10-K Filing

LGL GROUP INC CIK: 61004 FY 2014

Filing Information

Form Type	10-K
Accession Number	`0000061004-15-000011`
Period End Date	20141231
Filing Date	20150331
Fiscal Year	2014
Fiscal Period	FY
XBRL Instance	lgl-20141231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 26 Cash Flow Statement 56 Stockholders Equity 20 Comprehensive Income 8

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$42.00K	USD	Point-in-time
Cash and cash equivalents (Note A)	`CashAndCashEquivalentsAtCarryingValue`	$8.62M	USD	Point-in-time
Cash and cash equivalents (Note A)	`CashAndCashEquivalentsAtCarryingValue`	$5.19M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$43.00K	USD	Point-in-time
Cash and cash equivalents (Note A)	`CashAndCashEquivalentsAtCarryingValue`	$7.18M	USD	Point-in-time
Restricted cash (Note C)	`RestrictedCashAndCashEquivalents`	$1.50M	USD	Point-in-time
Restricted cash (Note C)	`RestrictedCashAndCashEquivalents`	-	USD	Point-in-time
Accounts receivable, less allowances of $43 and $42, respectively (Note A)	`AccountsReceivableNetCurrent`	$3.27M	USD	Point-in-time
Accounts receivable, less allowances of $43 and $42, respectively (Note A)	`AccountsReceivableNetCurrent`	$3.24M	USD	Point-in-time
Inventories, net (Notes A and B)	`InventoryNet`	$4.63M	USD	Point-in-time
Inventories, net (Notes A and B)	`InventoryNet`	$4.20M	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, shares authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$278.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$405.00K	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$12.93M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.70M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.67M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$16.95M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.62M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.59M	shares	Point-in-time
Land	`Land`	$633.00K	USD	Point-in-time
Treasury Stock, Shares	`TreasuryStockCommonShares`	79,716.00	shares	Point-in-time
Land	`Land`	$633.00K	USD	Point-in-time
Treasury Stock, Shares	`TreasuryStockCommonShares`	79,664.00	shares	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$3.92M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$3.91M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$16.31M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$15.98M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$20.87M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$20.52M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$16.54M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$17.32M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$3.55M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$3.99M	USD	Point-in-time
Intangible assets, net	`IntangibleAssets`	$76.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssets`	$528.00K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$247.00K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$253.00K	USD	Point-in-time
Total Assets	`Assets`	$21.26M	USD	Point-in-time
Total Assets	`Assets`	$17.26M	USD	Point-in-time
Note payable to bank	`NotesPayableToBankCurrent`	$1.18M	USD	Point-in-time
Note payable to bank	`NotesPayableToBankCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.98M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.72M	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$681.00K	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$992.00K	USD	Point-in-time
Accrued warranty expense	`AccruedWarrantyExpense`	$242.00K	USD	Point-in-time
Accrued warranty expense	`AccruedWarrantyExpense`	$22.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$383.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$335.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.51M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.02M	USD	Point-in-time
Commitments and Contingencies (Notes C and J)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Notes C and J)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,696,201 shares issued and 2,616,485 shares outstanding at December 31, 2014, and 2,674,448 shares issued and 2,594,784 shares outstanding at December 31, 2013	`CommonStockValue`	$27.00K	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,696,201 shares issued and 2,616,485 shares outstanding at December 31, 2014, and 2,674,448 shares issued and 2,594,784 shares outstanding at 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`	$28.90M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.16M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.34M	USD	Point-in-time
Treasury stock, 79,716 and 79,664 shares held in treasury at cost at December 31, 2014 and 2013, respectively	`TreasuryStockValue`	$572.00K	USD	Point-in-time
Treasury stock, 79,716 and 79,664 shares held in treasury at cost at December 31, 2014 and 2013, respectively	`TreasuryStockValue`	$572.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$44.00K	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`	$14.24M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$24.61M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$17.26M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$21.26M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`SalesRevenueGoodsNet`	$26.20M	USD	Annual
REVENUES	`SalesRevenueGoodsNet`	$23.01M	USD	Annual
Manufacturing cost of sales	`ManufacturingCosts`	$16.68M	USD	Annual
Manufacturing cost of sales	`ManufacturingCosts`	$19.37M	USD	Annual
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$8.69M	USD	Annual
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$10.34M	USD	Annual
Restructuring charges (Note M)	`RestructuringSettlementAndImpairmentProvisions`	$465.00K	USD	Annual
Restructuring charges (Note M)	`RestructuringSettlementAndImpairmentProvisions`	$648.00K	USD	Annual
OPERATING LOSS	`OperatingIncomeLoss`	$-2.83M	USD	Annual
OPERATING LOSS	`OperatingIncomeLoss`	$-4.16M	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-26.00K	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-43.00K	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-64.00K	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$26.00K	USD	Annual
Total Other Income (Expense)	`NonoperatingIncomeExpense`	-	USD	Annual
Total Other Income (Expense)	`NonoperatingIncomeExpense`	$-107.00K	USD	Annual
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-4.27M	USD	Annual
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.83M	USD	Annual
Income tax benefit (provision) (Note F)	`IncomeTaxExpenseBenefit`	$-4.00K	USD	Annual
Income tax benefit (provision) (Note F)	`IncomeTaxExpenseBenefit`	$3.95M	USD	Annual
NET LOSS	`NetIncomeLoss`	$-8.22M	USD	Annual
NET LOSS	`NetIncomeLoss`	$-2.83M	USD	Annual
Weighted average number of shares used in basic and diluted net income (loss) per common share calculation (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.60M	shares	Annual
Weighted average number of shares used in basic and diluted net income (loss) per common share calculation (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.60M	shares	Annual
BASIC AND DILUTED NET (LOSS) INCOME PER COMMON SHARE (Note A)	`EarningsPerShareBasicAndDiluted`	$-1.09	USD	Annual
BASIC AND DILUTED NET (LOSS) INCOME PER COMMON SHARE (Note A)	`EarningsPerShareBasicAndDiluted`	$-3.17	USD	Annual

