10-Q Filing

LGL GROUP INC CIK: 61004 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-028599`
Period End Date	20180930
Filing Date	20181108
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	lgl-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 56 Cash Flow Statement 47 Stockholders Equity 16 Comprehensive Income 12

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.25M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.39M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$35.00K	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$38.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.98M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesEquitySecuritiesCurrent`	$3.80M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesEquitySecuritiesCurrent`	$16.26M	USD	Point-in-time
Accounts receivable, net of allowances of $38 and $35, respectively	`AccountsReceivableNetCurrent`	$4.11M	USD	Point-in-time
Accounts receivable, net of allowances of $38 and $35, respectively	`AccountsReceivableNetCurrent`	$3.39M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories, net	`InventoryNet`	$4.42M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories, net	`InventoryNet`	$3.88M	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$285.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	4.77M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	4.91M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$27.45M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$24.55M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.82M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.69M	shares	Point-in-time
Land	`Land`	$536.00K	USD	Point-in-time
Treasury stock, (in shares)	`TreasuryStockCommonShares`	81,584.00	shares	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`	$16.98M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$21.48M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$21.49M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$19.30M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$19.39M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$2.10M	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`	$496.00K	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$173.00K	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$145.00K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$101.00K	USD	Point-in-time
Total Assets	`Assets`	$30.19M	USD	Point-in-time
Total Assets	`Assets`	$27.55M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.48M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.37M	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$872.00K	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$1.44M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$365.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$278.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.17M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.63M	USD	Point-in-time
Commitments and Contingencies (Note M)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note M)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 4,906,246 shares issued and 4,824,662 shares outstanding at September 30, 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; 4,906,246 shares issued and 4,824,662 shares outstanding at September 30, 2018, and 4,774,477 shares issued and 4,692,893 shares outstanding at December 31, 2017	`CommonStockValue`	$49.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$40.03M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$40.98M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.43M	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at September 30, 2018 and December 31, 2017	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at September 30, 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`	$24.93M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$27.02M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$30.19M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$27.55M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.34M	USD	1 Quarter
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$16.75M	USD	3 Qtrs
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.26M	USD	1 Quarter
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$18.44M	USD	3 Qtrs
Manufacturing cost of sales	`ManufacturingCosts`	$3.51M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$3.83M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$11.14M	USD	3 Qtrs
Manufacturing cost of sales	`ManufacturingCosts`	$11.06M	USD	3 Qtrs
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$5.53M	USD	3 Qtrs
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$1.75M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.03M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$6.17M	USD	3 Qtrs
OPERATING INCOME	`OperatingIncomeLoss`	$477.00K	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$1.12M	USD	3 Qtrs
OPERATING INCOME	`OperatingIncomeLoss`	$1.00K	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$153.00K	USD	3 Qtrs
Interest (expense) income, net	`InterestIncomeExpenseNet`	$-6.00K	USD	1 Quarter
Interest (expense) income, net	`InterestIncomeExpenseNet`	$-5.00K	USD	1 Quarter
Interest (expense) income, net	`InterestIncomeExpenseNet`	$1.00K	USD	3 Qtrs
Interest (expense) income, net	`InterestIncomeExpenseNet`	$-17.00K	USD	3 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$24.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$164.00K	USD	3 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$42.00K	USD	3 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$73.00K	USD	1 Quarter
Total Other Income, Net	`NonoperatingIncomeExpense`	$18.00K	USD	1 Quarter
Total Other Income, Net	`NonoperatingIncomeExpense`	$165.00K	USD	3 Qtrs
Total Other Income, Net	`NonoperatingIncomeExpense`	$25.00K	USD	3 Qtrs
Total Other Income, Net	`NonoperatingIncomeExpense`	$68.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$545.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.29M	USD	3 Qtrs
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$178.00K	USD	3 Qtrs
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$19.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$30.00K	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$146.00K	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$67.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$148.00K	USD	3 Qtrs
NET INCOME	`NetIncomeLoss`	$1.14M	USD	3 Qtrs
NET INCOME	`NetIncomeLoss`	$478.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$17.00K	USD	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	4.77M	shares	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	2.68M	shares	3 Qtrs
Weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	2.68M	shares	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	4.72M	shares	3 Qtrs
Net income	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Net income	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Net income	`EarningsPerShareBasic`	$0.06	USD	3 Qtrs
Net income	`EarningsPerShareBasic`	$0.24	USD	3 Qtrs
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.69M	shares	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.89M	shares	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.69M	shares	3 Qtrs
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.84M	shares	3 Qtrs
Net income	`EarningsPerShareDiluted`	$0.06	USD	3 Qtrs
Net income	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Net income	`EarningsPerShareDiluted`	$0.24	USD	3 Qtrs
Net income	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.14M	USD	3 Qtrs
Net income	`ProfitLoss`	$148.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$464.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$315.00K	USD	3 Qtrs
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$56.00K	USD	3 Qtrs
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$56.00K	USD	3 Qtrs
Recovery of other assets	`AllowanceForDoubtfulAccountsReceivableRecoveries`	$4.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$19.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$22.00K	USD	3 Qtrs
Gain on marketable securities	`MarketableSecuritiesGainLoss`	$21.00K	USD	3 Qtrs
Gain on marketable securities	`MarketableSecuritiesGainLoss`	$183.00K	USD	3 Qtrs
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$12.00K	USD	3 Qtrs
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$28.00K	USD	3 Qtrs
(Increase) decrease in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$712.00K	USD	3 Qtrs
(Increase) decrease in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-267.00K	USD	3 Qtrs
Increase in inventories, net	`IncreaseDecreaseInInventories`	$269.00K	USD	3 Qtrs
Increase in inventories, net	`IncreaseDecreaseInInventories`	$542.00K	USD	3 Qtrs
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-21.00K	USD	3 Qtrs
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$148.00K	USD	3 Qtrs
Increase (decrease) in accounts payable, accrued compensation and commissions and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$548.00K	USD	3 Qtrs
Increase (decrease) in accounts payable, accrued compensation and commissions and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-345.00K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$689.00K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$186.00K	USD	3 Qtrs
Purchase of marketable securities, net	`PaymentsToAcquireAvailableForSaleSecuritiesEquity`	$968.00K	USD	3 Qtrs
Purchase of marketable securities, net	`PaymentsToAcquireAvailableForSaleSecuritiesEquity`	$12.28M	USD	3 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.00K	USD	3 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$232.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-988.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-12.51M	USD	3 Qtrs
Proceeds from warrant exercise	`ProceedsFromWarrantExercises`	$927.00K	USD	3 Qtrs
Proceeds from warrant exercise	`ProceedsFromWarrantExercises`	$926.95K	USD	Point-in-time
Proceeds from stock option exercise	`ProceedsFromStockOptionsExercised`	$27.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$954.00K	USD	3 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-802.00K	USD	3 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-10.86M	USD	3 Qtrs
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 beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.39M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.98M	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 and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.39M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.98M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$23.00K	USD	3 Qtrs
Cash paid for interest	`InterestPaidNet`	$23.00K	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$26.00K	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$45.00K	USD	3 Qtrs

