Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2015shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | LGL GROUP INC |
Entity Central Index Key | 61,004 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 2,652,779 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2015 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets-Unaudited - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 5,941 | $ 5,192 |
Accounts receivable, less allowances of $38 and $43, respectively | 2,201 | 3,266 |
Inventories, net (Note C) | 3,747 | 4,198 |
Prepaid expenses and other current assets | 217 | 278 |
Total Current Assets | 12,106 | 12,934 |
Property, Plant and Equipment | ||
Land | 633 | 633 |
Buildings and improvements | 3,928 | 3,922 |
Machinery and equipment | 16,590 | 16,314 |
Gross property, plant and equipment | 21,151 | 20,869 |
Less: accumulated depreciation | (17,841) | (17,322) |
Net property, plant, and equipment | 3,310 | 3,547 |
Intangible assets, net (Note D) | 488 | 528 |
Other assets, net | 213 | 253 |
Total Assets | 16,117 | 17,262 |
Current Liabilities: | ||
Accounts payable | 1,021 | 1,719 |
Accrued compensation and commissions expense | 814 | 681 |
Accrued warranty expense | 146 | 242 |
Other accrued expenses | 337 | 383 |
Total Current Liabilities | 2,318 | 3,025 |
Stockholders' Equity: | ||
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,732,443 shares issued and 2,652,779 shares outanding at September 30, 2015 and 2,696,201 shares issued and 2,616,485 shares outstanding at December 31, 2014 | 27 | 27 |
Additional paid-in capital | 29,042 | 28,901 |
Accumulated deficit | (14,737) | (14,163) |
Treasury stock: 79,664 and 79,716 shares held in treasury at cost at September 30, 2015 and December 31, 2014, respectively | (572) | (572) |
Accumulated other comprehensive income | 39 | 44 |
Total Stockholders' Equity | 13,799 | 14,237 |
Total Liabilities and Stockholders' Equity | $ 16,117 | $ 17,262 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets-Unaudited (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Accounts receivable, allowances | $ 38 | $ 43 |
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 2,732,443 | 2,696,201 |
Common stock, shares outstanding (in shares) | 2,652,779 | 2,616,485 |
Treasury Stock, Shares | 79,664 | 79,716 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations-Unaudited - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Consolidated Statements of Operations [Abstract] | ||||
REVENUES | $ 4,796 | $ 5,581 | $ 15,671 | $ 17,562 |
Cost and Expenses: | ||||
Manufacturing cost of sales | 3,209 | 3,849 | 10,497 | 12,869 |
Engineering, selling and administrative | 1,741 | 2,094 | 5,822 | 6,750 |
Restructuring expense | 0 | 47 | 0 | 444 |
OPERATING LOSS | (154) | (409) | (648) | (2,501) |
Other Income (Expense): | ||||
Interest expense, net | (16) | (5) | (25) | (21) |
Other (expense) income, net | (23) | (78) | 112 | (48) |
Total Other Income (Expense) | (39) | (83) | 87 | (69) |
LOSS BEFORE INCOME TAXES | (193) | (492) | (561) | (2,570) |
Income tax provision | (2) | 0 | (13) | 0 |
NET LOSS | $ (195) | $ (492) | $ (574) | $ (2,570) |
Weighted average number of shares used in basic and diluted net income (loss) per common share calculation (in shares) | 2,652,779 | 2,594,730 | 2,635,794 | 2,594,752 |
BASIC AND DILUTED NET LOSS PER COMMON SHARE | $ (0.07) | $ (0.19) | $ (0.22) | $ (0.99) |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Comprehensive Loss-Unaudited - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Consolidated Statements of Comprehensive Income (Loss) Unaudited [Abstract] | ||||
NET LOSS | $ (195) | $ (492) | $ (574) | $ (2,570) |
Other Comprehensive (Loss) Income: | ||||
Unrealized loss on available-for-sale securities, net of taxes | (4) | (7) | (5) | (4) |
TOTAL OTHER COMPREHENSIVE LOSS | (4) | (7) | (5) | (4) |
COMPREHENSIVE LOSS | $ (199) | $ (499) | $ (579) | $ (2,574) |
Consolidated Statement of Stock
Consolidated Statement of Stockholder's Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury stock | Accumulated Other Comprehensive Income [Member] |
Balance at Dec. 31, 2014 | $ 14,237 | $ 27 | $ 28,901 | $ (14,163) | $ (572) | $ 44 |
Balance (in shares) at Dec. 31, 2014 | 2,616,485 | 2,616,485 | ||||
Net loss | $ (574) | $ 0 | 0 | (574) | 0 | 0 |
Other comprehensive income | (5) | $ 0 | 0 | 0 | 0 | (5) |
