10-K Filing

LGL GROUP INC CIK: 61004 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001564590-20-014263`
Period End Date	20191231
Filing Date	20200330
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	lgl-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 29 Cash Flow Statement 50 Stockholders Equity 20

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.51M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.45M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$109.00K	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$40.00K	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$3.77M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$5.63M	USD	Point-in-time
Accounts receivable, net of allowances of $109 and $40, respectively	`AccountsReceivableNetCurrent`	$4.45M	USD	Point-in-time
Accounts receivable, net of allowances of $109 and $40, 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`	$6.02M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories, net	`InventoryNet`	$4.47M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$242.00K	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`	$365.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$27.39M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$28.91M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	5.01M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	4.91M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.83M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.93M	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`	$4.65M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$4.03M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$17.53M	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`	$22.71M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$19.88M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$19.49M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$2.83M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$2.09M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$402.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$477.00K	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$3.31M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$127.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$102.00K	USD	Point-in-time
Right-of-use lease asset	`OperatingLeaseRightOfUseAsset`	$331.00K	USD	Point-in-time
Right-of-use lease asset	`OperatingLeaseRightOfUseAsset`	$142.00K	USD	Point-in-time
Equity investment in unconsolidated subsidiary	`EquityInvestmentInUnconsolidatedSubsidiary`	$3.33M	USD	Point-in-time
Total Assets	`Assets`	$39.22M	USD	Point-in-time
Total Assets	`Assets`	$30.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.42M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.86M	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$1.83M	USD	Point-in-time
Accrued compensation and commissions expense	`EmployeeRelatedLiabilitiesCurrent`	$1.14M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$191.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$627.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.75M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.32M	USD	Point-in-time
Commitments and Contingencies (Note K)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note K)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 5,014,647 shares issued and 4,933,063 shares outstanding at December 31, 2019, and 4,912,762 shares issued and 4,831,178 shares outstanding at December 31, 2018	`CommonStockValue`	$50.00K	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 5,014,647 shares issued and 4,933,063 shares outstanding at December 31, 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`	$41.02M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$41.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.15M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.17M	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at December 31, 2019 and 2018	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at December 31, 2019 and 2018	`TreasuryStockCommonValue`	$580.00K	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`	$34.89M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$30.07M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$39.22M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$24.87M	USD	Annual
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$31.90M	USD	Annual
Manufacturing cost of sales	`ManufacturingCosts`	$15.21M	USD	Annual
Manufacturing cost of sales	`ManufacturingCosts`	$19.38M	USD	Annual
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$8.23M	USD	Annual
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$9.08M	USD	Annual
OPERATING INCOME	`OperatingIncomeLoss`	$1.43M	USD	Annual
OPERATING INCOME	`OperatingIncomeLoss`	$3.44M	USD	Annual
Interest income, net	`InterestIncomeExpenseNet`	$2.00K	USD	Annual
Interest income, net	`InterestIncomeExpenseNet`	$2.00K	USD	Annual
Loss on equity investment in unconsolidated subsidiary	`GainLossOnEquityInvestmentInUnconsolidatedSubsidiary`	$-16.00K	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$484.00K	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$138.00K	USD	Annual
Total other income, net	`NonoperatingIncomeExpense`	$470.00K	USD	Annual
Total other income, net	`NonoperatingIncomeExpense`	$140.00K	USD	Annual
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.57M	USD	Annual
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.91M	USD	Annual
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$165.00K	USD	Annual
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$-3.11M	USD	Annual
NET INCOME	`NetIncomeLoss`	$1.41M	USD	Annual
NET INCOME	`NetIncomeLoss`	$7.02M	USD	Annual
Weighted average number of shares used in basic earnings per share calculation	`WeightedAverageNumberOfSharesOutstandingBasic`	4.75M	shares	Annual
Weighted average number of shares used in basic earnings per share calculation	`WeightedAverageNumberOfSharesOutstandingBasic`	4.88M	shares	Annual
Basic net income per share	`EarningsPerShareBasic`	$1.44	USD	Annual
Basic net income per share	`EarningsPerShareBasic`	$0.30	USD	Annual
Weighted average number of shares used in diluted earnings per share calculation	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.88M	shares	Annual
Weighted average number of shares used in diluted earnings per share calculation	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.98M	shares	Annual
Diluted net income per share	`EarningsPerShareDiluted`	$1.41	USD	Annual
Diluted net income per share	`EarningsPerShareDiluted`	$0.29	USD	Annual

