Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2016shares | |
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 | 2,665,434 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2016 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS-UNAUDITED - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 5,563 | $ 5,553 |
Accounts receivable, less allowance of $32 and $34, respectively | 3,137 | 2,606 |
Inventories, net (Note C) | 3,477 | 3,546 |
Prepaid expenses and other current assets | 227 | 247 |
Total Current Assets | 12,404 | 11,952 |
Property, Plant and Equipment | ||
Land | 633 | 633 |
Buildings and improvements | 3,946 | 3,938 |
Machinery and equipment | 16,688 | 16,633 |
Gross property, plant and equipment | 21,267 | 21,204 |
Less: accumulated depreciation | (18,402) | (18,039) |
Net property, plant, and equipment | 2,865 | 3,165 |
Intangible assets, net (Note D) | 448 | 475 |
Other assets, net | 206 | 211 |
Total Assets | 15,923 | 15,803 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 1,208 | 987 |
Accrued compensation and commissions expense | 779 | 769 |
Accrued warranty expense | 118 | 126 |
Other accrued expenses | 220 | 194 |
Total Current Liabilities | 2,325 | 2,076 |
Commitments and Contingencies (Note J) | ||
Stockholders' Equity: | ||
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,745,098 shares issued and 2,665,434 shares outanding at June 30, 2016 and December 31, 2015 | 27 | 27 |
Additional paid-in capital | 29,093 | 29,106 |
Accumulated deficit | (14,984) | (14,874) |
Treasury stock: 79,664 shares held in treasury at cost at June 30, 2016 and December 31, 2015 | (572) | (572) |
Accumulated other comprehensive income | 34 | 40 |
Total Stockholders' Equity | 13,598 | 13,727 |
Total Liabilities and Stockholders' Equity | $ 15,923 | $ 15,803 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS-UNAUDITED (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Accounts receivable, allowances | $ 32 | $ 34 |
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) | 2,745,098 | 2,745,098 |
Common stock, shares outstanding (in shares) | 2,665,434 | 2,665,434 |
Treasury stock, (in shares) | 79,664 | 79,664 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED [Abstract] | ||||
REVENUES | $ 5,231 | $ 5,471 | $ 9,987 | $ 10,875 |
Cost and Expenses: | ||||
Manufacturing cost of sales | 3,459 | 3,683 | 6,716 | 7,288 |
Engineering, selling and administrative | 1,746 | 2,121 | 3,407 | 4,081 |
OPERATING INCOME (LOSS) | 26 | (333) | (136) | (494) |
Other (Expense) Income: | ||||
Interest expense, net | (7) | (4) | (13) | (9) |
Other (expense) income, net | (4) | 147 | 38 | 135 |
Total Other (Expense) Income | (11) | 143 | 25 | 126 |
INCOME (LOSS) BEFORE INCOME TAXES | 15 | (190) | (111) | (368) |
Income tax benefit (provision) | 1 | (11) | 1 | (11) |
NET INCOME (LOSS) | $ 16 | $ (201) | $ (110) | $ (379) |
Weighted average number of shares used in basic and diluted net income (loss) per common share calculation | 2,665,434 | 2,637,719 | 2,665,434 | 2,627,160 |
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE | $ 0.01 | $ (0.08) | $ (0.04) | $ (0.14) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED [Abstract] | ||||
NET INCOME (LOSS) | $ 16 | $ (201) | $ (110) | $ (379) |
Other Comprehensive Loss: | ||||
Unrealized loss on available-for-sale securities, net of taxes | (3) | (14) | (6) | (1) |
TOTAL OTHER COMPREHENSIVE LOSS | (3) | (14) | (6) | (1) |
COMPREHENSIVE INCOME (LOSS) | $ 13 | $ (215) | $ (116) | $ (380) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - UNAUDITED - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] |
Balance at Dec. 31, 2015 | $ 13,727 | $ 27 | $ 29,106 | $ (14,874) | $ (572) | $ 40 |
Balance (in shares) at Dec. 31, 2015 | 2,665,434 | 2,665,434 | ||||
Net loss | $ (110) | (110) | ||||
Other comprehensive loss | (6) | (6) | ||||
Stock-based compensation | (13) | $ 0 | (13) | |||
Balance at Jun. 30, 2016 | $ 13,598 | $ 27 | $ 29,093 | $ (14,984) | $ (572) | $ 34 |
Balance (in shares) at Jun. 30, 2016 | 2,665,434 | 2,665,434 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net loss | $ (110) | $ (379) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 369 | 400 |
Amortization of finite-lived intangible assets | 32 | 35 |
Stock-based compensation | (13) | 187 |
Gain on disposal of assets | (36) | (67) |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable, net | (531) | 304 |
Decrease in inventories, net | 69 | 406 |
Decrease in other assets | 14 | 50 |
Increase (decrease) in trade accounts payable, accrued compensation and commissions expense, accrued warranty expense and other accrued liabilities | 249 | (522) |
Net cash provided by operating activities | 43 | 414 |
INVESTING ACTIVITIES | ||
Capital expenditures | (76) | (269) |
Other | 43 | 94 |
Net cash used in investing activities | (33) | (175) |
Increase in cash and cash equivalents | 10 | 239 |
Cash and cash equivalents at beginning of period | 5,553 | 5,192 |
