10-Q Filing

LGL GROUP INC CIK: 61004 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0000061004-13-000031`
Period End Date	20130331
Filing Date	20130515
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	lgl-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 24 Cash Flow Statement 46 Stockholders Equity 13 Comprehensive Income 8

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$79.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.39M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.62M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$57.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.71M	USD	Point-in-time
Restricted cash (Note D)	`RestrictedCashAndCashEquivalentsCurrent`	$1.50M	USD	Point-in-time
Restricted cash (Note D)	`RestrictedCashAndCashEquivalentsCurrent`	$1.50M	USD	Point-in-time
Accounts receivable, less allowances of $57 and $79, respectively	`AccountsReceivableNetCurrent`	$4.48M	USD	Point-in-time
Accounts receivable, less allowances of $57 and $79, respectively	`AccountsReceivableNetCurrent`	$4.35M	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
Inventories, net (Note C)	`InventoryNet`	$5.46M	USD	Point-in-time
Inventories, net (Note C)	`InventoryNet`	$5.35M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.11M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.11M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.65M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$665.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$541.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.66M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$21.60M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$20.92M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.60M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.61M	shares	Point-in-time
Land	`Land`	$640.00K	USD	Point-in-time
Land	`Land`	$640.00K	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$3.79M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$3.79M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$15.79M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$15.65M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$20.08M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$20.22M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$15.37M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$15.59M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$4.71M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$4.63M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsNetNoncurrent`	$2.81M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsNetNoncurrent`	$3.02M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$367.00K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$475.00K	USD	Point-in-time
Total Assets	`Assets`	$29.59M	USD	Point-in-time
Total Assets	`Assets`	$28.94M	USD	Point-in-time
Note payable to bank (Note D)	`NotesPayableToBankCurrent`	$1.25M	USD	Point-in-time
Note payable to bank (Note D)	`NotesPayableToBankCurrent`	$1.38M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.74M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.45M	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$944.00K	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$1.01M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$209.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$226.00K	USD	Point-in-time
Current maturities of long-term debt (Note D)	`LongTermDebtCurrent`	-	USD	Point-in-time
Current maturities of long-term debt (Note D)	`LongTermDebtCurrent`	$58.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.98M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.29M	USD	Point-in-time
Long-term debt, net of current portion (Note D)	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Long-term debt, net of current portion (Note D)	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.98M	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.29M	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,656,173 shares issued and 2,605,730 shares outstanding at March 31, 2013, and 2,648,059 shares issued and 2,597,605 shares outstanding at December 31, 2012	`CommonStockValue`	$26.00K	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,656,173 shares issued and 2,605,730 shares outstanding at March 31, 2013, and 2,648,059 shares issued and 2,597,605 shares outstanding at December 31, 2012	`CommonStockValue`	$26.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$28.19M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$28.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.12M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.20M	USD	Point-in-time
Treasury stock: 50,443 and 50,454 shares held in treasury at cost at March 31, 2013 and December 31, 2012, respectively	`TreasuryStockValue`	$405.00K	USD	Point-in-time
Treasury stock: 50,443 and 50,454 shares held in treasury at cost at March 31, 2013 and December 31, 2012, respectively	`TreasuryStockValue`	$405.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$28.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$34.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$24.65M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$24.61M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$29.59M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$28.94M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`SalesRevenueGoodsNet`	$7.17M	USD	1 Quarter
REVENUES	`SalesRevenueGoodsNet`	$7.40M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$5.58M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$5.00M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.68M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.40M	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-278.00K	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-801.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$19.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$27.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-31.00K	USD	1 Quarter
Total Other Expense	`NonoperatingIncomeExpense`	$-18.00K	USD	1 Quarter
Total Other Expense	`NonoperatingIncomeExpense`	$-58.00K	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-296.00K	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-859.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-266.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-213.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-593.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-83.00K	USD	1 Quarter
Weighted average number of shares used in basic and diluted net income (loss) per common share calculation (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.60M	shares	1 Quarter
Weighted average number of shares used in basic and diluted net income (loss) per common share calculation (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.60M	shares	1 Quarter
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.23	USD	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-593.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-83.00K	USD	1 Quarter
Depreciation	`Depreciation`	$160.00K	USD	1 Quarter
Depreciation	`Depreciation`	$217.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$21.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$23.00K	USD	1 Quarter
Write-down of note receivable	`WriteDownOfNoteReceivable`	-	USD	1 Quarter
Write-down of note receivable	`WriteDownOfNoteReceivable`	$5.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$89.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$110.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-213.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-266.00K	USD	1 Quarter
(Increase) decrease in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-129.00K	USD	1 Quarter
(Increase) decrease in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$502.00K	USD	1 Quarter
Increase in inventories, net	`IncreaseDecreaseInInventories`	$-164.00K	USD	1 Quarter
Increase in inventories, net	`IncreaseDecreaseInInventories`	$-111.00K	USD	1 Quarter
Decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	-	USD	1 Quarter
Decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$210.00K	USD	1 Quarter
(Decrease) increase in trade accounts payable, accrued compensation and commissions expense and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-765.00K	USD	1 Quarter
(Decrease) increase in trade accounts payable, accrued compensation and commissions expense and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$382.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$131.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-736.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$140.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$294.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-294.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-140.00K	USD	1 Quarter
Net borrowings (repayments) on note payable to bank	`RepaymentsOfNotesPayable`	$-133.00K	USD	1 Quarter
Net borrowings (repayments) on note payable to bank	`RepaymentsOfNotesPayable`	$70.00K	USD	1 Quarter
Principal payments of long-term debt	`RepaymentsOfLongTermDebt`	$58.00K	USD	1 Quarter
Principal payments of long-term debt	`RepaymentsOfLongTermDebt`	$84.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-154.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$75.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-317.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-801.00K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.82M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$13.39M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.62M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$13.71M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.82M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.39M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.62M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.71M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$11.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$5.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$32.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$24.65M	USD	Point-in-time
Balance	`StockholdersEquity`	$24.61M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.60M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.61M	shares	Point-in-time
Net loss for period	`NetIncomeLoss`	$-593.00K	USD	1 Quarter
Net loss for period	`NetIncomeLoss`	$-83.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$6.00K	USD	1 Quarter
Stock-based compensation (shares)	`StockIssuedDuringPeriodSharesRestrictedStockAwardGross`	8,125.00	shares	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$110.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$24.65M	USD	Point-in-time
Balance	`StockholdersEquity`	$24.61M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.60M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.61M	shares	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
NET LOSS	`NetIncomeLoss`	$-593.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-83.00K	USD	1 Quarter
Unrealized gain on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$6.00K	USD	1 Quarter
Unrealized gain on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$3.00K	USD	1 Quarter
TOTAL OTHER COMPREHENSIVE INCOME	`TotalOtherComprehensiveIncome`	$3.00K	USD	1 Quarter
TOTAL OTHER COMPREHENSIVE INCOME	`TotalOtherComprehensiveIncome`	$6.00K	USD	1 Quarter
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-590.00K	USD	1 Quarter
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-77.00K	USD	1 Quarter

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