$LGL
LGL GROUP INC

2020 Form 10-K Financial Statement

#000156459021016107 Filed on March 29, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019
Revenue $31.16M $8.839M $31.90M
YoY Change -2.3% 37.47% 28.25%
Cost Of Revenue $20.23M $5.411M $19.38M
YoY Change 4.4% 33.01% 27.41%
Gross Profit $10.93M $3.428M $12.52M
YoY Change -12.68% 45.13% 29.58%
Gross Profit Margin 35.07% 38.78% 39.24%
Selling, General & Admin $7.372M $2.401M $9.077M
YoY Change -18.78% 16.78% 10.31%
% of Gross Profit 67.45% 70.04% 72.52%
Research & Development $2.142M $2.004M
YoY Change 6.89% 2.93%
% of Gross Profit 19.6% 16.01%
Depreciation & Amortization $453.0K $128.0K $418.0K
YoY Change 8.37% 5.79% 0.24%
% of Gross Profit 4.14% 3.73% 3.34%
Operating Expenses $2.142M $2.401M $2.004M
YoY Change 6.89% 16.78% 2.93%
Operating Profit $1.415M $1.027M $3.439M
YoY Change -58.85% 235.62% 140.49%
Interest Expense -$273.0K -$15.00K -$14.00K
YoY Change 1850.0% -1600.0% -800.0%
% of Operating Profit -19.29% -1.46% -0.41%
Other Income/Expense, Net -$111.0K $132.0K $470.0K
YoY Change -123.62% -607.69% 235.71%
Pretax Income $1.304M $1.144M $3.909M
YoY Change -66.64% 307.12% 302.16%
Income Tax $336.0K $179.0K -$3.107M
% Of Pretax Income 25.77% 15.65% -79.48%
Net Earnings $968.0K $965.0K $7.016M
YoY Change -86.2% 268.32% 399.36%
Net Earnings / Revenue 3.11% 10.92% 22.0%
Basic Earnings Per Share $0.19 $1.44
Diluted Earnings Per Share $0.19 $96.26K $1.41
COMMON SHARES
Basic Shares Outstanding 5.173M 4.884M
Diluted Shares Outstanding 5.217M 4.978M

Balance Sheet

Concept 2020 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.12M $18.08M $18.08M
YoY Change 33.39% -6.22% -6.22%
Cash & Equivalents $18.33M $12.45M $12.45M
Short-Term Investments $5.791M $5.631M $5.631M
Other Short-Term Assets $257.0K $365.0K $365.0K
YoY Change -29.59% 50.83% 50.83%
Inventory $5.280M $6.016M $6.016M
Prepaid Expenses
Receivables $4.122M $4.445M $4.445M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $33.78M $28.91M $28.91M
YoY Change 16.85% 5.57% 5.57%
LONG-TERM ASSETS
Property, Plant & Equipment $3.207M $2.831M $3.162M
YoY Change 1.42% 35.71% 51.58%
Goodwill $40.00K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $3.072M $3.334M $3.334M
YoY Change -7.86%
Other Assets $3.068M $102.0K $3.409M
YoY Change -10.0% -19.69% 2584.25%
Total Long-Term Assets $9.674M $10.31M $10.31M
YoY Change -6.14% 283.16% 283.16%
TOTAL ASSETS
Total Short-Term Assets $33.78M $28.91M $28.91M
Total Long-Term Assets $9.674M $10.31M $10.31M
Total Assets $43.46M $39.22M $39.22M
YoY Change 10.81% 30.4% 30.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.265M $1.865M $1.865M
YoY Change -32.17% 31.52% 31.52%
Accrued Expenses $2.132M $2.219M $2.219M
YoY Change -3.92% 66.34% 66.34%
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 $3.397M $4.084M $4.084M
YoY Change -16.82% 48.4% 48.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $293.0K $240.0K $240.0K
YoY Change 22.08%
Total Long-Term Liabilities $293.0K $240.0K $240.0K
YoY Change 22.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.397M $4.084M $4.084M
Total Long-Term Liabilities $293.0K $240.0K $240.0K
Total Liabilities $3.690M $4.324M $4.324M
YoY Change -14.66% 57.12% 57.12%
SHAREHOLDERS EQUITY
Retained Earnings -$6.153M
YoY Change -53.28%
Common Stock $41.63M
YoY Change 1.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.77M $34.89M $34.89M
YoY Change
Total Liabilities & Shareholders Equity $43.46M $39.22M $39.22M
YoY Change 10.81% 30.4% 30.4%

Cashflow Statement

Concept 2020 2019 Q4 2019
OPERATING ACTIVITIES
Net Income $968.0K $965.0K $7.016M
YoY Change -86.2% 268.32% 399.36%
Depreciation, Depletion And Amortization $453.0K $128.0K $418.0K
YoY Change 8.37% 5.79% 0.24%
Cash From Operating Activities $3.192M $1.577M $2.666M
YoY Change 19.73% 63.08% 60.99%
INVESTING ACTIVITIES
Capital Expenditures $407.0K -$337.0K $1.163M
YoY Change -65.0% 266.3% 258.95%
Acquisitions
YoY Change
Other Investing Activities -$21.00K $0.00 -$5.000M
YoY Change -99.58% -100.0%
Cash From Investing Activities -$428.0K -$337.0K -$6.163M
YoY Change -93.06% -102.77% 1802.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.114M 52.00K 442.0K
YoY Change 604.52% -285.71% -52.27%
NET CHANGE
Cash From Operating Activities 3.192M 1.577M 2.666M
Cash From Investing Activities -428.0K -337.0K -6.163M
Cash From Financing Activities 3.114M 52.00K 442.0K
Net Change In Cash 5.878M 1.292M -3.055M
YoY Change -292.41% -90.15% -235.3%
FREE CASH FLOW
Cash From Operating Activities $3.192M $1.577M $2.666M
Capital Expenditures $407.0K -$337.0K $1.163M
Free Cash Flow $2.785M $1.914M $1.503M
YoY Change 85.3% 80.74% 12.84%

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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> 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.
CY2020 us-gaap Concentration Risk Credit Risk
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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 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 2020, the Company's largest customer, a defense contract manufacturer, accounted for $5,324,000, or 17.1%, of the Company's total revenues, compared to $3,187,000, or 10.0%, of the Company&#8217;s total revenues in 2019. The Company&#8217;s second largest customer, an electronics contract manufacturing company, accounted for $4,351,000, or 14.0%, of the Company's total revenues, compared to $5,522,000, or 17.3%,<font style="font-family:Calibri;"> </font>of the Company&#8217;s total revenues<font style="font-family:Calibri;"> </font>in 2019.</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, 2020, four of the Company's largest customers accounted for approximately $1,856,000, or 43.1%, of accounts receivable. As of December&#160;31, 2019, four of the Company's largest customers accounted for approximately $1,841,000, or 40%, 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> At various times throughout the year and at December&#160;31, 2020 and 2019, some deposits held at financial institutions were in excess of federally insured limits. The Company has not experienced any losses related to these balances.
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