Cash and cash equivalents at end of period | 5,563 | 5,431 |
Supplemental Disclosure: | ||
Cash paid for interest | 6 | 0 |
Cash paid for income taxes | $ 27 | $ 5 |
Subsidiaries of the Registrant
Subsidiaries of the Registrant | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016, the subsidiaries of the Company are as follows: Owned By The LGL Group, Inc. M-tron Industries, Inc. 100.0 % Piezo Technology, Inc. 100.0 % Piezo Technology India Private Ltd. 99.0 % M-tron Asia, LLC 100.0 % M-tron Industries, Ltd. 100.0 % GC Opportunities Ltd. 100.0 % M-tron Services, Ltd. 100.0 % Lynch Systems, Inc. 100.0 % |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2016. This interim information should be read in conjunction with the consolidated financial statements and related notes thereto set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (the "SEC") on March 29, 2016. The accompanying unaudited condensed consolidated financial statements should also be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventories [Abstract] | |
Inventories | C. Inventories Inventories are valued at the lower of cost or market value using the FIFO (first-in, first-out) method. The Company reduces the value of its inventories to market value when the market value is believed to be less than the cost of the item. The inventory reserve for obsolescence as of June 30, 2016 and December 31, 2015 was $3,129,000 and $3,016,000, respectively. Inventories are comprised of the following (in thousands): June 30, 2016 December 31, 2015 Raw materials $ 1,253 $ 1,418 Work in process 1,372 1,325 Finished goods 852 803 Total Inventories, net $ 3,477 $ 3,546 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
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 and is recorded as part of engineering, selling and administrative expenses in the accompanying Condensed Consolidated Statements of Operations. The intangible assets consist of intellectual property and goodwill. The net carrying value of the amortizable intangible assets was $408,000 and $435,000 as of June 30, 2016 and December 31, 2015, respectively. Goodwill, which is not amortizable, was $40,000 as of June 30, 2016 and December 31, 2015. The estimated aggregate amortization expense for the remaining portion of 2016 and each of the four succeeding years and thereafter is as follows (in thousands): 2016 $ 27 2017 54 2018 54 2019 54 2020 54 Thereafter 165 Total $ 408 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | E. Stock-Based Compensation The Company measures the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the requisite service period, typically the vesting period. 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. Historical Company information was the basis for the expected volatility assumption 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. The Company also estimates forfeitures at the time of grant and revises, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Restricted stock awards are made at a value equal to the market price of the Company's common stock on the date of the grant. There were no stock option awards or restricted stock awards granted during the three and six months ended June 30, 2016. As of June 30, 2016, there was approximately $28,000 of total unrecognized compensation expense related to unvested share-based compensation arrangements. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Net Loss Per Share [Abstract] | |
Net Loss Per Share | F. Net Income (Loss) Per Share The Company computes net income (loss) per share in accordance with Accounting Standards Codification ("ASC") 260, Earnings Per Share For the three and six months ended June 30, 2016 and 2015, there were options to purchase 117,226 shares and 189,023 shares, respectively, of the Company's common stock and warrants to purchase 519,241 shares of common stock that were excluded from the diluted income (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 | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016, 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 quoted on the over-the-counter market under the symbol "LGLPW." |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
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 GAAP defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. 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 June 30, 2016 and December 31, 2015: Assets To estimate the fair value of its equity and U.S. Treasury securities (Level 1), 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). Level 1 Level 2 Level 3 Total June 30, 2016 Equity securities $ 50 $ — $ — $ 50 U.S. Treasury securities (cash equivalents) $ 4,093 $ — $ — $ 4,093 Level 1 Level 2 Level 3 Total December 31, 2015 Equity securities $ 56 $ — $ — $ 56 U.S. Treasury securities (cash equivalents) $ 4,089 $ — $ — $ 4,089 There were no transfers from level 2 to level 3 during the period. There were no level 2 or 3 assets as of June 30, 2016 or December 31, 2015. 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 | 6 Months Ended |
