10-Q Filing

LGL GROUP INC CIK: 61004 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0000061004-16-000076`
Period End Date	20160630
Filing Date	20160812
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	lgl-20160630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 48 Cash Flow Statement 42 Stockholders Equity 17 Comprehensive Income 16

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$32.00K	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$34.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.55M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.19M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.56M	USD	Point-in-time
Accounts receivable, less allowance of $32 and $34, respectively	`AccountsReceivableNetCurrent`	$2.61M	USD	Point-in-time
Accounts receivable, less allowance of $32 and $34, respectively	`AccountsReceivableNetCurrent`	$3.14M	USD	Point-in-time
Inventories, net (Note C)	`InventoryNet`	$3.48M	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`	$3.55M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$247.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$227.00K	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.75M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$11.95M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.75M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$12.40M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.67M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.67M	shares	Point-in-time
Treasury stock, (in shares)	`TreasuryStockShares`	79,664.00	shares	Point-in-time
Land	`Land`	$633.00K	USD	Point-in-time
Treasury stock, (in shares)	`TreasuryStockShares`	79,664.00	shares	Point-in-time
Land	`Land`	$633.00K	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$3.94M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$3.95M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$16.63M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$16.69M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$21.20M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$21.27M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$18.40M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$18.04M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$2.87M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$3.17M	USD	Point-in-time
Intangible assets, net (Note D)	`IntangibleAssetsNetIncludingGoodwill`	$475.00K	USD	Point-in-time
Intangible assets, net (Note D)	`IntangibleAssetsNetIncludingGoodwill`	$448.00K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$206.00K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$211.00K	USD	Point-in-time
Total Assets	`Assets`	$15.92M	USD	Point-in-time
Total Assets	`Assets`	$15.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$987.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.21M	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$769.00K	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$779.00K	USD	Point-in-time
Accrued warranty expense	`ProductWarrantyAccrualClassifiedCurrent`	$126.00K	USD	Point-in-time
Accrued warranty expense	`ProductWarrantyAccrualClassifiedCurrent`	$118.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$220.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$194.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.08M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.33M	USD	Point-in-time
Commitments and Contingencies (Note J)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note J)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,745,098 shares issued and 2,665,434 shares outanding at June 30, 2016 and December 31, 2015	`CommonStockValue`	$27.00K	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,745,098 shares issued and 2,665,434 shares outanding at June 30, 2016 and December 31, 2015	`CommonStockValue`	$27.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$29.11M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$29.09M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.98M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.87M	USD	Point-in-time
Treasury stock: 79,664 shares held in treasury at cost at June 30, 2016 and December 31, 2015	`TreasuryStockValue`	$572.00K	USD	Point-in-time
Treasury stock: 79,664 shares held in treasury at cost at June 30, 2016 and December 31, 2015	`TreasuryStockValue`	$572.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$34.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$40.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$13.73M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$13.60M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$15.92M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$15.80M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`SalesRevenueGoodsNet`	$9.99M	USD	2 Qtrs
REVENUES	`SalesRevenueGoodsNet`	$5.47M	USD	1 Quarter
REVENUES	`SalesRevenueGoodsNet`	$10.88M	USD	2 Qtrs
REVENUES	`SalesRevenueGoodsNet`	$5.23M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$7.29M	USD	2 Qtrs
Manufacturing cost of sales	`ManufacturingCosts`	$3.46M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$6.72M	USD	2 Qtrs
Manufacturing cost of sales	`ManufacturingCosts`	$3.68M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$4.08M	USD	2 Qtrs
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.12M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$1.75M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$3.41M	USD	2 Qtrs
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$-136.00K	USD	2 Qtrs
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$-494.00K	USD	2 Qtrs
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$-333.00K	USD	1 Quarter
OPERATING INCOME (LOSS)	`OperatingIncomeLoss`	$26.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-9.00K	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-7.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-13.00K	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-4.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$147.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-4.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$135.00K	USD	2 Qtrs
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$38.00K	USD	2 Qtrs
Total Other (Expense) Income	`NonoperatingIncomeExpense`	$143.00K	USD	1 Quarter
Total Other (Expense) Income	`NonoperatingIncomeExpense`	$25.00K	USD	2 Qtrs
Total Other (Expense) Income	`NonoperatingIncomeExpense`	$-11.00K	USD	1 Quarter
Total Other (Expense) Income	`NonoperatingIncomeExpense`	$126.00K	USD	2 Qtrs
INCOME (LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-190.00K	USD	1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$15.00K	USD	1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-111.00K	USD	2 Qtrs
INCOME (LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-368.00K	USD	2 Qtrs
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	$-1.00K	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	$11.00K	USD	2 Qtrs
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	$11.00K	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	$-1.00K	USD	2 Qtrs
NET INCOME (LOSS)	`NetIncomeLoss`	$-379.00K	USD	2 Qtrs
NET INCOME (LOSS)	`NetIncomeLoss`	$-110.00K	USD	2 Qtrs
NET INCOME (LOSS)	`NetIncomeLoss`	$16.00K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-201.00K	USD	1 Quarter
Weighted average number of shares used in basic and diluted net income (loss) per common share calculation	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.67M	shares	2 Qtrs
Weighted average number of shares used in basic and diluted net income (loss) per common share calculation	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.67M	shares	1 Quarter
Weighted average number of shares used in basic and diluted net income (loss) per common share calculation	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.64M	shares	1 Quarter
Weighted average number of shares used in basic and diluted net income (loss) per common share calculation	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.63M	shares	2 Qtrs
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	2 Qtrs
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE	`EarningsPerShareBasicAndDiluted`	$0.01	USD	1 Quarter
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	2 Qtrs
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-379.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-110.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$16.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-201.00K	USD	1 Quarter
Depreciation	`Depreciation`	$400.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$369.00K	USD	2 Qtrs
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$32.00K	USD	2 Qtrs
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$35.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$187.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$-13.00K	USD	2 Qtrs
Gain on disposal of assets	`GainLossOnDispositionOfAssets1`	$-36.00K	USD	2 Qtrs
Gain on disposal of assets	`GainLossOnDispositionOfAssets1`	$-67.00K	USD	2 Qtrs
(Increase) decrease in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-304.00K	USD	2 Qtrs
(Increase) decrease in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$531.00K	USD	2 Qtrs
Decrease in inventories, net	`IncreaseDecreaseInInventories`	$-69.00K	USD	2 Qtrs
Decrease in inventories, net	`IncreaseDecreaseInInventories`	$-406.00K	USD	2 Qtrs
Decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-14.00K	USD	2 Qtrs
Decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-50.00K	USD	2 Qtrs
Increase (decrease) in trade accounts payable, accrued compensation and commissions expense, accrued warranty expense and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-522.00K	USD	2 Qtrs
Increase (decrease) in trade accounts payable, accrued compensation and commissions expense, accrued warranty expense and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$249.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$43.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$414.00K	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$76.00K	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$269.00K	USD	2 Qtrs
Other	`ProceedsFromSaleOfOtherPropertyPlantAndEquipment`	$94.00K	USD	2 Qtrs
Other	`ProceedsFromSaleOfOtherPropertyPlantAndEquipment`	$43.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-33.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-175.00K	USD	2 Qtrs
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$239.00K	USD	2 Qtrs
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$10.00K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.55M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.43M	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`	$5.56M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.55M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.43M	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`	$5.56M	USD	Point-in-time
Cash paid for interest	`IncomeTaxesPaid`	$6.00K	USD	2 Qtrs
Cash paid for interest	`IncomeTaxesPaid`	-	USD	2 Qtrs
Cash paid for income taxes	`InterestPaid`	$27.00K	USD	2 Qtrs
Cash paid for income taxes	`InterestPaid`	$5.00K	USD	2 Qtrs