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.22M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.83M	USD	Annual
Depreciation	`Depreciation`	$913.00K	USD	Annual
Depreciation	`Depreciation`	$821.00K	USD	Annual
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$77.00K	USD	Annual
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$101.00K	USD	Annual
Impairment of property, plant and equipment	`ImpairmentOfPropertyPlantAndEquipment`	-	USD	Annual
Impairment of property, plant and equipment	`ImpairmentOfPropertyPlantAndEquipment`	$228.00K	USD	Annual
Write-down of note receivable	`ImpairmentOfNoteReceivable`	$11.00K	USD	Annual
Write-down of note receivable	`ImpairmentOfNoteReceivable`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$575.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$308.00K	USD	Annual
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	-	USD	Annual
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$3.92M	USD	Annual
(Increase) decrease in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$1.11M	USD	Annual
(Increase) decrease in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-29.00K	USD	Annual
Decrease in inventories, net	`IncreaseDecreaseInInventories`	$720.00K	USD	Annual
Decrease in inventories, net	`IncreaseDecreaseInInventories`	$523.00K	USD	Annual
Decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$104.00K	USD	Annual
Decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$341.00K	USD	Annual
Decrease in trade accounts payable, accrued compensation and commissions expense and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-345.00K	USD	Annual
Decrease in trade accounts payable, accrued compensation and commissions expense and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-302.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.30M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-664.00K	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$448.00K	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$263.00K	USD	Annual
Asset acquisition	`PaymentsToAcquireOtherProductiveAssets`	$-748.00K	USD	Annual
Asset acquisition	`PaymentsToAcquireOtherProductiveAssets`	-	USD	Annual
Proceeds from disposal of property, plant and equipment	`ProceedsFromSaleOfOtherPropertyPlantAndEquipment`	-	USD	Annual
Proceeds from disposal of property, plant and equipment	`ProceedsFromSaleOfOtherPropertyPlantAndEquipment`	$28.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-420.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.01M	USD	Annual
Net repayments on note payable to bank	`RepaymentsOfNotesPayable`	$68.00K	USD	Annual
Net repayments on note payable to bank	`RepaymentsOfNotesPayable`	$1.18M	USD	Annual
Restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	-	USD	Annual
Restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$1.50M	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$167.00K	USD	Annual
Warrant dividend issuance costs	`WarrantDividendIssuanceCosts`	-	USD	Annual
Warrant dividend issuance costs	`WarrantDividendIssuanceCosts`	$-65.00K	USD	Annual
Principal payments of long-term debt	`RepaymentsOfLongTermDebt`	-	USD	Annual
Principal payments of long-term debt	`RepaymentsOfLongTermDebt`	$58.00K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$319.00K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-358.00K	USD	Annual
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.99M	USD	Annual
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.44M	USD	Annual
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.62M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.19M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.18M	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`	$5.19M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.18M	USD	Point-in-time
Cash paid for interest	`IncomeTaxesPaid`	$32.00K	USD	Annual
Cash paid for interest	`IncomeTaxesPaid`	$36.00K	USD	Annual
Cash paid for income taxes	`InterestPaid`	$21.00K	USD	Annual
Cash paid for income taxes	`InterestPaid`	-	USD	Annual

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$16.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$24.61M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.62M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.59M	shares	Point-in-time
Net loss for period	`NetIncomeLoss`	$-8.22M	USD	Annual
Net loss for period	`NetIncomeLoss`	$-2.83M	USD	Annual
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$-1.00K	USD	Annual
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$17.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$575.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$308.00K	USD	Annual
Warrant dividend issuance costs	`WarrantDividendIssuanceCosts`	-	USD	Annual
Warrant dividend issuance costs	`WarrantDividendIssuanceCosts`	$-65.00K	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$167.00K	USD	Annual
Balance	`StockholdersEquity`	$16.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$24.61M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.62M	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`	$-8.22M	USD	Annual
NET LOSS	`NetIncomeLoss`	$-2.83M	USD	Annual
Unrealized (loss) gain on available-for-sale securities, net	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$17.00K	USD	Annual
Unrealized (loss) gain on available-for-sale securities, net	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-1.00K	USD	Annual
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME	`OtherComprehensiveIncomeLossNetOfTax`	$-1.00K	USD	Annual
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME	`OtherComprehensiveIncomeLossNetOfTax`	$17.00K	USD	Annual
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-2.83M	USD	Annual
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-8.20M	USD	Annual

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