10-K Filing

LGL GROUP INC CIK: 61004 FY 2011

Filing Information

Form Type	10-K
Accession Number	`0000061004-12-000012`
Period End Date	20111231
Filing Date	20120330
Fiscal Year	2011
Fiscal Period	FY
XBRL Instance	lgl-20111231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 28 Cash Flow Statement 58 Stockholders Equity 21

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents (Note A)	`CashAndCashEquivalentsAtCarryingValue`	$4.15M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$161.00K	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$131.00K	USD	Point-in-time
Cash and cash equivalents (Note A)	`CashAndCashEquivalentsAtCarryingValue`	$13.71M	USD	Point-in-time
Cash and cash equivalents (Note A)	`CashAndCashEquivalentsAtCarryingValue`	$3.82M	USD	Point-in-time
Accounts receivable, less allowances of $131 and $161, respectively (Note A)	`AccountsReceivableNetCurrent`	$5.78M	USD	Point-in-time
Accounts receivable, less allowances of $131 and $161, respectively (Note A)	`AccountsReceivableNetCurrent`	$4.31M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories, net (Notes A and B)	`InventoryNet`	$5.68M	USD	Point-in-time
Inventories, net (Notes A and B)	`InventoryNet`	$5.95M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Deferred income taxes (Notes A and F)	`DeferredTaxAssetsNetCurrent`	$1.29M	USD	Point-in-time
Deferred income taxes (Notes A and F)	`DeferredTaxAssetsNetCurrent`	$960.00K	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
Common stock, issued (in shares)	`CommonStockSharesIssued`	2.27M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$317.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	2.63M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$292.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$17.49M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	2.59M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$24.95M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	2.27M	shares	Point-in-time
Land	`Land`	$668.00K	USD	Point-in-time
Land	`Land`	$640.00K	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$5.00M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$3.62M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$15.00M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$13.92M	USD	Point-in-time
Gross Property, Plant and Equipment	`PropertyPlantAndEquipmentGross`	$19.59M	USD	Point-in-time
Gross Property, Plant and Equipment	`PropertyPlantAndEquipmentGross`	$19.26M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$15.76M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$14.73M	USD	Point-in-time
Net Property, Plant and Equipment	`PropertyPlantAndEquipmentNet`	$4.53M	USD	Point-in-time
Net Property, Plant and Equipment	`PropertyPlantAndEquipmentNet`	$3.83M	USD	Point-in-time
Deferred income taxes, net (Notes A and F)	`DeferredTaxAssetsNetNoncurrent`	$2.38M	USD	Point-in-time
Deferred income taxes, net (Notes A and F)	`DeferredTaxAssetsNetNoncurrent`	$2.06M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$560.00K	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`	$32.42M	USD	Point-in-time
Note payable to bank (Note C)	`NotesPayableToBankCurrent`	$3.03M	USD	Point-in-time
Note payable to bank (Note C)	`NotesPayableToBankCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.75M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.03M	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$1.10M	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$1.30M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$1.02M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$545.00K	USD	Point-in-time
Current maturities of long-term debt (Note C)	`LongTermDebtCurrent`	$299.00K	USD	Point-in-time
Current maturities of long-term debt (Note C)	`LongTermDebtCurrent`	$400.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.66M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$6.83M	USD	Point-in-time
Long-term debt, net of current portion (Note C)	`LongTermDebtNoncurrent`	$370.00K	USD	Point-in-time
Long-term debt, net of current portion (Note C)	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Total Liabilities	`Liabilities`	$6.83M	USD	Point-in-time
Total Liabilities	`Liabilities`	$5.03M	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,628,188 shares issued and 2,592,734 shares outstanding at December 31, 2011, and 2,267,260 shares issued and outstanding at December 31, 2010	`CommonStockValue`	$22.00K	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,628,188 shares issued and 2,592,734 shares outstanding at December 31, 2011, and 2,267,260 shares issued and outstanding at December 31, 2010	`CommonStockValue`	$26.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$20.89M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$27.66M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.18M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.80M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$315.00K	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	-	USD	Point-in-time
Accumulated other comprehensive income (loss) (Note G)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$25.00K	USD	Point-in-time
Accumulated other comprehensive income (loss) (Note G)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-38.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$25.59M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$18.70M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$9.01M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$32.42M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$23.73M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`SalesRevenueGoodsNet`	$46.66M	USD	Annual
REVENUES	`SalesRevenueGoodsNet`	$35.68M	USD	Annual
Manufacturing cost of sales	`ManufacturingCosts`	$30.31M	USD	Annual
Manufacturing cost of sales	`ManufacturingCosts`	$24.92M	USD	Annual
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$9.57M	USD	Annual
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$10.09M	USD	Annual
Impairment loss on Lynch Systems' assets	`ImpairmentOfLongLivedAssetsToBeDisposedOf`	-	USD	Annual
Impairment loss on Lynch Systems' assets	`ImpairmentOfLongLivedAssetsToBeDisposedOf`	$20.00K	USD	Annual
Total Costs and Expenses	`CostsAndExpenses`	$35.01M	USD	Annual
Total Costs and Expenses	`CostsAndExpenses`	$39.90M	USD	Annual
OPERATING INCOME	`OperatingIncomeLoss`	$674.00K	USD	Annual
OPERATING INCOME	`OperatingIncomeLoss`	$6.76M	USD	Annual
Interest expense	`InterestExpense`	$304.00K	USD	Annual
Interest expense	`InterestExpense`	$109.00K	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$2.00K	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$23.00K	USD	Annual
Total Other Income (Expense)	`NonoperatingIncomeExpense`	$-281.00K	USD	Annual
Total Other Income (Expense)	`NonoperatingIncomeExpense`	$-107.00K	USD	Annual
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$6.48M	USD	Annual
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$567.00K	USD	Annual
Income tax (provision) benefit (Note F)	`IncomeTaxExpenseBenefit`	$-2.94M	USD	Annual
Income tax (provision) benefit (Note F)	`IncomeTaxExpenseBenefit`	$185.00K	USD	Annual
NET INCOME	`NetIncomeLoss`	$9.42M	USD	Annual
NET INCOME	`NetIncomeLoss`	$382.00K	USD	Annual
Weighted average number of shares used in basic and diluted EPS calculation	`WeightedAverageNumberOfSharesOutstandingBasic`	2.25M	shares	Annual
Weighted average number of shares used in basic and diluted EPS calculation	`WeightedAverageNumberOfSharesOutstandingBasic`	2.57M	shares	Annual
BASIC AND DILUTED NET INCOME PER COMMON SHARE (Note A)	`EarningsPerShareBasic`	$4.19	USD	Annual
BASIC AND DILUTED NET INCOME PER COMMON SHARE (Note A)	`EarningsPerShareBasic`	$0.15	USD	Annual