Stock-based compensation (shares) | 36,294 | |||||
Stock-based compensation | 201 | $ 0 | 201 | 0 | 0 | 0 |
Warrant dividend issuance costs | (60) | 0 | (60) | 0 | 0 | 0 |
Balance at Sep. 30, 2015 | $ 13,799 | $ 27 | $ 29,042 | $ (14,737) | $ (572) | $ 39 |
Balance (in shares) at Sep. 30, 2015 | 2,652,779 | 2,652,779 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net loss | $ (574) | $ (2,570) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 607 | 621 |
Amortization of finite-lived intangible assets | 51 | 83 |
Stock-based compensation | 201 | 213 |
Impairment of note receivable | 43 | 0 |
Gain on disposal of assets | (67) | 0 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in accounts receivable, net | 1,065 | (245) |
Decrease in inventories, net | 424 | 298 |
Decrease in other assets | 42 | 88 |
(Decrease) increase in trade accounts payable, accrued compensation and commissions expense, accrued warranty expense and other accrued liabilities | (767) | 418 |
Net cash provided by (used in) operating activities | 1,025 | (1,094) |
INVESTING ACTIVITIES | ||
Capital expenditures | (370) | (164) |
Asset acquisition | 0 | (748) |
Other | 94 | 0 |
Net cash used in investing activities | (276) | (912) |
FINANCING ACTIVITIES | ||
Net repayments on note payable to bank | 0 | (1,181) |
Restricted cash | 0 | 1,500 |
Net cash provided by financing activities | 0 | 319 |
Increase (decrease) in cash and cash equivalents | 749 | (1,687) |
Cash and cash equivalents at beginning of period | 5,192 | 7,183 |
Cash and cash equivalents at end of period | 5,941 | 5,496 |
Supplemental Disclosure: | ||
Cash paid for interest | 0 | 32 |
Cash paid for income taxes | $ 11 | $ 0 |
Subsidiaries of the Registrant
Subsidiaries of the Registrant | 9 Months Ended |
Sep. 30, 2015 | |
Subsidiaries of the Registrant [Abstract] | |
Subsidiaries of the Registrant | A . Subsidiaries of the Registrant The LGL Group, Inc. (together with its subsidiaries, 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 holding company with subsidiaries engaged in the design and manufacture of highly-engineered, high reliability frequency and spectrum control products. As of September 30, 2015, the subsidiaries of the Company are as follows: Owned By The LGL Group, Inc. M-tron Industries, Inc. 100.0 % M-tron Industries, Ltd. 99.9 % Piezo Technology, Inc. 100.0 % Piezo Technology India Private Ltd. 99.0 % M-tron Asia, LLC 100.0 % M-tron Services, Ltd. 100.0 % Lynch Systems, Inc. 100.0 % The Company operates through its principal subsidiary, M-tron Industries, Inc., which includes the operations of M-tron Industries, Ltd. ("Mtron") and Piezo Technology, Inc. ("PTI"). The combined operations of Mtron and PTI and their subsidiaries are referred to herein as "MtronPTI." MtronPTI has operations in Orlando, Florida, Yankton, South Dakota, and Noida, India. MtronPTI also has sales offices in Sacramento, California and Hong Kong. During 2007, the Company sold the operating assets of Lynch Systems, Inc., a subsidiary of the Company, to an unrelated party. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | B. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2015, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2015. This interim information should be read in conjunction with the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Inventories | C. Inventories Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated realizable value), with adjustments being recorded in the reserve for obsolescence, which was $2,991,000 and $2,802,000 as of September 30, 2015 and December 31, 2014, respectively. Inventories are comprised of the following (in thousands): September 30, 2015 December 31, 2014 Raw materials $ 1,437 $ 1,588 Work in process 1,425 1,572 Finished goods 885 1,038 Total Inventories, net $ 3,747 $ 4,198 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Intangible Assets [Abstract] | |
