10-Q Filing

LGL GROUP INC CIK: 61004 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0000061004-15-000021`
Period End Date	20150331
Filing Date	20150514
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	lgl-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 26 Cash Flow Statement 44 Stockholders Equity 16 Comprehensive Income 11

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.18M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$47.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.19M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.10M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.05M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$43.00K	USD	Point-in-time
Accounts receivable, less allowances of $47 and $43, respectively	`AccountsReceivableNetCurrent`	$3.15M	USD	Point-in-time
Accounts receivable, less allowances of $47 and $43, respectively	`AccountsReceivableNetCurrent`	$3.27M	USD	Point-in-time
Inventories, net (Note C)	`InventoryNet`	$4.20M	USD	Point-in-time
Inventories, net (Note C)	`InventoryNet`	$4.03M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$278.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$317.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$12.93M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$12.55M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.70M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.70M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.62M	shares	Point-in-time
Land	`Land`	$633.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.62M	shares	Point-in-time
Land	`Land`	$633.00K	USD	Point-in-time
Treasury Stock, Shares	`TreasuryStockShares`	79,664.00	shares	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$3.92M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$3.92M	USD	Point-in-time
Treasury Stock, Shares	`TreasuryStockShares`	79,716.00	shares	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$16.57M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$16.31M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$20.87M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$21.12M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$17.32M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$17.52M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$3.55M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$3.60M	USD	Point-in-time
Intangible assets, net (Note D)	`DeferredTaxAssetsNetNoncurrent`	$515.00K	USD	Point-in-time
Intangible assets, net (Note D)	`DeferredTaxAssetsNetNoncurrent`	$528.00K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$250.00K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$253.00K	USD	Point-in-time
Total Assets	`Assets`	$17.26M	USD	Point-in-time
Total Assets	`Assets`	$16.91M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.72M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.55M	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$733.00K	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$681.00K	USD	Point-in-time
Accrued warranty expense	`AccruedWarrantyExpense`	$213.00K	USD	Point-in-time
Accrued warranty expense	`AccruedWarrantyExpense`	$242.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$334.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$383.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.02M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.83M	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,696,149 shares issued and 2,616,485 shares outanding at March 31, 2015 and 2,696,201 shares issued and 2,616,485 shares outstanding at December 31, 2014	`CommonStockValue`	$27.00K	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,696,149 shares issued and 2,616,485 shares outanding at March 31, 2015 and 2,696,201 shares issued and 2,616,485 shares outstanding at December 31, 2014	`CommonStockValue`	$27.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$28.90M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$28.91M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.34M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.16M	USD	Point-in-time
Treasury stock: 79,664 and 79,716 shares held in treasury at cost at March 31, 2015 and December 31, 2014, respectively	`TreasuryStockValue`	$572.00K	USD	Point-in-time
Treasury stock: 79,664 and 79,716 shares held in treasury at cost at March 31, 2015 and December 31, 2014, respectively	`TreasuryStockValue`	$572.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$57.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$44.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$14.24M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$14.09M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$17.26M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$16.91M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`SalesRevenueGoodsNet`	$6.13M	USD	1 Quarter
REVENUES	`SalesRevenueGoodsNet`	$5.40M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$4.54M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$3.60M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$1.96M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.41M	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-814.00K	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-161.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-8.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-5.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-12.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$13.00K	USD	1 Quarter
Total Other (Expense) Income	`NonoperatingIncomeExpense`	$5.00K	USD	1 Quarter
Total Other (Expense) Income	`NonoperatingIncomeExpense`	$-17.00K	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-178.00K	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-809.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-178.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-178.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-809.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-178.00K	USD	2 Qtrs
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
Weighted average number of shares used in basic and diluted net income (loss) per common share calculation (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.62M	shares	1 Quarter
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.07	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 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-178.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-178.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-809.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-178.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$211.00K	USD	1 Quarter
Depreciation	`Depreciation`	$202.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$26.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$24.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$90.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$13.00K	USD	1 Quarter
Decrease (increase) in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$534.00K	USD	1 Quarter
Decrease (increase) in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-114.00K	USD	1 Quarter
Decrease in inventories, net	`IncreaseDecreaseInInventories`	$-342.00K	USD	1 Quarter
Decrease in inventories, net	`IncreaseDecreaseInInventories`	$-168.00K	USD	1 Quarter
(Increase) decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$36.00K	USD	1 Quarter
(Increase) decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-90.00K	USD	1 Quarter
(Decrease) increase in trade accounts payable, accrued compensation and commissions expense, accrued warranty expense and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$46.00K	USD	1 Quarter
(Decrease) increase in trade accounts payable, accrued compensation and commissions expense, accrued warranty expense and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-197.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-540.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$112.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$256.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.00K	USD	1 Quarter
Asset acquisition	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	-	USD	1 Quarter
Asset acquisition	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$748.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-256.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-760.00K	USD	1 Quarter
Net borrowing on note payable to bank	`RepaymentsOfNotesPayable`	$-214.00K	USD	1 Quarter
Net borrowing on note payable to bank	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$214.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	-	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-144.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.09M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.18M	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`	$6.10M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.05M	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`	$5.19M	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`	$5.05M	USD	Point-in-time
Cash paid for interest	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for interest	`IncomeTaxesPaid`	$10.00K	USD	1 Quarter
Cash paid for income taxes	`InterestPaid`	$5.00K	USD	1 Quarter
Cash paid for income taxes	`InterestPaid`	$7.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$14.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.09M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.62M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.62M	shares	Point-in-time
Net loss	`NetIncomeLoss`	$-178.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-178.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-809.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-178.00K	USD	2 Qtrs
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$13.00K	USD	2 Qtrs
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$13.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$-4.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$13.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$14.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.09M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.62M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.62M	shares	Point-in-time

Comprehensive Income 11 line items

Line Item	Tag	Value	Unit	Period
NET LOSS	`NetIncomeLoss`	$-178.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-178.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-809.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-178.00K	USD	2 Qtrs
Unrealized gain (loss) on available-for-sale securities, net of taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-4.00K	USD	1 Quarter
Unrealized gain (loss) on available-for-sale securities, net of taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$13.00K	USD	1 Quarter
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	`OtherComprehensiveIncomeLossNetOfTax`	$13.00K	USD	2 Qtrs
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	`OtherComprehensiveIncomeLossNetOfTax`	$13.00K	USD	1 Quarter
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	`OtherComprehensiveIncomeLossNetOfTax`	$-4.00K	USD	1 Quarter
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-813.00K	USD	1 Quarter
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-165.00K	USD	1 Quarter

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