10-Q Filing

LGL GROUP INC CIK: 61004 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0000061004-14-000033`
Period End Date	20140331
Filing Date	20140515
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	lgl-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 24 Cash Flow Statement 48 Stockholders Equity 12 Comprehensive Income 8

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.62M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.18M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$62.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.10M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.82M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$42.00K	USD	Point-in-time
Restricted cash (Note E)	`RestrictedCashAndCashEquivalentsCurrent`	$1.50M	USD	Point-in-time
Restricted cash (Note E)	`RestrictedCashAndCashEquivalentsCurrent`	$1.50M	USD	Point-in-time
Accounts receivable, less allowances of $62 and $42, respectively	`AccountsReceivableNetCurrent`	$3.24M	USD	Point-in-time
Accounts receivable, less allowances of $62 and $42, respectively	`AccountsReceivableNetCurrent`	$3.77M	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`	$4.63M	USD	Point-in-time
Inventories, net (Note C)	`InventoryNet`	$4.38M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Deferred income taxes (Note K)	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Deferred income taxes (Note K)	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$405.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.67M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.67M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$309.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$16.95M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.59M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.59M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$16.06M	USD	Point-in-time
Treasury Stock, Shares	`TreasuryStockShares`	79,664.00	shares	Point-in-time
Treasury Stock, Shares	`TreasuryStockShares`	79,664.00	shares	Point-in-time
Land	`Land`	$633.00K	USD	Point-in-time
Land	`Land`	$633.00K	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$3.91M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$3.91M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$16.11M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$15.98M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$20.52M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$20.65M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$16.54M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$16.75M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$3.99M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$3.91M	USD	Point-in-time
Deferred income taxes, net (Note J)	`DeferredTaxAssetsNetNoncurrent`	-	USD	Point-in-time
Deferred income taxes, net (Note J)	`DeferredTaxAssetsNetNoncurrent`	-	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$838.00K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$323.00K	USD	Point-in-time
Total Assets	`Assets`	$21.26M	USD	Point-in-time
Total Assets	`Assets`	$20.80M	USD	Point-in-time
Note payable to bank (Note E)	`NotesPayableToBankCurrent`	$1.18M	USD	Point-in-time
Note payable to bank (Note E)	`NotesPayableToBankCurrent`	$1.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.98M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.25M	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$795.00K	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$992.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$357.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$324.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.51M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.77M	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.51M	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.77M	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,674,448 shares issued and 2,594,784 shares outstanding at March 31, 2014 and December 31, 2013	`CommonStockValue`	$27.00K	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,674,448 shares issued and 2,594,784 shares outstanding at March 31, 2014 and December 31, 2013	`CommonStockValue`	$27.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$28.59M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$28.68M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.15M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.34M	USD	Point-in-time
Treasury stock: 79,664 shares held in treasury at cost at March 31, 2014 and December 31, 2013, respectively	`TreasuryStockValue`	$572.00K	USD	Point-in-time
Treasury stock: 79,664 shares held in treasury at cost at March 31, 2014 and December 31, 2013, respectively	`TreasuryStockValue`	$572.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$41.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$45.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$16.75M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$16.03M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$20.80M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$21.26M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`SalesRevenueGoodsNet`	$6.13M	USD	1 Quarter
REVENUES	`SalesRevenueGoodsNet`	$7.40M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$5.00M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$4.54M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.68M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.41M	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-814.00K	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-278.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-8.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-19.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$13.00K	USD	1 Quarter
Total Other Income (Expense)	`NonoperatingIncomeExpense`	$-18.00K	USD	1 Quarter
Total Other Income (Expense)	`NonoperatingIncomeExpense`	$5.00K	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-296.00K	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-809.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-213.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-809.00K	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`	2.59M	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`	$-0.31	USD	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-809.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-83.00K	USD	1 Quarter
Depreciation	`Depreciation`	$211.00K	USD	1 Quarter
Depreciation	`Depreciation`	$217.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$23.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$24.00K	USD	1 Quarter
Write-down of note receivable	`WriteDownOfNoteReceivable`	$5.00K	USD	1 Quarter
Write-down of note receivable	`WriteDownOfNoteReceivable`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$90.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$110.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-213.00K	USD	1 Quarter
Increase in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$534.00K	USD	1 Quarter
Increase in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$129.00K	USD	1 Quarter
Decrease (increase) in inventories, net	`IncreaseDecreaseInInventories`	$111.00K	USD	1 Quarter
Decrease (increase) in inventories, net	`IncreaseDecreaseInInventories`	$-342.00K	USD	1 Quarter
Decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-210.00K	USD	1 Quarter
Decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-90.00K	USD	1 Quarter
Increase (decrease) in trade accounts payable, accrued compensation and commissions expense and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$46.00K	USD	1 Quarter
Increase (decrease) in trade accounts payable, accrued compensation and commissions expense and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-765.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-540.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-736.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$140.00K	USD	1 Quarter
Asset acquisition	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$748.00K	USD	1 Quarter
Asset acquisition	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-760.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-140.00K	USD	1 Quarter
Net borrowings on note payable to bank	`RepaymentsOfNotesPayable`	$-214.00K	USD	1 Quarter
Net borrowings on note payable to bank	`RepaymentsOfNotesPayable`	$-133.00K	USD	1 Quarter
Principal payments of long-term debt	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Principal payments of long-term debt	`RepaymentsOfLongTermDebt`	$58.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$214.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$75.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.09M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-801.00K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.62M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.18M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.10M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.82M	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`	$7.18M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.10M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.82M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$7.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$11.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$10.00K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$16.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.03M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.59M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.59M	shares	Point-in-time
Net loss	`NetIncomeLoss`	$-809.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-83.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-4.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$90.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$16.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.03M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.59M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.59M	shares	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
NET LOSS	`NetIncomeLoss`	$-809.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-83.00K	USD	1 Quarter
Unrealized (loss) gain on available-for-sale securities, net of taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-4.00K	USD	1 Quarter
Unrealized (loss) gain on available-for-sale securities, net of taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$6.00K	USD	1 Quarter
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME	`TotalOtherComprehensiveIncome`	$6.00K	USD	1 Quarter
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME	`TotalOtherComprehensiveIncome`	$-4.00K	USD	1 Quarter
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-77.00K	USD	1 Quarter
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-813.00K	USD	1 Quarter

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