10-K Filing

LGL GROUP INC CIK: 61004 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001564590-21-016107`
Period End Date	20201231
Filing Date	20210329
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	lgl-20201231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 30 Cash Flow Statement 50 Stockholders Equity 20

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.45M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$189.00K	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$109.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.33M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$5.63M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$5.79M	USD	Point-in-time
Accounts receivable, net of allowances of $189 and $109, respectively	`AccountsReceivableNetCurrent`	$4.12M	USD	Point-in-time
Accounts receivable, net of allowances of $189 and $109, respectively	`AccountsReceivableNetCurrent`	$4.45M	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.28M	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`	$6.02M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$365.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$257.00K	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
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`	5.41M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$33.78M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.93M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	5.27M	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
Treasury stock, (in shares)	`TreasuryStockCommonShares`	81,584.00	shares	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$4.81M	USD	Point-in-time
Buildings and improvements	`BuildingsAndImprovementsGross`	$4.65M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$17.77M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$17.53M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$22.71M	USD	Point-in-time
Gross property, plant and equipment	`PropertyPlantAndEquipmentGross`	$23.12M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$20.34M	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$19.88M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$2.79M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$2.83M	USD	Point-in-time
Right-of-use lease asset	`OperatingLeaseRightOfUseAsset`	$331.00K	USD	Point-in-time
Right-of-use lease asset	`OperatingLeaseRightOfUseAsset`	$422.00K	USD	Point-in-time
Equity investment in unconsolidated subsidiary	`EquityInvestmentInUnconsolidatedSubsidiary`	$3.07M	USD	Point-in-time
Equity investment in unconsolidated subsidiary	`EquityInvestmentInUnconsolidatedSubsidiary`	$3.33M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$402.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$327.00K	USD	Point-in-time
Deferred income taxes, net	`DeferredIncomeTaxAssetsNet`	$3.31M	USD	Point-in-time
Deferred income taxes, net	`DeferredIncomeTaxAssetsNet`	$3.05M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$102.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$16.00K	USD	Point-in-time
Total Assets	`Assets`	$39.22M	USD	Point-in-time
Total Assets	`Assets`	$43.45M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.26M	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`	$1.32M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$808.00K	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$387.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.40M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.08M	USD	Point-in-time
Long-term lease liability	`LongTermDebtAndCapitalLeaseObligations`	$293.00K	USD	Point-in-time
Long-term lease liability	`LongTermDebtAndCapitalLeaseObligations`	$240.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.69M	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.32M	USD	Point-in-time
Contingencies (Note N)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies (Note N)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value - 10,000,000 shares authorized; 5,409,550 shares issued and 5,272,204 shares outstanding at December 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
Common stock, $0.01 par value - 10,000,000 shares authorized; 5,409,550 shares issued and 5,272,204 shares outstanding at December 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
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$45.48M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$41.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.18M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.15M	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at December 31, 2020 and 2019	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Treasury stock, 81,584 shares held in treasury at cost at December 31, 2020 and 2019	`TreasuryStockCommonValue`	$580.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$39.77M	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 Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$43.45M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$39.22M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$31.16M	USD	Annual
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$31.90M	USD	Annual
Manufacturing cost of sales	`ManufacturingCosts`	$19.38M	USD	Annual
Manufacturing cost of sales	`ManufacturingCosts`	$20.23M	USD	Annual
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$9.08M	USD	Annual
Engineering, selling and administrative	`EngineeringSellingAndAdministrative`	$9.51M	USD	Annual
OPERATING INCOME	`OperatingIncomeLoss`	$1.42M	USD	Annual
OPERATING INCOME	`OperatingIncomeLoss`	$3.44M	USD	Annual
Interest (expense) income, net	`InterestIncomeExpenseNet`	$2.00K	USD	Annual
Interest (expense) income, net	`InterestIncomeExpenseNet`	$-11.00K	USD	Annual
Loss on equity investment in unconsolidated subsidiary	`GainLossOnEquityInvestmentInUnconsolidatedSubsidiary`	$-16.00K	USD	Annual
Loss on equity investment in unconsolidated subsidiary	`GainLossOnEquityInvestmentInUnconsolidatedSubsidiary`	$-262.00K	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$484.00K	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$162.00K	USD	Annual
Total other (expense) income, net	`NonoperatingIncomeExpense`	$-111.00K	USD	Annual
Total other (expense) income, net	`NonoperatingIncomeExpense`	$470.00K	USD	Annual
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.91M	USD	Annual
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.30M	USD	Annual
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-3.11M	USD	Annual
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$336.00K	USD	Annual
NET INCOME	`NetIncomeLoss`	$968.00K	USD	Annual
NET INCOME	`NetIncomeLoss`	$7.02M	USD	Annual
Weighted average number of shares used in basic earnings per share calculation	`WeightedAverageNumberOfSharesOutstandingBasic`	4.88M	shares	Annual
Weighted average number of shares used in basic earnings per share calculation	`WeightedAverageNumberOfSharesOutstandingBasic`	5.17M	shares	Annual
Basic net income per share	`EarningsPerShareBasic`	$0.19	USD	Annual
Basic net income per share	`EarningsPerShareBasic`	$1.44	USD	Annual
Weighted average number of shares used in diluted earnings per share calculation	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.22M	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`	$0.19	USD	Annual