Jun. 30, 2016 | |
Foreign Revenues [Abstract] | |
Foreign Revenues | I. Foreign Revenues For the three and six months ended June 30, 2016 and 2015, significant foreign revenues from operations (10% or more of foreign sales) were as follows (in thousands): Three Months Ended June 30, 2016 2015 Significant Foreign Revenues: Malaysia $ 782 $ 700 China 94 230 Thailand 37 206 All other foreign countries 546 484 Total foreign revenues $ 1,459 $ 1,620 Six Months Ended June 30, 2016 2015 Significant Foreign Revenues: Malaysia $ 1,508 $ 1,298 China 157 465 Thailand 61 330 All other foreign countries 1,007 983 Total foreign revenues $ 2,733 $ 3,076 The Company allocates its foreign revenue based on the customer's ship-to location. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | J. 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 | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | K. Related Party Transactions At June 30, 2016 and December 31, 2015, approximately $4,093,000 and $4,089,000, respectively, 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 six months ended June 30, 2016 and for the year ended December 31, 2015, were directed solely at the discretion of Company management. There are no management fees associated with fund transactions. |
Stock-Based Compensation (Polic
Stock-Based Compensation (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | The Company measures the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the requisite service period, typically the vesting period. 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. Historical Company information was the basis for the expected volatility assumption 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. The Company also estimates forfeitures at the time of grant and revises, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Restricted stock awards are made at a value equal to the market price of the Company's common stock on the date of the grant. |
Net Loss Per Share (Policies)
Net Loss Per Share (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Net Loss Per Share [Abstract] | |
Net Loss Per Share | The Company computes net income (loss) per share in accordance with Accounting Standards Codification ("ASC") 260, Earnings Per Share |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Measurements [Abstract] | |
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 GAAP defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. 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) | 6 Months Ended |
Jun. 30, 2016 | |
Subsidiaries of the Registrant [Abstract] | |
Ownership Percentage of Subsidiaries | As of June 30, 2016, the subsidiaries of the Company are as follows: Owned By The LGL Group, Inc. M-tron Industries, Inc. 100.0 % Piezo Technology, Inc. 100.0 % Piezo Technology India Private Ltd. 99.0 % M-tron Asia, LLC 100.0 % M-tron Industries, Ltd. 100.0 % GC Opportunities Ltd. 100.0 % M-tron Services, Ltd. 100.0 % Lynch Systems, Inc. 100.0 % |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventories [Abstract] | |
Inventories | Inventories are comprised of the following (in thousands): June 30, 2016 December 31, 2015 Raw materials $ 1,253 $ 1,418 Work in process 1,372 1,325 Finished goods 852 803 Total Inventories, net $ 3,477 $ 3,546 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Intangible Assets [Abstract] | |
Future Amortization Expense of Finite-Lived Intangible Assets | The estimated aggregate amortization expense for the remaining portion of 2016 and each of the four succeeding years and thereafter is as follows (in thousands): 2016 $ 27 2017 54 2018 54 2019 54 2020 54 Thereafter 165 Total $ 408 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Measurements [Abstract] | |
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 June 30, 2016 and December 31, 2015: Assets To estimate the fair value of its equity and U.S. Treasury securities (Level 1), 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). Level 1 Level 2 Level 3 Total June 30, 2016 Equity securities $ 50 $ — $ — $ 50 U.S. Treasury securities (cash equivalents) $ 4,093 $ — $ — $ 4,093 Level 1 Level 2 Level 3 Total December 31, 2015 Equity securities $ 56 $ — $ — $ 56 U.S. Treasury securities (cash equivalents) $ 4,089 $ — $ — $ 4,089 |
Foreign Revenues (Tables)
Foreign Revenues (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Foreign Revenues [Abstract] | |
Foreign Revenues | For the three and six months ended June 30, 2016 and 2015, significant foreign revenues from operations (10% or more of foreign sales) were as follows (in thousands): Three Months Ended June 30, 2016 2015 Significant Foreign Revenues: Malaysia $ 782 $ 700 China 94 230 Thailand 37 206 All other foreign countries 546 484 Total foreign revenues $ 1,459 $ 1,620 Six Months Ended June 30, 2016 2015 Significant Foreign Revenues: Malaysia $ 1,508 $ 1,298 China 157 465 Thailand 61 330 All other foreign countries 1,007 983 Total foreign revenues $ 2,733 $ 3,076 |