Intangible Assets | D. Intangible Assets Intangible assets are recorded at cost less accumulated amortization. Amortization is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the assets, which range up to 10 years. The intangible assets consist of intellectual property and goodwill. The net carrying value of the amortizable intangible assets was $448,000 and $488,000 as of September 30, 2015 and December 31, 2014, respectively. Goodwill, which is not amortizable, was $40,000 as of September 30, 2015 and December 31, 2014. The estimated aggregate amortization expense for each of the five succeeding years and thereafter is as follows (in thousands): 2015 $ 13 2016 54 2017 54 2018 54 2019 54 Thereafter 219 Total $ 448 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | E. Stock-Based Compensation The Company estimates the fair value of stock options on the grant date using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model requires subjective assumptions, including future stock price volatility and expected time to exercise, which greatly affect the calculated values. There is no expected dividend rate. The fair value of grants was calculated using historical volatility as the Company believes that the historical volatility over the life of the option is indicative of expected volatility in the future. The risk-free interest rate is based on the U.S. Treasury zero-coupon rates with a remaining term equal to the expected term of the option. Accounting Standards Codification ("ASC") 718, Stock Compensation On May 8, 2015, the Board of Directors granted 37,296 restricted shares of the Company's common stock to Michael J. Ferrantino, Sr., pursuant to the Company's 2011 Incentive Plan. These shares vested in full on the grant date. Total stock-based compensation expense for this grant was $160,000. On March 12, 2015, the Board of Directors granted a total of 32,000 options to purchase shares of the Company's common stock to members of executive management pursuant to the Company's 2011 Incentive Plan. These stock options have an exercise price of $4.15, a five-year life expiring on March 12, 2020, and vest as follows: 30% on the first anniversary of the grant date; an additional 30% on the second anniversary of the grant date; and the remaining 40% on the third anniversary of the grant date. These stock options have a grant date fair value of $1.03 per option. Compensation expense related to share-based compensation is recognized over the applicable vesting periods. As of September 30, 2015, there was approximately $60 of total unrecognized compensation expense related to unvested share-based compensation arrangements. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Net Loss Per Share [Abstract] | |
Net Loss Per Share [Text Block] | F. Net Loss Per Share The Company computes net loss per share in accordance with ASC 260, Earnings Per Share Unexercised stock options to purchase 189,023 shares and 221,635 shares of the Company's common stock for the three and nine months ended September 30, 2015 and 2014, respectively, were excluded from the diluted loss per share computation because the impact of the assumed exercise of such stock options would have been anti-dilutive during the respective periods. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | G. Stockholders' Equity On August 29, 2011, the Board authorized the Company to repurchase up to 100,000 shares of its common stock in accordance with applicable securities laws. This authorization increased the total number of shares authorized and available for repurchase under the Company's existing share repurchase program to 540,000 shares, at such times, amounts and prices as the Company shall deem appropriate. As of September 30, 2015, the Company had repurchased a total of 79,664 shares of common stock at a cost of $572,000, which shares are currently held in treasury. On August 6, 2013, the Company distributed warrants to purchase shares of the Company's common stock as a dividend to holders of the Company's common stock on July 29, 2013, the record date for the dividend. Stockholders received five warrants for each share of the Company's common stock owned on the record date. When exercisable, 25 warrants will entitle their holder to purchase one share of the Company's common stock at an exercise price of $7.50 per share (subject to adjustment). The warrants are "European style warrants" and will only become exercisable on the earlier of (i) their expiration date, August 6, 2018, and (ii) such date that the 30-day volume weighted average price per share, or VWAP, of the Company's common stock is greater than or equal to $15.00 (subject to adjustment). Once the warrants become exercisable, they may be exercised in accordance with the terms of the warrant agreement between the Company and the warrant agent until their expiration at 5:00 p.m., Eastern Time, on the expiration date. The warrants are traded separately from the Company's common stock on the NYSE MKT under the symbol "LGL WS". |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | H. Fair Value Measurements The Company measures financial and non-financial assets and liabilities at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures Fair Value Hierarchy The three levels of inputs that may be used to measure fair value are as follows: Level 1. Quoted prices in active markets for identical assets and liabilities. Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in less active markets, or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. Level 2 inputs also include non-binding market consensus prices that can be corroborated with observable market data, as well as quoted prices that were adjusted for security-specific restrictions. Level 3. Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. Level 3 inputs also include non-binding market consensus prices or non-binding broker quotes that we were unable to corroborate with observable market data. The following is a summary of valuation techniques utilized by the Company for its significant financial and non-financial assets and liabilities as of September 30, 2015 and December 31, 2014: Assets To estimate the fair value of its equity and U.S. Treasury securities, the Company obtains current market pricing from quoted market sources or uses pricing for identical securities. Assets measured at fair value on a recurring basis are summarized below (in thousands). Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total September 30, 2015 Equity securities $ 54 $ — $ — $ 54 U.S. Treasury securities (cash equivalents) $ 4,089 $ — $ — $ 4,089 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total December 31, 2014 Equity securities $ 60 $ — $ — $ 60 U.S. Treasury securities (cash equivalents) $ 4,089 $ — $ — $ 4,089 The Company also has assets that may be subject to measurement at fair value on a non-recurring basis, including goodwill and intangible assets, and other long-lived assets. The Company reviews the carrying value of these assets whenever events and circumstances indicate that the carrying amounts of the assets may not be recoverable. If it is determined that the assets are impaired, the carrying value would be reduced to estimated fair value. |
Foreign Revenues
Foreign Revenues | 9 Months Ended |
Sep. 30, 2015 | |
Significant Foreign Revenues [Abstract] | |
Foreign Revenues | I. Foreign Revenues For the three and nine months ended September 30, 2015 and 2014, significant foreign revenues from operations (10% or more of foreign sales) were as follows (in thousands): Three Months Ended September 30, 2015 2014 Significant Foreign Revenues: Malaysia $ 451 $ 674 China 213 539 All other foreign countries 416 1,068 Total foreign revenues $ 1,080 $ 2,281 Nine Months Ended September 30, 2015 2014 Significant Foreign Revenues: Malaysia $ 1,749 $ 2,354 China 678 2,155 All other foreign countries 1,729 3,014 Total foreign revenues $ 4,156 $ 7,523 The Company allocates its foreign revenue based on the customer's ship-to location. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | J. Income Taxes The Company has a total federal net operating loss ("NOL") carry-forward of $9,471,000 as of December 31, 2014. This NOL carry-forward expires through 2034 if not utilized prior to that date. The Company has total state NOL carry-forwards of $21,780,000 as of December 31, 2014. These NOL carry-forwards expire through 2034 if not utilized prior to that date. The Company has research and development tax credit carry-forwards of approximately $1,285,000 at December 31, 2014, that can be used to reduce future U.S. income tax liabilities and expire principally between 2020 and 2034. The Company has foreign tax credit carry-forwards of approximately $359,000 at December 31, 2014, that are available to reduce future U.S. income tax liabilities subject to certain limitations. These foreign tax credit carry-forwards expire at various times between 2018 and 2020. Additionally, the Company has federal alternative minimum tax (AMT) credits of approximately $111,000 at December 31, 2014, that are available to offset future U.S. federal tax liabilities, and have no expiration. Based on the Company's assessment of