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$13.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.60M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.67M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.67M	shares	Point-in-time
Net loss	`NetIncomeLoss`	$-379.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-110.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$16.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-201.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-3.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-1.00K	USD	2 Qtrs
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-14.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-6.00K	USD	2 Qtrs
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$-13.00K	USD	2 Qtrs
Balance	`StockholdersEquity`	$13.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.60M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.67M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	2.67M	shares	Point-in-time

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
NET INCOME (LOSS)	`NetIncomeLoss`	$-379.00K	USD	2 Qtrs
NET INCOME (LOSS)	`NetIncomeLoss`	$-110.00K	USD	2 Qtrs
NET INCOME (LOSS)	`NetIncomeLoss`	$16.00K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-201.00K	USD	1 Quarter
Unrealized loss on available-for-sale securities, net of taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-14.00K	USD	1 Quarter
Unrealized loss on available-for-sale securities, net of taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-3.00K	USD	1 Quarter
Unrealized loss on available-for-sale securities, net of taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-1.00K	USD	2 Qtrs
Unrealized loss on available-for-sale securities, net of taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-6.00K	USD	2 Qtrs
TOTAL OTHER COMPREHENSIVE LOSS	`OtherComprehensiveIncomeLossNetOfTax`	$-3.00K	USD	1 Quarter
TOTAL OTHER COMPREHENSIVE LOSS	`OtherComprehensiveIncomeLossNetOfTax`	$-1.00K	USD	2 Qtrs
TOTAL OTHER COMPREHENSIVE LOSS	`OtherComprehensiveIncomeLossNetOfTax`	$-14.00K	USD	1 Quarter
TOTAL OTHER COMPREHENSIVE LOSS	`OtherComprehensiveIncomeLossNetOfTax`	$-6.00K	USD	2 Qtrs
COMPREHENSIVE INCOME (LOSS)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-116.00K	USD	2 Qtrs
COMPREHENSIVE INCOME (LOSS)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$13.00K	USD	1 Quarter
COMPREHENSIVE INCOME (LOSS)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-215.00K	USD	1 Quarter
COMPREHENSIVE INCOME (LOSS)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-380.00K	USD	2 Qtrs

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