2019 Q3 Form 10-Q Financial Statement
#000156459019043551 Filed on November 14, 2019
Income Statement
| Concept | 2019 Q3 | 2018 Q3 | 2018 Q2 |
|---|---|---|---|
| Revenue | $8.588M | $6.338M | $6.157M |
| YoY Change | 35.5% | 19.58% | 5.09% |
| Cost Of Revenue | $5.049M | $3.833M | $3.600M |
| YoY Change | 31.72% | 9.51% | -10.0% |
| Gross Profit | $3.539M | $2.505M | $2.600M |
| YoY Change | 41.28% | 47.35% | 36.84% |
| Gross Profit Margin | 41.21% | 39.52% | 42.23% |
| Selling, General & Admin | $2.417M | $2.028M | $2.100M |
| YoY Change | 19.18% | 19.29% | 16.67% |
| % of Gross Profit | 68.3% | 80.96% | 80.77% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $125.0K | $121.0K | $130.0K |
| YoY Change | 3.31% | -19.33% | -27.78% |
| % of Gross Profit | 3.53% | 4.83% | 5.0% |
| Operating Expenses | $2.417M | $2.028M | $2.100M |
| YoY Change | 19.18% | 12.67% | 16.67% |
| Operating Profit | $1.122M | $477.0K | $489.0K |
| YoY Change | 135.22% | -577.0% | 1011.36% |
| Interest Expense | $0.00 | -$5.000K | $0.00 |
| YoY Change | -100.0% | -100.0% | |
| % of Operating Profit | 0.0% | -1.05% | 0.0% |
| Other Income/Expense, Net | $82.00K | $73.00K | $61.00K |
| YoY Change | 12.33% | 6000.0% | |
| Pretax Income | $1.204M | $545.0K | $550.0K |
| YoY Change | 120.92% | 1122.22% | |
| Income Tax | -$3.326M | $67.00K | $78.00K |
| % Of Pretax Income | -276.25% | 12.29% | 14.18% |
| Net Earnings | $4.530M | $478.0K | $472.0K |
| YoY Change | 847.7% | 2260.0% | |
| Net Earnings / Revenue | 52.75% | 7.54% | 7.67% |
| Basic Earnings Per Share | $0.10 | ||
| Diluted Earnings Per Share | $912.2K | $97.76K | $0.10 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 4.698M | ||
| Diluted Shares Outstanding | 4.804M |
Balance Sheet
| Concept | 2019 Q3 | 2018 Q3 | 2018 Q2 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $20.12M | $18.65M | $17.20M |
| YoY Change | 7.87% | 221.5% | 186.67% |
| Cash & Equivalents | $11.16M | $2.386M | $13.34M |
| Short-Term Investments | $8.954M | $16.26M | $15.70M |
| Other Short-Term Assets | $352.0K | $285.0K | $200.0K |
| YoY Change | 23.51% | 42.5% | 0.0% |
| Inventory | $6.476M | $4.417M | $4.300M |
| Prepaid Expenses | |||
| Receivables | $4.902M | $4.105M | $3.900M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $31.85M | $27.45M | $25.60M |
| YoY Change | 15.99% | 109.57% | 92.48% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $2.603M | $2.096M | $2.200M |
| YoY Change | 24.19% | -8.87% | -8.33% |
| Goodwill | $40.00K | $40.00K | $40.00K |
| YoY Change | 0.0% | 0.0% | 0.0% |
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $3.433M | $145.0K | $200.0K |
| YoY Change | 2267.59% | -71.0% | -50.0% |
| Total Long-Term Assets | $6.821M | $2.737M | $2.819M |
| YoY Change | 149.21% | -19.5% | -17.09% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $31.85M | $27.45M | $25.60M |
| Total Long-Term Assets | $6.821M | $2.737M | $2.819M |
| Total Assets | $38.67M | $30.19M | $28.42M |
| YoY Change | 28.07% | 82.98% | 70.17% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $2.266M | $1.369M | $1.339M |
| YoY Change | 65.52% | 5.31% | -16.31% |
| Accrued Expenses | $2.619M | $1.806M | $1.500M |
| YoY Change | 45.02% | 64.18% | 36.36% |
| 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 | $4.885M | $3.175M | $2.819M |
| YoY Change | 53.86% | 32.29% | 4.41% |
| 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 | $4.885M | $3.175M | $2.819M |
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Total Liabilities | $4.885M | $3.175M | $2.800M |
| YoY Change | 53.86% | 32.29% | 3.7% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$13.91M | ||
| YoY Change | |||
| Common Stock | $40.09M | ||
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $33.78M | $27.02M | $25.60M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $38.67M | $30.19M | $28.42M |
| YoY Change | 28.07% | 82.98% | 70.17% |
Cashflow Statement
| Concept | 2019 Q3 | 2018 Q3 | 2018 Q2 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $4.530M | $478.0K | $472.0K |
| YoY Change | 847.7% | 2260.0% | |
| Depreciation, Depletion And Amortization | $125.0K | $121.0K | $130.0K |
| YoY Change | 3.31% | -19.33% | -27.78% |
| Cash From Operating Activities | $1.353M | $419.0K | $110.0K |
| YoY Change | 222.91% | -290.45% | -42.11% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$134.0K | -$32.00K | -$30.00K |
| YoY Change | 318.75% | -420.0% | 50.0% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | -$12.28M | $0.00 |
| YoY Change | -100.0% | -41016.67% | |
| Cash From Investing Activities | -$134.0K | -$12.31M | -$30.00K |
| YoY Change | -98.91% | -30867.5% | 50.0% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 122.0K | 934.0K | 0.000 |
| YoY Change | -86.94% | ||
| NET CHANGE | |||
| Cash From Operating Activities | 1.353M | 419.0K | 110.0K |
| Cash From Investing Activities | -134.0K | -12.31M | -30.00K |
| Cash From Financing Activities | 122.0K | 934.0K | 0.000 |
| Net Change In Cash | 1.341M | -10.95M | 80.00K |
| YoY Change | -112.24% | 5985.56% | -52.94% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $1.353M | $419.0K | $110.0K |
| Capital Expenditures | -$134.0K | -$32.00K | -$30.00K |
| Free Cash Flow | $1.487M | $451.0K | $140.0K |
| YoY Change | 229.71% | -296.09% | -33.33% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| dei |
Security12b Title
Security12bTitle
|
Common Stock, par value $0.01 | ||
| dei |
Security Exchange Name
SecurityExchangeName
|
NYSE | ||
| dei |
Entity Interactive Data Current
EntityInteractiveDataCurrent
|
Yes | ||