the uncertainty surrounding the realization of the favorable U.S. tax attributes in future tax returns in accordance with the provisions of ASC 740, Income Taxes |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | K. Commitments and Contingencies In the normal course of business, the Company and its subsidiaries may become defendants in certain product liability, patent infringement, worker claims and other litigation. The Company records a liability when it is probable that a loss has been incurred and the amount is reasonably estimable. T |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | L. Related Party Transactions At September 30, 2015 and December 31, 2014, approximately $4,089,000 was invested in United States Treasury money market funds managed by a related entity (the "Fund Manager") which is related through a common director. One of the Company's directors, who is also a 10% stockholder, currently serves as a director and executive officer of the Fund Manager. The fund transactions during the nine months ended September 30, 2015 and for the year ended December 31, 2014, were directed solely at the discretion of Company management. |
Stock Based Compensation (Polic
Stock Based Compensation (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-based compensation policy | The Company estimates the fair value of stock options on the grant date using the Black-Scholes-Merton option-pricing model. The Black-Scholes-Merton option-pricing model requires subjective assumptions, including future stock price volatility and expected time to exercise, which greatly affect the calculated values. There is no expected dividend rate. The fair value of grants was calculated using historical volatility as the Company believes that the historical volatility over the life of the option is indicative of expected volatility in the future. The risk-free interest rate is based on the U.S. Treasury zero-coupon rates with a remaining term equal to the expected term of the option. Accounting Standards Codification ("ASC") 718, Stock Compensation |
Net Loss Per Share (Policies)
Net Loss Per Share (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Net Loss Per Share [Abstract] | |
Net Loss Per Share accounting policy | The Company computes net loss per share in accordance with ASC 260, Earnings Per Share |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | H. Fair Value Measurements The Company measures financial and non-financial assets and liabilities at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures Fair Value Hierarchy The three levels of inputs that may be used to measure fair value are as follows: Level 1. Quoted prices in active markets for identical assets and liabilities. Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in less active markets, or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. Level 2 inputs also include non-binding market consensus prices that can be corroborated with observable market data, as well as quoted prices that were adjusted for security-specific restrictions. Level 3. Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. Level 3 inputs also include non-binding market consensus prices or non-binding broker quotes that we were unable to corroborate with observable market data. |
Subsidiaries of the Registrant
Subsidiaries of the Registrant (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Subsidiaries of the Registrant [Abstract] | |
Schedule of subsidiaries of the entity, by ownership percentage | As of September 30, 2015, the subsidiaries of the Company are as follows: Owned By The LGL Group, Inc. M-tron Industries, Inc. 100.0 % M-tron Industries, Ltd. 99.9 % Piezo Technology, Inc. 100.0 % Piezo Technology India Private Ltd. 99.0 % M-tron Asia, LLC 100.0 % M-tron Services, Ltd. 100.0 % Lynch Systems, Inc. 100.0 % |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Schedule of inventories | Inventories are comprised of the following (in thousands): September 30, 2015 December 31, 2014 Raw materials $ 1,437 $ 1,588 Work in process 1,425 1,572 Finished goods 885 1,038 Total Inventories, net $ 3,747 $ 4,198 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Intangible Assets [Abstract] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated aggregate amortization expense for each of the five succeeding years and thereafter is as follows (in thousands): 2015 $ 13 2016 54 2017 54 2018 54 2019 54 Thereafter 219 Total $ 448 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Assets measured at fair value on recurring basis | The following is a summary of valuation techniques utilized by the Company for its significant financial and non-financial assets and liabilities as of September 30, 2015 and December 31, 2014: Assets To estimate the fair value of its equity and U.S. Treasury securities, the Company obtains current market pricing from quoted market sources or uses pricing for identical securities. Assets measured at fair value on a recurring basis are summarized below (in thousands). Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total September 30, 2015 Equity securities $ 54 $ — $ — $ 54 U.S. Treasury securities (cash equivalents) $ 4,089 $ — $ — $ 4,089 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total December 31, 2014 Equity securities $ 60 $ — $ — $ 60 U.S. Treasury securities (cash equivalents) $ 4,089 $ — $ — $ 4,089 |
Foreign Revenues (Tables)
Foreign Revenues (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Significant Foreign Revenues [Abstract] | |
Schedule of foreign revenues | For the three and nine months ended September 30, 2015 and 2014, significant foreign revenues from operations (10% or more of foreign sales) were as follows (in thousands): Three Months Ended September 30, 2015 2014 Significant Foreign Revenues: Malaysia $ 451 $ 674 China 213 539 All other foreign countries 416 1,068 Total foreign revenues $ 1,080 $ 2,281 Nine Months Ended September 30, 2015 2014 Significant Foreign Revenues: Malaysia $ 1,749 $ 2,354 China 678 2,155 All other foreign countries 1,729 3,014 Total foreign revenues $ 4,156 $ 7,523 |
Subsidiaries of the Registran28
Subsidiaries of the Registrant (Details) | 9 Months Ended |
Sep. 30, 2015 | |
M-tron Industries, Ltd. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Owned By LGL (in hundredths) | 99.90% |
Piezo Technology, Inc. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Owned By LGL (in hundredths) | 100.00% |
Piezo Technology India Private Ltd. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Owned By LGL (in hundredths) | 99.00% |
M-tron Asia LLC [Member} [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Owned By LGL (in hundredths) | 100.00% |
M-tron Services Ltd [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Owned By LGL (in hundredths) | 100.00% |
Lynch Systems, Inc. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Owned By LGL (in hundredths) | 100.00% |
M-tron Industries, Inc. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Owned By LGL (in hundredths) | 100.00% |
Inventories (Details)
Inventories (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Classification of inventories [Abstract] | ||
Raw materials, net | $ 1,437,000 | $ 1,588,000 |
Work in process, net | 1,425,000 | 1,572,000 |
Finished goods, net | 885,000 | 1,038,000 |
Total Inventories, net | 3,747,000 | 4,198,000 |
Inventory Reserve for Obsolescence | $ 2,991,000 | $ 2,802,000 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,015 | $ 13,000 | |
2,016 | 54,000 | |
2,017 | 54,000 | |
2,018 | 54,000 | |
2,019 | 54,000 | |
Thereafter | 219,000 | |
Total | 448,000 | $ 488,000 |
Goodwill | $ 40,000 | $ 40,000 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based compensation, shares granted options to purchase (in shares) | 32,000 |
Exercise price of stock options granted (in dollars per share) | $ / shares | $ 4.15 |
Percentage of shares vested on first anniversary of the grant date (in hundredths) | 30.00% |
Percentage of shares vested on second anniversary of the grant date (in hundredths) | 30.00% |
Percentage of shares vested on third anniversary of the grant date (in hundredths) | 40.00% |
Stock option, expiration date | Mar. 12, 2020 |
Restricted shares granted (in shares) | 37,296 |
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ | $ 160,000 |
Unrecognized compensation expense | $ | $ 60,000 |
Grant date fair value | $ / shares | $ 1.03 |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net Loss Per Share [Abstract] | ||||
Shares of common stock excluded from computation of diluted earnings per share (in shares) | 189,023 | 221,635 | 189,023 | 221,635 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | |
Stockholders' Equity [Abstract] | |||
