10-Q Filing

LGL GROUP INC CIK: 61004 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-025471`
Period End Date	20200331
Filing Date	20200514
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	lgl-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 28 Cash Flow Statement 47 Stockholders Equity 20

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.63M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.45M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$105.00K	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$109.00K	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$5.31M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$5.63M	USD	Point-in-time
Accounts receivable, net of allowances of $105 and $109, respectively	`AccountsReceivableNetCurrent`	$4.82M	USD	Point-in-time
Accounts receivable, net of allowances of $105 and $109, respectively	`AccountsReceivableNetCurrent`	$4.45M	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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.99M	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`	$341.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$365.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$33.08M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	5.34M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	5.01M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$28.91M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.93M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	5.21M	shares	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
Land	`Land`	$536.00K	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$4.65M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$4.65M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$17.58M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$17.53M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$22.77M	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`	$20.00M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$2.77M	USD	Point-in-time
Net property, plant, and equipment	`PropertyPlantAndEquipmentNet`	$2.83M	USD	Point-in-time
Equity investment in unconsoldiated subsidiary	`EquityInvestmentInUnconsolidatedSubsidiary`	$3.29M	USD	Point-in-time
Equity investment in unconsoldiated subsidiary	`EquityInvestmentInUnconsolidatedSubsidiary`	$3.33M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$3.31M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$3.25M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$402.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$383.00K	USD	Point-in-time
Right-of-use lease asset	`OperatingLeaseRightOfUseAsset`	$331.00K	USD	Point-in-time
Right-of-use lease asset	`OperatingLeaseRightOfUseAsset`	$318.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$102.00K	USD	Point-in-time
Total Assets	`Assets`	$39.22M	USD	Point-in-time
Total Assets	`Assets`	$43.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.86M	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$1.83M	USD	Point-in-time
Accrued compensation and commissions	`EmployeeRelatedLiabilitiesCurrent`	$2.22M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$627.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$837.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.32M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.70M	USD	Point-in-time
Commitments and Contingencies (Note N)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note N)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 5,337,372 shares issued and 5,210,788 shares outstanding at March 31, 2020, and 5,014,647 shares issued and 4,933,063 shares outstanding at December 31, 2019	`CommonStockValue`	$50.00K	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 5,337,372 shares issued and 5,210,788 shares outstanding at March 31, 2020, and 5,014,647 shares issued and 4,933,063 shares outstanding at December 31, 2019	`CommonStockValue`	$53.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$44.90M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$41.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.97M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.15M	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at March 31, 2020 and December 31, 2019	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at March 31, 2020 and December 31, 2019	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$34.89M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$27.32M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$38.40M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$27.98M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$39.22M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$43.10M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.63M	USD	1 Quarter
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.62M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$5.66M	USD	1 Quarter
Manufacturing cost of sales	`ManufacturingCosts`	$4.21M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$2.30M	USD	1 Quarter
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$1.98M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$434.00K	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$660.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$1.00K	USD	1 Quarter
Loss on equity investment in unconsolidated subsidiary	`GainLossOnEquityInvestmentInUnconsolidatedSubsidiary`	$-39.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$153.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-384.00K	USD	1 Quarter
Total Other (Expense) Income, Net	`NonoperatingIncomeExpense`	$-423.00K	USD	1 Quarter
Total Other (Expense) Income, Net	`NonoperatingIncomeExpense`	$154.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$588.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$237.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$54.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$6.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$582.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$183.00K	USD	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	5.05M	shares	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	4.84M	shares	1 Quarter
Net income	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Net income	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.96M	shares	1 Quarter
Weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.10M	shares	1 Quarter
Net income	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Net income	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$582.00K	USD	1 Quarter
Net income	`ProfitLoss`	$183.00K	USD	1 Quarter
Depreciation	`Depreciation`	$101.00K	USD	1 Quarter
Depreciation	`Depreciation`	$116.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$19.00K	USD	1 Quarter
Amortization of finite-lived intangible assets	`AmortizationOfIntangibleAssets`	$18.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$10.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$6.00K	USD	1 Quarter
Loss from equity investment in unconsolidated subsidiary	`GainLossOnEquityInvestmentInUnconsolidatedSubsidiary`	$-39.00K	USD	1 Quarter
Loss (gain) on marketable securities	`MarketableSecuritiesGainLoss`	$-325.00K	USD	1 Quarter
Loss (gain) on marketable securities	`MarketableSecuritiesGainLoss`	$77.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$59.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$13.00K	USD	1 Quarter
Increase in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$1.00M	USD	1 Quarter
Increase in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$374.00K	USD	1 Quarter
Decrease (increase) in inventories, net	`IncreaseDecreaseInInventories`	$-30.00K	USD	1 Quarter
Decrease (increase) in inventories, net	`IncreaseDecreaseInInventories`	$707.00K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-126.00K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$52.00K	USD	1 Quarter
Increase in accounts payable, accrued compensation and commissions and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.24M	USD	1 Quarter
Increase in accounts payable, accrued compensation and commissions and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$389.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$122.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$922.00K	USD	1 Quarter
Purchase of marketable securities, net	`PaymentsToAcquireAvailableForSaleSecuritiesEquity`	$5.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$56.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$403.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.40M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-56.00K	USD	1 Quarter
Proceeds from at-the-market stock sales	`ProceedsFromStockPlans`	$3.25M	USD	1 Quarter
Proceeds from stock option exercise	`ProceedsFromStockOptionsExercised`	$71.00K	USD	1 Quarter
Proceeds from stock option exercise	`ProceedsFromStockOptionsExercised`	$58.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.31M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$71.00K	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.18M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.21M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.30M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.51M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.45M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.63M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.30M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.51M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.45M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.63M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$6.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$6.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$72.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$10.00K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Stock issuance costs	`StockIssuanceCosts`	$346.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$34.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$38.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.98M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.93M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.21M	shares	Point-in-time
Net income	`NetIncomeLoss`	$582.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$183.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$71.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$58.00K	USD	1 Quarter
At-the-market stock sales, net of costs	`StockIssuedDuringPeriodValueNewIssues`	$3.25M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$10.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$34.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$38.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.98M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.93M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.21M	shares	Point-in-time

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