| CY2019Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
11161000 | |
| CY2019Q3 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
352000 | |
| CY2019Q3 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
4902000 | |
| CY2018Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
19491000 | |
| CY2019Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
2603000 | |
| CY2018Q4 | us-gaap |
Buildings And Improvements Gross
BuildingsAndImprovementsGross
|
4029000 | |
| CY2018Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
2086000 | |
| CY2019Q3 | us-gaap |
Buildings And Improvements Gross
BuildingsAndImprovementsGross
|
4570000 | |
| CY2018Q4 | us-gaap |
Marketable Securities Current
MarketableSecuritiesCurrent
|
3775000 | |
| CY2018Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
3394000 | |
| CY2018Q4 | us-gaap |
Inventory Net
InventoryNet
|
4466000 | |
| CY2019Q3 | us-gaap |
Assets Current
AssetsCurrent
|
31845000 | |
| CY2018Q4 | us-gaap |
Assets Current
AssetsCurrent
|
27385000 | |
| CY2019Q3 | us-gaap |
Machinery And Equipment Gross
MachineryAndEquipmentGross
|
17272000 | |
| CY2018Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
15508000 | |
| CY2019Q3 | us-gaap |
Marketable Securities Current
MarketableSecuritiesCurrent
|
8954000 | |
| CY2019Q3 | us-gaap |
Inventory Net
InventoryNet
|
6476000 | |
| CY2018Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
242000 | |
| CY2019Q3 | us-gaap |
Land
Land
|
536000 | |
| CY2018Q4 | us-gaap |
Land
Land
|
536000 | |
| CY2018Q4 | us-gaap |
Machinery And Equipment Gross
MachineryAndEquipmentGross
|
17012000 | |
| CY2019Q3 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
19775000 | |
| CY2018Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
2386000 | |
| us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.242 | ||
| CY2019Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
5000 | |
| CY2018Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
193000 | |
| CY2019Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
939000 | |
| CY2019Q2 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
197000 | |
| CY2019Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
6000 | |
| CY2019Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
29124000 | |
| CY2019Q3 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
122000 | |
| CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
24928000 | |
| CY2018Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
472000 | |
| CY2018Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
6000 | |
| CY2018Q2 | lgl |
Stock Issuance Costs Rights Offering
StockIssuanceCostsRightsOffering
|
28000 | |
| CY2018Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
25600000 | |
| CY2018Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
6000 | |
| CY2018Q3 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
5000 | |
| CY2018Q3 | lgl |
Stock Issued During Period Value Warrant Exercised
StockIssuedDuringPeriodValueWarrantExercised
|
927000 | |
| CY2018Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
27016000 | |
| us-gaap |
Profit Loss
ProfitLoss
|
6051000 | ||
| us-gaap |
Profit Loss
ProfitLoss
|
1143000 | ||
| us-gaap |
Depreciation
Depreciation
|
309000 | ||
| us-gaap |
Depreciation
Depreciation
|
315000 | ||
| us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
56000 | ||
| us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
56000 | ||
| us-gaap |
Nature Of Operations
NatureOfOperations
|
<div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:12pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">A.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:12pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Subsidiaries of the Registrant</p></td></tr></table></div> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The LGL Group, Inc. (the “Company”), incorporated in 1928 under the laws of the State of Indiana and reincorporated under the laws of the State of Delaware in 2007, is a diversified holding company with subsidiaries engaged in the designing, manufacturing and marketing of highly-engineered, <font style="color:#000000;">high</font><font style="font-size:12pt;color:#000000;"> </font><font style="color:#000000;">reliability frequency and spectrum control products</font> used to control the frequency or timing of signals in electronic circuits, and in the design of high performance Frequency and Time Reference Standards that form the basis for timing and synchronization in various applications.<font style="color:#000000;"> </font></p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of September 30, 2019, the subsidiaries of the Company were as follows: </p> <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:60%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.02%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.06%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Owned By</p> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">The LGL</p> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Group, Inc.</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.02%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">LGL Systems Acquisition Holdings Company, LLC</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.06%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.88%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.02%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">LGL Systems Acquisition Corp.