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$7.02M	USD	Annual
Net income	`ProfitLoss`	$968.00K	USD	Annual
Depreciation	`Depreciation`	$418.00K	USD	Annual
Depreciation	`Depreciation`	$453.00K	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
Loss from equity investment in unconsolidated subsidiary	`IncomeLossFromEquityMethodInvestments`	$-262.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$790.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$112.00K	USD	Annual
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-3.18M	USD	Annual
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$255.00K	USD	Annual
(Gain) on marketable securities	`MarketableSecuritiesGainLoss`	$139.00K	USD	Annual
(Gain) on marketable securities	`MarketableSecuritiesGainLoss`	$206.00K	USD	Annual
Decrease (increase) in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$1.05M	USD	Annual
Decrease (increase) in accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-323.00K	USD	Annual
Decrease (increase) in inventories, net	`IncreaseDecreaseInInventories`	$1.55M	USD	Annual
Decrease (increase) in inventories, net	`IncreaseDecreaseInInventories`	$-736.00K	USD	Annual
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$225.00K	USD	Annual
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-194.00K	USD	Annual
(Decrease) increase in accounts payable, accrued compensation and commissions expense and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-725.00K	USD	Annual
(Decrease) increase in accounts payable, accrued compensation and commissions expense and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.24M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.19M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.67M	USD	Annual
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$21.00K	USD	Annual
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$5.05M	USD	Annual
Equity investment in unconsolidated subsidiary	`PaymentsToAcquireEquityMethodInvestments`	$3.35M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.16M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$407.00K	USD	Annual
Proceeds from sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$3.40M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-428.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.16M	USD	Annual
Proceeds from issuance of at-the-market stock sales	`ProceedsFromStockPlans`	$3.25M	USD	Annual
Share-related issuance costs	`PaymentsOfStockIssuanceCosts`	$202.00K	USD	Annual
Net proceeds from stock option exercise	`ProceedsFromStockOptionsExercised`	$62.00K	USD	Annual
Net proceeds from stock option exercise	`ProceedsFromStockOptionsExercised`	$442.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.11M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$442.00K	USD	Annual
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.06M	USD	Annual
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$5.88M	USD	Annual
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.51M	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`	$18.33M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.51M	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`	$18.33M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$6.00K	USD	Annual
Cash paid for interest	`InterestPaidNet`	$3.00K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$60.00K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$86.00K	USD	Annual

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$39.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$34.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.32M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.93M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.27M	shares	Point-in-time
Net income	`NetIncomeLoss`	$968.00K	USD	Annual
Net income	`NetIncomeLoss`	$7.02M	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$442.00K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$85.00K	USD	Annual
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	20,329.00	shares	Annual
Repurchase of shares exercised	`StockRepurchasedDuringPeriodValue`	$23.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$112.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$790.00K	USD	Annual
At-the market stock sales	`StockIssuedDuringPeriodValueNewIssues`	$3.25M	USD	Annual
Share-related issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$202.00K	USD	Annual
Balance	`StockholdersEquity`	$39.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$34.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$27.32M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	4.93M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	5.27M	shares	Point-in-time

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