Dividend declaration date | Aug. 6, 2013 | ||
Dividend date of record | Jul. 29, 2013 | ||
Number of warrants received for each share of common stock (in shares) | 5 | ||
Number of warrants that entitle holder to purchase one share of common stock (in shares) | 25 | ||
Warrant exercise price (in dollars per share) | $ 7.50 | ||
Minimum volume weighted average price per share (in dollars per share) | $ 15 | ||
Maximum number of common shares authorized to be repurchased (in shares) | 100,000 | ||
Total number of shares authorized and available for repurchase (in shares) | 540,000 | ||
Treasury Stock, Shares | 79,664 | 79,716 | |
Repurchased common stock, value | $ 572 | $ 572 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Equity securities [Member] | ||
Assets measured at fair value on recurring basis [Abstract] | ||
Fair value assets | $ 54 | $ 60 |
U.S. Treasury securities [Member] | ||
Assets measured at fair value on recurring basis [Abstract] | ||
Fair value assets | 4,089 | 4,089 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity securities [Member] | ||
Assets measured at fair value on recurring basis [Abstract] | ||
Fair value assets | 54 | 60 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury securities [Member] | ||
Assets measured at fair value on recurring basis [Abstract] | ||
Fair value assets | 4,089 | 4,089 |
Significant Other Observable Inputs (Level 2) [Member] | Equity securities [Member] | ||
Assets measured at fair value on recurring basis [Abstract] | ||
Fair value assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury securities [Member] | ||
Assets measured at fair value on recurring basis [Abstract] | ||
Fair value assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Equity securities [Member] | ||
Assets measured at fair value on recurring basis [Abstract] | ||
Fair value assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury securities [Member] | ||
Assets measured at fair value on recurring basis [Abstract] | ||
Fair value assets | $ 0 | $ 0 |
Foreign Revenues (Details)
Foreign Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
China [Member] | ||||
Foreign revenues [Abstract] | ||||
Total foreign revenues | $ 213 | $ 539 | $ 678 | $ 2,155 |
Malaysia [Member] | ||||
Foreign revenues [Abstract] | ||||
Total foreign revenues | 451 | 674 | 1,749 | 2,354 |
All other foreign countries [Member] | ||||
Foreign revenues [Abstract] | ||||
Total foreign revenues | 416 | 1,068 | 1,729 | 3,014 |
Total Foreign Countries [Member] | ||||
Foreign revenues [Abstract] | ||||
Total foreign revenues | $ 1,080 | $ 2,281 | $ 4,156 | $ 7,523 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Deferred tax assets [Abstract] | |||||
Federal tax loss carry-forwards | $ 9,471,000 | ||||
State tax loss carry-forward | $ 21,780,000 | ||||
(Provision) benefit for income taxes [Abstract] | |||||
(Provision) benefit for income taxes | $ (2,000) | $ 0 | $ (13,000) | $ 0 | |
Federal and State Authorities [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Expiration date | Dec. 31, 2034 | ||||
Research and development credit carryforwards [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Tax credit carryforward amount | $ 1,285,000 | ||||
Research and development credit carryforwards [Member] | Minimum [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Expiration date | Dec. 31, 2020 | ||||
Research and development credit carryforwards [Member] | Maximum [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Expiration date | Dec. 31, 2034 | ||||
Foreign tax credit carryforwards [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Tax credit carryforward amount | $ 359,000 | ||||
Foreign tax credit carryforwards [Member] | Minimum [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Expiration date | Dec. 31, 2018 | ||||
Foreign tax credit carryforwards [Member] | Maximum [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Expiration date | Dec. 31, 2020 | ||||
Alternative minimum tax credit carry forwards [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Tax credit carryforward amount | $ 111,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - Director [Member] - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Amount invested in United States Treasury money market funds | $ 4,089,000 | $ 4,089,000 |
Percentage of stockholders controlled by entity (in hundredths) | 10.00% | 10.00% |