260 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively	`CommonStockValue`	$22.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$27.41M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$20.89M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.59M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.18M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$23.00K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-38.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$25.87M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$18.70M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$31.42M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$23.73M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`SalesRevenueGoodsNet`	$12.54M	USD	1 Quarter
REVENUES	`SalesRevenueGoodsNet`	$18.67M	USD	2 Qtrs
REVENUES	`SalesRevenueGoodsNet`	$23.24M	USD	2 Qtrs
REVENUES	`SalesRevenueGoodsNet`	$9.65M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$6.58M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$7.99M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$15.04M	USD	2 Qtrs
Manufacturing cost of sales	`ManufacturingCosts`	$12.66M	USD	2 Qtrs
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.19M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$5.06M	USD	2 Qtrs
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.50M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$4.64M	USD	2 Qtrs
Total Cost and Expenses	`CostsAndExpenses`	$17.72M	USD	2 Qtrs
Total Cost and Expenses	`CostsAndExpenses`	$19.68M	USD	2 Qtrs
Total Cost and Expenses	`CostsAndExpenses`	$10.18M	USD	1 Quarter
Total Cost and Expenses	`CostsAndExpenses`	$9.08M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$564.00K	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$947.00K	USD	2 Qtrs
OPERATING INCOME	`OperatingIncomeLoss`	$2.35M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$3.56M	USD	2 Qtrs
Interest expense	`InterestExpense`	$217.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$41.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$112.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$29.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$36.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$5.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$14.00K	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$31.00K	USD	2 Qtrs
Total Other Income (Expense)	`NonoperatingIncomeExpense`	$-24.00K	USD	1 Quarter
Total Other Income (Expense)	`NonoperatingIncomeExpense`	$-76.00K	USD	1 Quarter
Total Other Income (Expense)	`NonoperatingIncomeExpense`	$-186.00K	USD	2 Qtrs
Total Other Income (Expense)	`NonoperatingIncomeExpense`	$-27.00K	USD	2 Qtrs
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.37M	USD	2 Qtrs
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$540.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.27M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$920.00K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$126.00K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$98.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$194.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$333.00K	USD	2 Qtrs
NET INCOME	`NetIncomeLoss`	$587.00K	USD	2 Qtrs
NET INCOME	`NetIncomeLoss`	$2.18M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$346.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$3.24M	USD	2 Qtrs
Weighted average number of shares used in basic EPS calculation (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	2.24M	shares	2 Qtrs
Weighted average number of shares used in basic EPS calculation (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	2.62M	shares	1 Quarter
Weighted average number of shares used in basic EPS calculation (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	2.25M	shares	1 Quarter
Weighted average number of shares used in basic EPS calculation (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	2.55M	shares	2 Qtrs
Weighted average number of shares used in diluted EPS calculation (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.62M	shares	1 Quarter
Weighted average number of shares used in diluted EPS calculation (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.24M	shares	2 Qtrs
Weighted average number of shares used in diluted EPS calculation (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.55M	shares	2 Qtrs
Weighted average number of shares used in diluted EPS calculation (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.25M	shares	1 Quarter
BASIC NET INCOME PER COMMON SHARE (in dollars per share)	`EarningsPerShareBasic`	$0.23	USD	2 Qtrs
BASIC NET INCOME PER COMMON SHARE (in dollars per share)	`EarningsPerShareBasic`	$1.44	USD	2 Qtrs
BASIC NET INCOME PER COMMON SHARE (in dollars per share)	`EarningsPerShareBasic`	$0.97	USD	1 Quarter
BASIC NET INCOME PER COMMON SHARE (in dollars per share)	`EarningsPerShareBasic`	$0.13	USD	1 Quarter
DILUTED NET INCOME PER COMMON SHARE (in dollars per share)	`EarningsPerShareDiluted`	$0.13	USD	1 Quarter
DILUTED NET INCOME PER COMMON SHARE (in dollars per share)	`EarningsPerShareDiluted`	$0.97	USD	1 Quarter
DILUTED NET INCOME PER COMMON SHARE (in dollars per share)	`EarningsPerShareDiluted`	$1.44	USD	2 Qtrs
DILUTED NET INCOME PER COMMON SHARE (in dollars per share)	`EarningsPerShareDiluted`	$0.23	USD	2 Qtrs

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$587.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$346.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.24M	USD	2 Qtrs
Depreciation	`Depreciation`	$309.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$336.00K	USD	2 Qtrs
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$72.00K	USD	2 Qtrs
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$72.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$30.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$118.00K	USD	2 Qtrs
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$213.00K	USD	2 Qtrs
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.21M	USD	2 Qtrs
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$592.00K	USD	2 Qtrs
Increase in inventories	`IncreaseDecreaseInInventories`	$-922.00K	USD	2 Qtrs
Increase in inventories	`IncreaseDecreaseInInventories`	$-1.08M	USD	2 Qtrs
Increase in trade accounts payable, accrued liabilities and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$300.00K	USD	2 Qtrs
Increase in trade accounts payable, accrued liabilities and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$717.00K	USD	2 Qtrs
Decrease in other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$145.00K	USD	2 Qtrs
Decrease in other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$20.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.73M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$808.00K	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$-168.00K	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$-1.17M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.17M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$168.00K	USD	2 Qtrs
Net repayments on note payable to bank	`RepaymentsOfNotesPayable`	-	USD	2 Qtrs
Net repayments on note payable to bank	`RepaymentsOfNotesPayable`	$664.00K	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$6.56M	USD	2 Qtrs
Payment of expenses related to the public offering	`PaymentsOfStockIssuanceCosts`	-	USD	2 Qtrs
Payment of expenses related to the public offering	`PaymentsOfStockIssuanceCosts`	$158.00K	USD	2 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$536.00K	USD	2 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	2 Qtrs
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$181.00K	USD	2 Qtrs
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$669.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.27M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-845.00K	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$6.84M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-205.00K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.15M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.98M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.61M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.82M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.15M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.98M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.61M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.82M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$35.00K	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	$31.00K	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	$218.00K	USD	2 Qtrs

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$25.87M	USD	Point-in-time
Balance	`StockholdersEquity`	$18.70M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.62M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.27M	shares	Point-in-time
Net income for period	`NetIncomeLoss`	$587.00K	USD	2 Qtrs
Net income for period	`NetIncomeLoss`	$2.18M	USD	1 Quarter
Net income for period	`NetIncomeLoss`	$346.00K	USD	1 Quarter
Net income for period	`NetIncomeLoss`	$3.24M	USD	2 Qtrs
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease`	$61.00K	USD	2 Qtrs
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$118.00K	USD	2 Qtrs
Issuance of new shares for capital offering	`StockIssuedDuringPeriodValueNewIssues`	$6.40M	USD	2 Qtrs
Balance	`StockholdersEquity`	$25.87M	USD	Point-in-time
Balance	`StockholdersEquity`	$18.70M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.62M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.27M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.