$LGL
LGL GROUP INC

2019 Q4 Form 10-K Financial Statement

#000156459020014263 Filed on March 30, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2019 2018 Q4
Revenue $8.839M $31.90M $6.430M
YoY Change 37.47% 28.25% 12.81%
Cost Of Revenue $5.411M $19.38M $4.068M
YoY Change 33.01% 27.41% 13.0%
Gross Profit $3.428M $12.52M $2.362M
YoY Change 45.13% 29.58% 12.48%
Gross Profit Margin 38.78% 39.24% 36.73%
Selling, General & Admin $2.401M $9.077M $2.056M
YoY Change 16.78% 10.31% 8.21%
% of Gross Profit 70.04% 72.52% 87.04%
Research & Development $2.004M
YoY Change 2.93%
% of Gross Profit 16.01%
Depreciation & Amortization $128.0K $418.0K $121.0K
YoY Change 5.79% 0.24% -6.92%
% of Gross Profit 3.73% 3.34% 5.12%
Operating Expenses $2.401M $2.004M $2.056M
YoY Change 16.78% 2.93% 8.21%
Operating Profit $1.027M $3.439M $306.0K
YoY Change 235.62% 140.49% 53.0%
Interest Expense -$15.00K -$14.00K $1.000K
YoY Change -1600.0% -800.0%
% of Operating Profit -1.46% -0.41% 0.33%
Other Income/Expense, Net $132.0K $470.0K -$26.00K
YoY Change -607.69% 235.71% -74.0%
Pretax Income $1.144M $3.909M $281.0K
YoY Change 307.12% 302.16%
Income Tax $179.0K -$3.107M $157.0K
% Of Pretax Income 15.65% -79.48% 55.87%
Net Earnings $965.0K $7.016M $262.0K
YoY Change 268.32% 399.36%
Net Earnings / Revenue 10.92% 22.0% 4.07%
Basic Earnings Per Share $1.44
Diluted Earnings Per Share $96.26K $1.41 $52.54K
COMMON SHARES
Basic Shares Outstanding 4.884M 4.825M
Diluted Shares Outstanding 4.978M

Balance Sheet

Concept 2019 Q4 2019 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.08M $18.08M $19.28M
YoY Change -6.22% -6.22% 12.77%
Cash & Equivalents $12.45M $12.45M $15.51M
Short-Term Investments $5.631M $5.631M $3.775M
Other Short-Term Assets $365.0K $365.0K $242.0K
YoY Change 50.83% 50.83% 21.0%
Inventory $6.016M $6.016M $4.466M
Prepaid Expenses
Receivables $4.445M $4.445M $3.394M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $28.91M $28.91M $27.39M
YoY Change 5.57% 5.57% 11.55%
LONG-TERM ASSETS
Property, Plant & Equipment $2.831M $3.162M $2.086M
YoY Change 35.71% 51.58% -4.27%
Goodwill $40.00K $40.00K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $3.334M $3.334M $0.00
YoY Change
Other Assets $102.0K $3.409M $127.0K
YoY Change -19.69% 2584.25% 25.74%
Total Long-Term Assets $10.31M $10.31M $2.690M
YoY Change 283.16% 283.16% -10.48%
TOTAL ASSETS
Total Short-Term Assets $28.91M $28.91M $27.39M
Total Long-Term Assets $10.31M $10.31M $2.690M
Total Assets $39.22M $39.22M $30.08M
YoY Change 30.4% 30.4% 9.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.865M $1.865M $1.418M
YoY Change 31.52% 31.52% -3.99%
Accrued Expenses $2.219M $2.219M $1.334M
YoY Change 66.34% 66.34% 11.17%
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 $4.084M $4.084M $2.752M
YoY Change 48.4% 48.4% 4.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $240.0K $240.0K
YoY Change
Total Long-Term Liabilities $240.0K $240.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.084M $4.084M $2.752M
Total Long-Term Liabilities $240.0K $240.0K $0.00
Total Liabilities $4.324M $4.324M $2.752M
YoY Change 57.12% 57.12% 5.85%
SHAREHOLDERS EQUITY
Retained Earnings -$6.153M -$13.17M
YoY Change -53.28% -9.86%
Common Stock $41.63M $41.07M
YoY Change 1.35% 2.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.89M $34.89M $27.32M
YoY Change
Total Liabilities & Shareholders Equity $39.22M $39.22M $30.08M
YoY Change 30.4% 30.4% 9.15%