</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.06%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.02%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">M-tron Systems Holdings, LLC</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.06%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.02%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">M-tron Industries, Inc.</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.06%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.02%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Piezo Technology, Inc.</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.06%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.02%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:41.05pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Piezo Technology India Private Ltd.</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.06%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">99.9</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.02%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">M-tron Asia, LLC</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.06%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.02%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:41.05pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">M-tron Industries, Ltd.</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.06%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.02%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:54.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GC Opportunities Ltd.</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.06%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.02%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">M-tron Services, Ltd.</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.06%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.02%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Precise Time and Frequency, LLC</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.06%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0</p></td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.02%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lynch Systems, Inc.</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.06%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0</p></td> <td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td> </tr> </table> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p></div> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company operates through its two principal subsidiaries, M-tron Industries, Inc. (“MtronPTI”), which includes the operations of Piezo Technology, Inc. (“PTI”) and M-tron Asia, LLC (“Mtron”), and Precise Time and Frequency, LLC (“PTF”). The Company<font style="color:#000000;"> operates in two identified segments. The first segment, the electronic components segment, is focused on the design and manufacture of highly-engineered, high reliability frequency and spectrum control products. These electronic components ensure reliability and security in aerospace and defense communications, low noise and base accuracy for laboratory instruments, and synchronous data transfers throughout the wireless and Internet infrastructure. The second segment, the electronic instruments segment, is focused on the design and manufacture of high performance Frequency and Time Reference Standards that form the basis for timing and synchronization in various applications. </font>The Company has operations in Orlando, Florida, Yankton, South Dakota, Wakefield, Massachusetts and Noida, India and sales offices in Austin, Texas and Hong Kong.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company recently added three subsidiaries as part of an effort to reorganize the subsidiaries and to plan potential available strategies for acquisitions. These were Mtron Systems Holdings, LLC, LGL Systems Acquisition Holdings Company, LLC (formerly: Mtron Systems Acquisition Holdings Company, LLC), and LGL Systems Acquisition Corp. (formerly: Mtron Systems Acquisition Corp.).<font style="color:#000000;"> </font>LGL Systems Acquisition Holding Company, LLC, is the sponsor (the “Sponsor”) of LGL Systems Acquisition Corp., a special purpose acquisition company, commonly referred to as a “SPAC”, or blank check company, formed for the purpose of effecting a business combination in the aerospace, defense and communications industries (the “SPAC”).</p> | ||
| us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
927000 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
390000 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
27000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
390000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
954000 | ||
| us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
28000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
1508000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
712000 | ||
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
2010000 | ||
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
542000 | ||
| us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
110000 | ||
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-4347000 | ||
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-10864000 | ||
| CY2018Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
15508000 | |
| CY2017Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
13250000 | |
| CY2019Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
11161000 | |
| us-gaap |
Interest Paid Net
InterestPaidNet
|
6000 | ||
| us-gaap |
Interest Paid Net
InterestPaidNet
|
23000 | ||
| us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