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$24.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.02M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.82M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.69M	shares	Point-in-time
Net income	`NetIncomeLoss`	$148.00K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$1.14M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$478.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$27.00K	USD	3 Qtrs
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$19.00K	USD	3 Qtrs
Exercise of warrants	`StockIssuedDuringPeriodValueWarrantExercised`	$927.00K	USD	3 Qtrs
Issuance costs for rights offering	`StockIssuanceCostsRightsOffering`	$28.00K	USD	3 Qtrs
Balance	`StockholdersEquity`	$24.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.02M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.82M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.69M	shares	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
NET INCOME	`NetIncomeLoss`	$148.00K	USD	3 Qtrs
NET INCOME	`NetIncomeLoss`	$1.14M	USD	3 Qtrs
NET INCOME	`NetIncomeLoss`	$478.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$17.00K	USD	1 Quarter
Unrealized gain on available-for-sale securities, net of taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$21.00K	USD	1 Quarter
Unrealized gain on available-for-sale securities, net of taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$42.00K	USD	3 Qtrs
TOTAL OTHER COMPREHENSIVE INCOME	`OtherComprehensiveIncomeLossNetOfTax`	$42.00K	USD	3 Qtrs
TOTAL OTHER COMPREHENSIVE INCOME	`OtherComprehensiveIncomeLossNetOfTax`	$21.00K	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$190.00K	USD	3 Qtrs
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$478.00K	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$38.00K	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$1.14M	USD	3 Qtrs

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