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.41M	USD	Annual
Net income	`ProfitLoss`	$7.02M	USD	Annual
Depreciation	`Depreciation`	$417.00K	USD	Annual
Depreciation	`Depreciation`	$418.00K	USD	Annual
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$75.00K	USD	Annual
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$75.00K	USD	Annual
Loss from equity investment in unconsolidated subsidiary	`IncomeLossFromEquityMethodInvestments`	$-16.00K	USD	Annual
Recovery of note receivable	`AllowanceForDoubtfulAccountsReceivableRecoveries`	$4.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$112.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$64.00K	USD	Annual
Deferred income tax (benefit) expense	`DeferredIncomeTaxExpenseBenefit`	$-3.18M	USD	Annual
Deferred income tax (benefit) expense	`DeferredIncomeTaxExpenseBenefit`	$46.00K	USD	Annual
(Gain) loss on marketable securities	`MarketableSecuritiesGainLoss`	$-28.00K	USD	Annual
(Gain) loss on marketable securities	`MarketableSecuritiesGainLoss`	$206.00K	USD	Annual
Increase in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$1.05M	USD	Annual
Increase in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$1.00K	USD	Annual
Increase in inventories, net	`IncreaseDecreaseInInventories`	$1.55M	USD	Annual
Increase in inventories, net	`IncreaseDecreaseInInventories`	$591.00K	USD	Annual
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-92.00K	USD	Annual
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$225.00K	USD	Annual
Increase in accounts payable, accrued compensation and commissions expense and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$125.00K	USD	Annual
Increase in accounts payable, accrued compensation and commissions expense and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.24M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.66M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.67M	USD	Annual
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$5.05M	USD	Annual
Equity investment in unconsoldiated subsidiary	`PaymentsToAcquireEquityMethodInvestments`	$3.35M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.16M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$324.00K	USD	Annual
Proceeds from sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$3.40M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-324.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.16M	USD	Annual
Costs from issuance of common stock	`PaymentsOfStockIssuanceCosts`	$28.00K	USD	Annual
Proceeds from warrant exercise	`ProceedsFromWarrantExercises`	$927.00K	USD	Annual
Proceeds from stock option exercise	`ProceedsFromStockOptionsExercised`	$442.00K	USD	Annual
Proceeds from stock option exercise	`ProceedsFromStockOptionsExercised`	$27.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$926.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$442.00K	USD	Annual
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.06M	USD	Annual
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.26M	USD	Annual
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.25M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.45M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.51M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.25M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.45M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.51M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$6.00K	USD	Annual
Cash paid for interest	`InterestPaidNet`	$23.00K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$86.00K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$69.00K	USD	Annual
Right-of-use assets offset by operating lease liabilities	`NonCashRightOfUseAssetsOffsetByOperatingLeaseLiabilities`	$331.00K	USD	Annual

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$24.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$34.89M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.83M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.93M	shares	Point-in-time
Net income	`NetIncomeLoss`	$1.41M	USD	Annual
Net income	`NetIncomeLoss`	$7.02M	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$442.00K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$27.00K	USD	Annual
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	96,748.00	shares	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$112.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$64.00K	USD	Annual
Stock-based compensation (in shares)	`StockIssuedDuringPeriodSharesRestrictedStockAwardGross`	5,871.00	shares	Annual
Warrant dividend exercise	`StockIssuedDuringPeriodValueWarrantDividendExercised`	$927.00K	USD	Annual
Issuance costs for rights offering	`StockIssuanceCostsRightsOffering`	$28.00K	USD	Annual
Balance	`StockholdersEquity`	$24.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$34.89M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.83M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.93M	shares	Point-in-time

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