Cashflow Statement

Concept 2019 Q4 2019 2018 Q4
OPERATING ACTIVITIES
Net Income $965.0K $7.016M $262.0K
YoY Change 268.32% 399.36%
Depreciation, Depletion And Amortization $128.0K $418.0K $121.0K
YoY Change 5.79% 0.24% -6.92%
Cash From Operating Activities $1.577M $2.666M $967.0K
YoY Change 63.08% 60.99% 97.35%
INVESTING ACTIVITIES
Capital Expenditures -$337.0K $1.163M -$92.00K
YoY Change 266.3% 258.95% -16.36%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$5.000M $12.28M
YoY Change -100.0% 12175.0%
Cash From Investing Activities -$337.0K -$6.163M $12.18M
YoY Change -102.77% 1802.16% -121930.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 52.00K 442.0K -28.00K
YoY Change -285.71% -52.27% -100.26%
NET CHANGE
Cash From Operating Activities 1.577M 2.666M 967.0K
Cash From Investing Activities -337.0K -6.163M 12.18M
Cash From Financing Activities 52.00K 442.0K -28.00K
Net Change In Cash 1.292M -3.055M 13.12M
YoY Change -90.15% -235.3% 16.43%
FREE CASH FLOW
Cash From Operating Activities $1.577M $2.666M $967.0K
Capital Expenditures -$337.0K $1.163M -$92.00K
Free Cash Flow $1.914M $1.503M $1.059M
YoY Change 80.74% 12.84% 76.5%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2019 dei Trading Symbol
TradingSymbol
LGL
CY2019 dei Security12b Title
Security12bTitle
Common Stock, par value $0.01
CY2019 dei Security Exchange Name
SecurityExchangeName
NYSE
CY2019 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2019 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2019Q4 lgl Equity Investment In Unconsolidated Subsidiary
EquityInvestmentInUnconsolidatedSubsidiary
3334000
CY2019Q4 us-gaap Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
3307000
CY2018Q4 us-gaap Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
127000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
191000
CY2018Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000
CY2018 us-gaap Operating Income Loss
OperatingIncomeLoss
1430000
CY2019 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
2000
CY2018 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
2000
CY2019 lgl Gain Loss On Equity Investment In Unconsolidated Subsidiary
GainLossOnEquityInvestmentInUnconsolidatedSubsidiary
-16000
CY2019 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
484000
CY2018 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
138000
CY2019 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
470000
CY2018 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
140000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
3909000
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1570000
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3107000
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
165000
CY2018 us-gaap Net Income Loss
NetIncomeLoss
1405000
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4977595
CY2019 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.41
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
24928000
CY2018 us-gaap Stock Issued During Period Value Stock Options Exercised
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27000
CY2018 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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64000
CY2018 lgl Stock Issued During Period Value Warrant Dividend Exercised
StockIssuedDuringPeriodValueWarrantDividendExercised
927000
CY2018 lgl Stock Issuance Costs Rights Offering
StockIssuanceCostsRightsOffering
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CY2019 us-gaap Profit Loss
ProfitLoss
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CY2019 us-gaap Depreciation
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418000
CY2019 us-gaap Amortization Of Intangible Assets
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75000
CY2019 us-gaap Income Loss From Equity Method Investments
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CY2018 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
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CY2018 us-gaap Share Based Compensation
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64000
CY2019 us-gaap Deferred Income Tax Expense Benefit
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CY2018 us-gaap Deferred Income Tax Expense Benefit
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CY2019 us-gaap Marketable Securities Gain Loss
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CY2018 us-gaap Profit Loss
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CY2018 us-gaap Depreciation
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417000
CY2018 us-gaap Amortization Of Intangible Assets
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75000
CY2019 us-gaap Share Based Compensation
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112000
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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CY2018 us-gaap Increase Decrease In Accounts Receivable
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CY2018 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2018 us-gaap Net Cash Provided By Used In Operating Activities
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CY2018Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2018Q4 us-gaap Common Stock Shares Issued
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CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018 lgl Engineering Selling And Administrative
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CY2018 us-gaap Manufacturing Costs
ManufacturingCosts
15211000
CY2018Q4 us-gaap Goodwill
Goodwill
40000
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2019Q4 us-gaap Goodwill
Goodwill
40000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
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CY2019 us-gaap Stock Issued During Period Value Stock Options Exercised
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442000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
75000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
75000
CY2019Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
118000
CY2019 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
93672
CY2018 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
126422
CY2018 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
-28000
CY2019 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1051000
CY2019 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
225000
CY2019 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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1241000
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2019 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
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CY2019 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
3350000
CY2019 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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3400000
CY2018 us-gaap Payments Of Stock Issuance Costs
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28000
CY2018 us-gaap Proceeds From Warrant Exercises
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CY2019 us-gaap Proceeds From Stock Options Exercised
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442000
CY2018 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
27000
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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442000
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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13250000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019 us-gaap Interest Paid Net
InterestPaidNet
6000
CY2018 us-gaap Interest Paid Net
InterestPaidNet
23000
CY2019 us-gaap Income Taxes Paid
IncomeTaxesPaid
86000
CY2018 us-gaap Income Taxes Paid
IncomeTaxesPaid
69000
CY2019 lgl Non Cash Right Of Use Assets Offset By Operating Lease Liabilities
NonCashRightOfUseAssetsOffsetByOperatingLeaseLiabilities
331000
CY2018Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
114000
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<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 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>
CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-86000
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CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
1980000
CY2019 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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 Risks</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 2019, the Company's largest customer, an electronics contract manufacturing company in the aerospace and defense markets, accounted for $5,522,000, or 17.3%, of the Company's total revenues, compared to $4,436,000, or 17.8%, in 2018. The Company&#8217;s second largest customer, a defense contract manufacturer, accounted for $3,187,000, or 10.0%, of the Company's total revenues, compared to $2,258,000, or 9.1%, in 2018.</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, 2019, four of the Company's largest customers accounted for approximately $1,841,000, or 40%, of accounts receivable. As of December&#160;31, 2018, four of the Company's largest customers accounted for approximately $1,043,000, or 30%, 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, 2019 and 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.</p>
CY2019 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
60000
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
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250000
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DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
734000
CY2018 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
46000
CY2019 lgl Term Of Warranty
TermOfWarranty
P1Y
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
29000
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
28000
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
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362000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
62000
CY2019 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2004000
CY2018 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1947000
CY2019 us-gaap Advertising Expense
AdvertisingExpense
2000
CY2018 us-gaap Advertising Expense
AdvertisingExpense
24000
CY2019 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2019 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-13000
CY2018 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-74000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
142000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
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