Subsidiaries of the Registran27
Subsidiaries of the Registrant (Details) | 3 Months Ended |
Jun. 30, 2016 | |
M-tron Industries, Inc. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Owned by LGL | 100.00% |
Piezo Technology, Inc. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Owned by LGL | 100.00% |
Piezo Technology India Private Ltd. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Owned by LGL | 99.00% |
M-tron Asia LLC [Member} [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Owned by LGL | 100.00% |
M-tron Industries, Ltd. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Owned by LGL | 100.00% |
GC Opportunities Ltd. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Owned by LGL | 100.00% |
M-tron Services Ltd [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Owned by LGL | 100.00% |
Lynch Systems, Inc. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Owned by LGL | 100.00% |
Inventories (Details)
Inventories (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Classification of inventories [Abstract] | ||
Raw materials | $ 1,253,000 | $ 1,418,000 |
Work in process | 1,372,000 | 1,325,000 |
Finished goods | 852,000 | 803,000 |
Total Inventories | 3,477,000 | 3,546,000 |
Inventory Reserve for Obsolescence | $ 3,129,000 | $ 3,016,000 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Intangible Assets [Abstract] | ||
Estimated useful life | 10 years | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 27,000 | |
2,017 | 54,000 | |
2,018 | 54,000 | |
2,019 | 54,000 | |
2,020 | 54,000 | |
Thereafter | 165,000 | |
Total | 408,000 | $ 435,000 |
Goodwill | $ 40,000 | $ 40,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 6 Months Ended |
Jun. 30, 2016USD ($)shares | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ | $ 28,000 |
Stock options granted (in shares) | 0 |
Restricted shares granted (in shares) | 0 |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares of common stock excluded from computation of diluted earnings per share (in shares) | 117,226 | 189,023 | 117,226 | 189,023 |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares of common stock excluded from computation of diluted earnings per share (in shares) | 519,241 | 519,241 | 519,241 | 519,241 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2015 | Aug. 29, 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 | ||
Number of common shares callable by warrants (in shares) | 1 | ||
Warrant exercise price (in dollars per share) | $ 7.50 | ||
Minimum 30-day volume weighted average price per share (in dollars per share) | $ 15 | ||
Total number of shares authorized and available for repurchase (in shares) | 540,000 | 100,000 | |
Number of shares repurchased (in shares) | 79,664 | 79,664 | |
Value of repurchased common stock | $ 572 | $ 572 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Equity Securities [Member] | ||
Assets measured at fair value on recurring basis [Abstract] | ||
Fair value assets | $ 50 | $ 56 |
U.S. Treasury Securities (Cash Equivalents) [Member] | ||
Assets measured at fair value on recurring basis [Abstract] | ||
Fair value assets | 4,093 | 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 | 50 | 56 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury Securities (Cash Equivalents) [Member] | ||
Assets measured at fair value on recurring basis [Abstract] | ||
Fair value assets | 4,093 | 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 (Cash Equivalents) [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 (Cash Equivalents) [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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Significant Foreign Revenues [Abstract] | ||||
Total foreign revenues | $ 1,459 | $ 1,620 | $ 2,733 | $ 3,076 |
Malaysia [Member] | ||||
Significant Foreign Revenues [Abstract] | ||||
Total foreign revenues | 782 | 700 | 1,508 | 1,298 |
China [Member] | ||||
Significant Foreign Revenues [Abstract] | ||||
Total foreign revenues | 94 | 230 | 157 | 465 |
All Other Foreign Countries [Member] | ||||
Significant Foreign Revenues [Abstract] | ||||
Total foreign revenues | 546 | 484 | 1,007 | 983 |
Thailand [Member] | ||||
Significant Foreign Revenues [Abstract] | ||||
Total foreign revenues | $ 37 | $ 206 | $ 61 | $ 330 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
(Provision) benefit for income taxes [Abstract] | ||||
(Provision) benefit for income taxes | $ 1 | $ (11) | $ 1 | $ (11) |
Related Party Transactions (Det
Related Party Transactions (Details) - Director [Member] - USD ($) | 3 Months Ended | 6 Months Ended |
Dec. 31, 2015 | Jun. 30, 2016 | |
Related Party Transaction [Line Items] | ||
Amount invested in United States Treasury money market funds | $ 4,089,000 | $ 4,093,000 |
Minority interest held by Company's director | 10.00% | 10.00% |
Management fees associated with fund transactions | $ 0 | $ 0 |