10-Q Filing

LGL GROUP INC CIK: 61004 Q2 2019

Filing Information

Form Type	10-Q
Accession Number	`0001564590-19-031532`
Period End Date	20190630
Filing Date	20190812
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	lgl-20190630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 57 Cash Flow Statement 47 Stockholders Equity 30

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$90.00K	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$40.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.51M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.34M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.25M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$3.77M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$8.92M	USD	Point-in-time
Accounts receivable, net of allowances of $90 and $40, respectively	`AccountsReceivableNetCurrent`	$5.04M	USD	Point-in-time
Accounts receivable, net of allowances of $90 and $40, respectively	`AccountsReceivableNetCurrent`	$3.39M	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.76M	USD	Point-in-time
Inventories, net	`InventoryNet`	$4.47M	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$271.00K	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`	$242.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$27.39M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	4.96M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	4.91M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$29.81M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.89M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.83M	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`	$4.03M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$4.54M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$17.19M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$17.01M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$21.58M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$22.27M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$19.69M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$19.49M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$2.09M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$2.58M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$477.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$439.00K	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$127.00K	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$103.00K	USD	Point-in-time
Right-of-use lease asset	`OperatingLeaseRightOfUseAsset`	$408.00K	USD	Point-in-time
Total Assets	`Assets`	$30.07M	USD	Point-in-time
Total Assets	`Assets`	$33.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.42M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.25M	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$1.21M	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$1.14M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$749.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$191.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.21M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.75M	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; 4,958,062 shares issued and 4,886,478 shares outstanding at June 30, 2019, and 4,912,762 shares issued and 4,831,178 shares outstanding at December 31, 2018	`CommonStockValue`	$49.00K	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 4,958,062 shares issued and 4,886,478 shares outstanding at June 30, 2019, and 4,912,762 shares issued and 4,831,178 shares outstanding at December 31, 2018	`CommonStockValue`	$49.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$41.30M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$41.02M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.17M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.65M	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at June 30, 2019 and December 31, 2018	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at June 30, 2019 and December 31, 2018	`TreasuryStockCommonValue`	$580.00K	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 Stockholders' Equity	`StockholdersEquity`	$27.32M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$25.60M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$29.12M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$27.98M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$30.07M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$33.34M	USD	Point-in-time

