10-Q Filing

LGL GROUP INC CIK: 61004 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-013033`
Period End Date	20180331
Filing Date	20180510
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	lgl-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 28 Cash Flow Statement 43 Stockholders Equity 12 Comprehensive Income 6

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.99M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$35.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.25M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$36.00K	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesEquitySecuritiesCurrent`	$3.80M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesEquitySecuritiesCurrent`	$15.59M	USD	Point-in-time
Accounts receivable, net of allowances of $36 and $35, respectively	`AccountsReceivableNetCurrent`	$3.39M	USD	Point-in-time
Accounts receivable, net of allowances of $36 and $35, respectively	`AccountsReceivableNetCurrent`	$3.65M	USD	Point-in-time
Inventories, net	`InventoryNet`	$3.88M	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	`InventoryNet`	$4.01M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$262.00K	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$229.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$24.55M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$25.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	4.78M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	4.77M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.70M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.69M	shares	Point-in-time
Treasury stock, (in shares)	`TreasuryStockCommonShares`	81,584.00	shares	Point-in-time
Land	`Land`	$536.00K	USD	Point-in-time
Land	`Land`	$536.00K	USD	Point-in-time
Treasury stock, (in shares)	`TreasuryStockCommonShares`	81,584.00	shares	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$3.97M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$3.97M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$16.97M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$17.15M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$21.48M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$21.66M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$19.41M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$19.30M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$2.25M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$2.18M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$552.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$532.00K	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$180.00K	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$173.00K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$2.00K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$101.00K	USD	Point-in-time
Total Assets	`Assets`	$27.96M	USD	Point-in-time
Total Assets	`Assets`	$27.55M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.48M	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$1.05M	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$872.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$278.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$255.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.63M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.81M	USD	Point-in-time
Commitments and Contingencies (Note L)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note L)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 4,779,977 shares issued and 4,698,393 shares outstanding at March 31, 2018, and 4,774,477 shares issued and 4,692,893 shares outstanding at December 31, 2017	`CommonStockValue`	$47.00K	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 4,779,977 shares issued and 4,698,393 shares outstanding at March 31, 2018, and 4,774,477 shares issued and 4,692,893 shares outstanding at December 31, 2017	`CommonStockValue`	$47.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$40.03M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$40.06M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.38M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.61M	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at March 31, 2018 and December 31, 2017	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at March 31, 2018 and December 31, 2017	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$35.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$25.15M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$24.93M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$27.55M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$27.96M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`SalesRevenueGoodsNet`	$5.95M	USD	1 Quarter
REVENUES	`SalesRevenueGoodsNet`	$5.62M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$3.72M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$3.56M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.07M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$1.96M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$158.00K	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$108.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-6.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$12.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$24.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$12.00K	USD	1 Quarter
Total Other Income, Net	`NonoperatingIncomeExpense`	$6.00K	USD	1 Quarter
Total Other Income, Net	`NonoperatingIncomeExpense`	$36.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$194.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$114.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$111.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$193.00K	USD	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	4.70M	shares	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	2.68M	shares	1 Quarter
Net income	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Net income	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.69M	shares	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.81M	shares	1 Quarter
Net income	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Net income	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter

Cash Flow Statement 43 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$111.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$193.00K	USD	1 Quarter
Depreciation	`Depreciation`	$167.00K	USD	1 Quarter
Depreciation	`Depreciation`	$104.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$18.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$20.00K	USD	1 Quarter
Recovery of note receivable	`AllowanceForDoubtfulAccountsReceivableRecoveries`	$4.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$7.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$7.00K	USD	1 Quarter
Gain on marketable securities	`MarketableSecuritiesGainLoss`	$12.00K	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$-7.00K	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$-7.00K	USD	1 Quarter
(Increase) decrease in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-318.00K	USD	1 Quarter
(Increase) decrease in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$259.00K	USD	1 Quarter
Increase in inventories, net	`IncreaseDecreaseInInventories`	$412.00K	USD	1 Quarter
Increase in inventories, net	`IncreaseDecreaseInInventories`	$133.00K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-72.00K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$95.00K	USD	1 Quarter
Increase in accounts payable, accrued compensation and commissions and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$110.00K	USD	1 Quarter
Increase in accounts payable, accrued compensation and commissions and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$179.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$219.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$158.00K	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesEquity`	$11.78M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesEquity`	$1.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$172.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-11.95M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.01M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$22.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$22.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-11.77M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-789.00K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.48M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.99M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.78M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$13.25M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.48M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.99M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.78M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.25M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$11.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$18.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$9.00K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$25.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$24.93M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.70M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.69M	shares	Point-in-time
Net income	`NetIncomeLoss`	$111.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$193.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$22.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$7.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$25.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$24.93M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.70M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.69M	shares	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
NET INCOME	`NetIncomeLoss`	$111.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$193.00K	USD	1 Quarter
Unrealized gain on available-for-sale securities, net of taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$21.00K	USD	1 Quarter
TOTAL OTHER COMPREHENSIVE INCOME	`OtherComprehensiveIncomeLossNetOfTax`	$21.00K	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$193.00K	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$132.00K	USD	1 Quarter

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