$LGL
LGL GROUP INC

2018 Form 10-K Financial Statement

#000156459019008815 Filed on March 21, 2019

View on sec.gov

Income Statement

Concept 2018 2017 Q4 2017
Revenue $24.87M $5.700M $22.40M
YoY Change 11.02% -1.72% 7.23%
Cost Of Revenue $15.21M $3.600M $14.66M
YoY Change 3.75% -5.26% 5.79%
Gross Profit $9.659M $2.100M $7.741M
YoY Change 24.78% 5.0% 10.07%
Gross Profit Margin 38.84% 36.84% 34.55%
Selling, General & Admin $8.229M $1.900M $7.465M
YoY Change 10.23% -5.0% 3.77%
% of Gross Profit 85.2% 90.48% 96.43%
Research & Development $1.947M $1.827M
YoY Change 6.57% -4.14%
% of Gross Profit 20.16% 23.6%
Depreciation & Amortization $417.0K $130.0K $567.0K
YoY Change -26.46% -27.78% -19.46%
% of Gross Profit 4.32% 6.19% 7.32%
Operating Expenses $1.947M $1.900M $1.827M
YoY Change 6.57% -5.0% -4.14%
Operating Profit $1.430M $200.0K $5.914M
YoY Change -75.82% -3773.29%
Interest Expense $2.000K $0.00 -$11.00K
YoY Change -118.18% -150.0%
% of Operating Profit 0.14% 0.0% -0.19%
Other Income/Expense, Net $140.0K -$100.0K -$57.00K
YoY Change -345.61% -200.0% -139.58%
Pretax Income $972.0K $0.00 -$65.00K
YoY Change -1595.38% -100.0% -85.02%
Income Tax $165.0K -$2.200M $102.0K
% Of Pretax Income 16.98%
Net Earnings $1.405M $0.00 $117.0K
YoY Change 1100.85% -100.0% -20.95%
Net Earnings / Revenue 5.65% 0.0% 0.52%
Basic Earnings Per Share $0.30 $0.04
Diluted Earnings Per Share $0.29 $0.00 $0.04
COMMON SHARES
Basic Shares Outstanding 4.749M 2.930M
Diluted Shares Outstanding 4.875M 3.035M

Balance Sheet

Concept 2018 2017 Q4 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.28M $17.10M $17.05M
YoY Change 13.08% 210.91% 207.37%
Cash & Equivalents $15.51M $13.25M $13.25M
Short-Term Investments $3.775M $3.800M $3.803M
Other Short-Term Assets $242.0K $200.0K $229.0K
YoY Change 5.68% 0.0% 14.5%
Inventory $4.466M $3.875M $3.875M
Prepaid Expenses
Receivables $3.394M $3.393M $3.393M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $27.39M $24.55M $24.55M
YoY Change 11.55% 90.46% 90.46%
LONG-TERM ASSETS
Property, Plant & Equipment $2.086M $2.179M $2.179M
YoY Change -4.27% -19.62% -19.62%
Goodwill $40.00K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $127.0K $101.0K $274.0K
YoY Change -53.65% -50.25% -34.29%
Total Long-Term Assets $2.690M $3.005M $3.005M
YoY Change -10.48% -19.99% -19.99%
TOTAL ASSETS
Total Short-Term Assets $27.39M $24.55M $24.55M
Total Long-Term Assets $2.690M $3.005M $3.005M
Total Assets $30.08M $27.56M $27.56M
YoY Change 9.15% 65.54% 65.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.418M $1.477M $1.477M
YoY Change -3.99% -3.15% -3.15%
Accrued Expenses $1.334M $1.200M $1.150M
YoY Change 16.0% 0.0% -6.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.752M $2.627M $2.627M
YoY Change 4.76% -4.65% -4.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.752M $2.627M $2.627M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.752M $2.600M $2.627M
YoY Change 4.76% -7.14% -4.65%
SHAREHOLDERS EQUITY
Retained Earnings -$14.61M
YoY Change -0.79%
Common Stock $40.08M
YoY Change 37.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $81.58K
Shareholders Equity $27.32M $24.93M $24.93M
YoY Change
Total Liabilities & Shareholders Equity $30.08M $27.56M $27.56M
YoY Change 9.15% 65.54% 65.54%

Cashflow Statement

Concept 2018 2017 Q4 2017
OPERATING ACTIVITIES
Net Income $1.405M $0.00 $117.0K
YoY Change 1100.85% -100.0% -20.95%
Depreciation, Depletion And Amortization $417.0K $130.0K $567.0K
YoY Change -26.46% -27.78% -19.46%
Cash From Operating Activities $1.656M $490.0K $681.0K
YoY Change 143.17% 4800.0% 144.96%
INVESTING ACTIVITIES
Capital Expenditures $324.0K -$110.0K $131.0K
YoY Change 147.33% 83.33% -23.84%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K -$872.0K
YoY Change -100.0% -103.82% -69.65%
Cash From Investing Activities -$324.0K -$10.00K -$1.003M
YoY Change -67.7% -99.63% -67.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $11.04M
YoY Change 137850.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 926.0K 10.79M 10.79M
YoY Change -91.42% -108000.0% -135025.0%
NET CHANGE
Cash From Operating Activities 1.656M 490.0K 681.0K
Cash From Investing Activities -324.0K -10.00K -1.003M
Cash From Financing Activities 926.0K 10.79M 10.79M
Net Change In Cash 2.258M 11.27M 10.79M
YoY Change -79.08% -518.96% -488.97%
FREE CASH FLOW
Cash From Operating Activities $1.656M $490.0K $681.0K
Capital Expenditures $324.0K -$110.0K $131.0K
Free Cash Flow $1.332M $600.0K $550.0K
YoY Change 142.18% 757.14% 418.87%

Facts In Submission

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<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Uses of Estimates</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</p>
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Advertising Expense</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Advertising costs are charged to operations as incurred. Such costs were approximately $24,000 in 2018, compared with $18,000 in 2017, and are included within engineering, selling and administrative expenses.</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration Risk</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In 2018, the Company's largest customer, an electronics contract manufacturing company in the aerospace and defense markets, accounted for $4,436,000, or 17.8% of the Company's total revenues, compared to $3,744,000, or 16.7%, in 2017.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A significant portion of the Company's accounts receivable is concentrated with a relatively small number of customers. As of December&#160;31, 2018, four of the Company's largest customers accounted for approximately $1,043,000, or 30% of accounts receivable. As of December&#160;31, 2017, four of the Company's largest customers accounted for approximately $1,100,000, or 32% of accounts receivable. The Company carefully evaluates the creditworthiness of its customers in deciding to extend credit, and utilizes letters of credit to further limit credit risk for export sales. As a result of these policies, the Company has experienced very low historical bad debt expense and believes the related risk to be minimal.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At various times throughout the year and at December&#160;31, 2018, some deposits held at financial institutions were in excess of federally insured limits. The Company has not experienced any losses related to these balances and believes the related risk to be minimal.</p>
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