Income Statement 57 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$14.47M	USD	2 Qtrs
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$12.10M	USD	2 Qtrs
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.84M	USD	1 Quarter
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.16M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$8.92M	USD	2 Qtrs
Manufacturing cost of sales	`ManufacturingCosts`	$7.31M	USD	2 Qtrs
Manufacturing cost of sales	`ManufacturingCosts`	$4.71M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$3.59M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.07M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$4.26M	USD	2 Qtrs
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$4.14M	USD	2 Qtrs
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.28M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$856.00K	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$489.00K	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$1.29M	USD	2 Qtrs
OPERATING INCOME	`OperatingIncomeLoss`	$647.00K	USD	2 Qtrs
Interest (expense) income, net	`InterestIncomeExpenseNet`	$6.00K	USD	2 Qtrs
Interest (expense) income, net	`InterestIncomeExpenseNet`	$1.00K	USD	2 Qtrs
Interest (expense) income, net	`InterestIncomeExpenseNet`	$-6.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$117.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$67.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$270.00K	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$91.00K	USD	2 Qtrs
Total Other Income, Net	`NonoperatingIncomeExpense`	$61.00K	USD	1 Quarter
Total Other Income, Net	`NonoperatingIncomeExpense`	$97.00K	USD	2 Qtrs
Total Other Income, Net	`NonoperatingIncomeExpense`	$117.00K	USD	1 Quarter
Total Other Income, Net	`NonoperatingIncomeExpense`	$271.00K	USD	2 Qtrs
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$744.00K	USD	2 Qtrs
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.56M	USD	2 Qtrs
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$550.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$973.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$78.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$79.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$40.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$34.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$193.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$472.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$582.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$1.52M	USD	2 Qtrs
NET INCOME	`NetIncomeLoss`	$665.00K	USD	2 Qtrs
NET INCOME	`NetIncomeLoss`	$939.00K	USD	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	4.89M	shares	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	4.70M	shares	2 Qtrs
Weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	4.86M	shares	2 Qtrs
Weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	4.70M	shares	1 Quarter
Net income	`EarningsPerShareBasic`	$0.14	USD	2 Qtrs
Net income	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Net income	`EarningsPerShareBasic`	$0.19	USD	1 Quarter
Net income	`EarningsPerShareBasic`	$0.31	USD	2 Qtrs
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.80M	shares	2 Qtrs
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.96M	shares	2 Qtrs
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.97M	shares	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.80M	shares	1 Quarter
Net income	`EarningsPerShareDiluted`	$0.19	USD	1 Quarter
Net income	`EarningsPerShareDiluted`	$0.14	USD	2 Qtrs
Net income	`EarningsPerShareDiluted`	$0.31	USD	2 Qtrs
Net income	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.52M	USD	2 Qtrs
Net income	`ProfitLoss`	$665.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$202.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$211.00K	USD	2 Qtrs
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$38.00K	USD	2 Qtrs
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$38.00K	USD	2 Qtrs
Recovery of note receivable	`AllowanceForDoubtfulAccountsReceivableRecoveries`	$4.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$12.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$13.00K	USD	2 Qtrs
Unrealized gain on marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	$145.00K	USD	2 Qtrs
Unrealized gain on marketable securities	`MarketableSecuritiesUnrealizedGainLoss`	$86.00K	USD	2 Qtrs
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$24.00K	USD	2 Qtrs
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$18.00K	USD	2 Qtrs
Increase in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$487.00K	USD	2 Qtrs
Increase in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$1.65M	USD	2 Qtrs
Increase in inventories, net	`IncreaseDecreaseInInventories`	$1.29M	USD	2 Qtrs
Increase in inventories, net	`IncreaseDecreaseInInventories`	$427.00K	USD	2 Qtrs
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$29.00K	USD	2 Qtrs
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-137.00K	USD	2 Qtrs
Increase in accounts payable, accrued compensation and commissions and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$192.00K	USD	2 Qtrs
Increase in accounts payable, accrued compensation and commissions and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.05M	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-264.00K	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$270.00K	USD	2 Qtrs
Purchase of marketable securities, net	`PaymentsToAcquireAvailableForSaleSecuritiesEquity`	$5.00M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$692.00K	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$202.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.69M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-202.00K	USD	2 Qtrs
Proceeds from stock option exercise	`ProceedsFromStockOptionsExercised`	$268.00K	USD	2 Qtrs
Proceeds from stock option exercise	`ProceedsFromStockOptionsExercised`	$22.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$22.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$268.00K	USD	2 Qtrs
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$90.00K	USD	2 Qtrs
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.69M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.82M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.51M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$13.34M	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`	$9.82M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$15.51M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.34M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.25M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$6.00K	USD	2 Qtrs
Cash paid for interest	`InterestPaidNet`	$17.00K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$58.00K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$34.00K	USD	2 Qtrs
Right-of-use assets offset by operating lease liabilities	`NonCashRightOfUseAssetsOffsetByOperatingLeaseLiabilities`	$408.00K	USD	2 Qtrs

Stockholders Equity 30 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	`StockholdersEquity`	$27.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.60M	USD	Point-in-time
Balance	`StockholdersEquity`	$29.12M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.98M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.89M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.83M	shares	Point-in-time
Net income	`NetIncomeLoss`	$193.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$472.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$582.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.52M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$665.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$939.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$22.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$197.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$71.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$7.00K	USD	1 Quarter
Issuance costs for rights offering	`StockIssuanceCostsRightsOffering`	$28.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$25.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$24.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.60M	USD	Point-in-time
Balance	`StockholdersEquity`	$29.12M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.98M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.89M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.83M	shares	Point-in-time

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