72000 | ||
| us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
45000 | ||
| lgl |
Non Cash Right Of Use Assets Offset By Operating Lease Liabilities
NonCashRightOfUseAssetsOffsetByOperatingLeaseLiabilities
|
364000 | ||
| us-gaap |
Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
|
4000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
17000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
19000 | ||
| us-gaap |
Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
|
179000 | ||
| us-gaap |
Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
|
183000 | ||
| us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-3306000 | ||
| us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-21000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
1769000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
548000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
1089000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
689000 | ||
| us-gaap |
Payments To Acquire Available For Sale Securities Equity
PaymentsToAcquireAvailableForSaleSecuritiesEquity
|
5000000 | ||
| us-gaap |
Payments To Acquire Available For Sale Securities Equity
PaymentsToAcquireAvailableForSaleSecuritiesEquity
|
12275000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
826000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
232000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-5826000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-12507000 | ||
| CY2018Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
178000 | |
| CY2019Q3 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
18000 | |
| us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
2 | ||
| CY2019Q3 | us-gaap |
Assets Under Management Carrying Amount
AssetsUnderManagementCarryingAmount
|
17816000 | |
| CY2018Q4 | us-gaap |
Assets Under Management Carrying Amount
AssetsUnderManagementCarryingAmount
|
16270000 | |
| CY2019Q3 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
1484000 | |
| CY2018Q4 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
1266000 | |
| CY2019Q3 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
2552000 | |
| CY2018Q4 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
1719000 | |
| CY2019Q3 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
2703000 | |
| CY2018Q4 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
1807000 | |
| CY2019Q3 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
1221000 | |
| CY2018Q4 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
940000 | |
| CY2019Q3 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
381000 | |
| CY2018Q4 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
437000 | |
| CY2019Q3 | us-gaap |
Goodwill
Goodwill
|
40000 | |
| CY2018Q4 | us-gaap |
Goodwill
Goodwill
|
40000 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.00 | ||
| CY2019Q3 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
14000 | |
| us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P1Y | ||
| CY2019Q3 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
64110 | |
| CY2018Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
170000 | |
| CY2018Q4 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
8000 | |
| CY2019Q3 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
354000 | |
| CY2019Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
92000 | |
| CY2019Q3 | lgl |
Deferred Tax Assets And Related Valuation Allowance Written Off
DeferredTaxAssetsAndRelatedValuationAllowanceWrittenOff
|
700000 | |
| CY2019Q3 | lgl |
Deferred Tax Assets Valuation Allowance Realized
DeferredTaxAssetsValuationAllowanceRealized
|
3300000 | |
| CY2019Q3 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
388000 | |
| CY2019Q3 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
3400000 | |
| us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
2 | ||
| lgl |
Business Setup Costs Incurred
BusinessSetupCostsIncurred
|
118000 | ||
| lgl |
Anticipated Proceeds From Issuance Initial Public Offering
AnticipatedProceedsFromIssuanceInitialPublicOffering
|
125000000 | ||
| us-gaap |
Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
|
true | ||
| us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
318000 | ||
| CY2019Q3 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
28000 | |
| CY2018Q4 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
117000 | |
| CY2018Q3 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
116876 | |
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
93528 | ||
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
115188 | ||
| CY2011Q3 | us-gaap |
Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
|
100000 | |
| CY2019Q3 | us-gaap |
Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
|
540000 | |
| us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.248 | ||
| CY2018Q4 | lgl |
Deferred Tax Assets Liabilities Gross
DeferredTaxAssetsLiabilitiesGross
|
5200000 | |
| CY2018Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
5100000 | |
| us-gaap |
Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
|
700000 | ||
| CY2018Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
35000 | |
| CY2019Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
61000 | |
| CY2018Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
26000 | |
| CY2019Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
64000 | |
| CY2019Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
64000 | |
| CY2019Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
63000 | |
| CY2019Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
372000 |