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$9.42M	USD	Annual
Net income	`NetIncomeLoss`	$382.00K	USD	Annual
Impairment loss on Lynch Systems' assets	`ImpairmentOfLongLivedAssetsToBeDisposedOf`	-	USD	Annual
Impairment loss on Lynch Systems' assets	`ImpairmentOfLongLivedAssetsToBeDisposedOf`	$20.00K	USD	Annual
Depreciation	`Depreciation`	$699.00K	USD	Annual
Depreciation	`Depreciation`	$645.00K	USD	Annual
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$112.00K	USD	Annual
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$144.00K	USD	Annual
Gain on disposal of Lynch property	`GainLossOnDispositionOfProperty`	$-6.00K	USD	Annual
Gain on disposal of Lynch property	`GainLossOnDispositionOfProperty`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$185.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$363.00K	USD	Annual
Deferred income tax provision (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-3.28M	USD	Annual
Deferred income tax provision (benefit)	`DeferredIncomeTaxExpenseBenefit`	$5.00K	USD	Annual
Decrease (increase) in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-1.00M	USD	Annual
Decrease (increase) in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$1.47M	USD	Annual
Decrease (increase) in inventories, net	`IncreaseDecreaseInInventories`	$271.00K	USD	Annual
Decrease (increase) in inventories, net	`IncreaseDecreaseInInventories`	$-599.00K	USD	Annual
(Decrease) in trade accounts payable, accrued compensation and commissions expense and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-895.00K	USD	Annual
(Decrease) in trade accounts payable, accrued compensation and commissions expense and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-106.00K	USD	Annual
(Increase) decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$102.00K	USD	Annual
(Increase) decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-115.00K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.50M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.32M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$767.00K	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.69M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-767.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.69M	USD	Annual
Net borrowings (repayments) on note payable to bank	`RepaymentsOfNotesPayable`	$1.70M	USD	Annual
Net borrowings (repayments) on note payable to bank	`RepaymentsOfNotesPayable`	$-3.03M	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$6.56M	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Payment of expenses related to the public offering	`PaymentsOfStockIssuanceCosts`	$69.00K	USD	Annual
Payment of expenses related to the public offering	`PaymentsOfStockIssuanceCosts`	-	USD	Annual
Deferred costs related to stock issuance	`DeferredCostsRelatedToStockIssuance`	-	USD	Annual
Deferred costs related to stock issuance	`DeferredCostsRelatedToStockIssuance`	$89.00K	USD	Annual
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$548.00K	USD	Annual
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$817.00K	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$2.62M	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$315.00K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.94M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.41M	USD	Annual
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$9.56M	USD	Annual
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$331.00K	USD	Annual
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.15M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$13.71M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.82M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$4.15M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$13.71M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$3.82M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$433.00K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$78.00K	USD	Annual
Cash paid for interest	`InterestPaid`	$91.00K	USD	Annual
Cash paid for interest	`InterestPaid`	$318.00K	USD	Annual
Note receivable obtained in sale of property by Lynch Systems, net of costs	`NotesAssumed`	-	USD	Annual
Note receivable obtained in sale of property by Lynch Systems, net of costs	`NotesAssumed`	$299.00K	USD	Annual

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$25.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$18.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.01M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.59M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.27M	shares	Point-in-time
Net income for period	`NetIncomeLoss`	$9.42M	USD	Annual
Net income for period	`NetIncomeLoss`	$382.00K	USD	Annual
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease`	$78.00K	USD	Annual
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease`	$63.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$185.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$363.00K	USD	Annual
Issuance of new shares for capital offering	`StockIssuedDuringPeriodValueNewIssues`	$6.40M	USD	Annual
Balance	`StockholdersEquity`	$25.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$18.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.01M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.59M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.27M	shares	Point-in-time
Treasury Stock (in shares)	`TreasuryStockShares`	0.00	shares	Point-in-time
Treasury Stock (in shares)	`TreasuryStockShares`	0.00	shares	Point-in-time
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$315.00K	USD	Annual

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