Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 07, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | LGL GROUP INC | |
Entity Central Index Key | 0000061004 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 4,893,228 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Trading Symbol | LGL | |
Entity Shell Company | false | |
Entity File Number | 001-00106 | |
Entity Tax Identification Number | 38-1799862 | |
Entity Address, Address Line One | 2525 Shader Rd | |
Entity Address, City or Town | Orlando | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32804 | |
City Area Code | 407 | |
Local Phone Number | 298-2000 | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 9,820 | $ 15,508 |
Marketable securities | 8,920 | 3,775 |
Accounts receivable, net of allowances of $90 and $40, respectively | 5,041 | 3,394 |
Inventories, net | 5,761 | 4,466 |
Prepaid expenses and other current assets | 271 | 242 |
Total Current Assets | 29,813 | 27,385 |
Property, plant and equipment: | ||
Land | 536 | 536 |
Buildings and improvements | 4,545 | 4,029 |
Machinery and equipment | 17,188 | 17,012 |
Gross property, plant and equipment | 22,269 | 21,577 |
Less: accumulated depreciation | (19,693) | (19,491) |
Net property, plant, and equipment | 2,576 | 2,086 |
Intangible assets, net | 439 | 477 |
Deferred income taxes, net | 103 | 127 |
Right-of-use lease asset | 408 | |
Total Assets | 33,339 | 30,075 |
Current Liabilities: | ||
Accounts payable | 2,255 | 1,418 |
Accrued compensation and commissions | 1,211 | 1,143 |
Other accrued expenses | 749 | 191 |
Total Current Liabilities | 4,215 | 2,752 |
Commitments and Contingencies (Note L) | ||
Stockholders’ Equity | ||
Common stock, $0.01 par value - 10,000,000 shares authorized; 4,958,062 shares issued and 4,886,478 shares outstanding at June 30, 2019, and 4,912,762 shares issued and 4,831,178 shares outstanding at December 31, 2018 | 49 | 49 |
Additional paid-in capital | 41,303 | 41,023 |
Accumulated deficit | (11,648) | (13,169) |
Treasury stock, 81,584 shares held in treasury at cost at June 30, 2019 and December 31, 2018 | (580) | (580) |
Total Stockholders' Equity | 29,124 | 27,323 |
Total Liabilities and Stockholders' Equity | $ 33,339 | $ 30,075 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Accounts receivable, allowances | $ 90 | $ 40 |
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) | 4,958,062 | 4,912,762 |
Common stock, shares outstanding (in shares) | 4,886,478 | 4,831,178 |
Treasury stock, (in shares) | 81,584 | 81,584 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
REVENUES | $ 7,838 | $ 6,157 | $ 14,470 | $ 12,102 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Costs and expenses: | ||||
Manufacturing cost of sales | $ 4,706 | $ 3,594 | $ 8,921 | $ 7,310 |
Engineering, selling and administrative | 2,276 | 2,074 | 4,259 | 4,145 |
OPERATING INCOME | 856 | 489 | 1,290 | 647 |
Other Income: | ||||
Interest (expense) income, net | (6) | 1 | 6 | |
Other income, net | 117 | 67 | 270 | 91 |
Total Other Income, Net | 117 | 61 | 271 | 97 |
INCOME BEFORE INCOME TAXES | 973 | 550 | 1,561 | 744 |
Income tax expense | 34 | 78 | 40 | 79 |
NET INCOME | $ 939 | $ 472 | $ 1,521 | $ 665 |
Basic per share information: | ||||
Weighted average shares outstanding | 4,888,059 | 4,698,393 | 4,857,603 | 4,697,415 |
Net income | $ 0.19 | $ 0.10 | $ 0.31 | $ 0.14 |
Diluted per share information: | ||||
Weighted average shares outstanding | 4,972,418 | 4,804,165 | 4,962,110 | 4,804,621 |
Net income | $ 0.19 | $ 0.10 | $ 0.31 | $ 0.14 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholder's Equity - Unaudited - 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, 2017 | $ 24,928 | $ 47 | $ 40,035 | $ (14,609) | $ (580) | $ 35 |
Balance (in shares) at Dec. 31, 2017 | 4,692,893 | |||||
Net income | 193 | 193 | ||||
Cumulative effect adjustment from adoption of ASU | ASU 2016-01 [Member] | 35 | (35) | ||||
Exercise of stock options | 22 | 22 | ||||
Exercise of stock options (in shares) | 5,500 | |||||
Stock-based compensation | 7 | 7 | ||||
Balance at Mar. 31, 2018 | 25,150 | $ 47 | 40,064 | (14,381) | (580) | |
Balance (in shares) at Mar. 31, 2018 | 4,698,393 | |||||
Balance at Dec. 31, 2017 | 24,928 | $ 47 | 40,035 | (14,609) | (580) | $ 35 |
Balance (in shares) at Dec. 31, 2017 | 4,692,893 | |||||
Net income | 665 | |||||
Balance at Jun. 30, 2018 | 25,600 | $ 47 | 40,042 | (13,909) | (580) | |
Balance (in shares) at Jun. 30, 2018 | 4,698,393 | |||||
Balance at Mar. 31, 2018 | 25,150 | $ 47 | 40,064 | (14,381) | (580) | |
Balance (in shares) at Mar. 31, 2018 | 4,698,393 | |||||
Net income | 472 | 472 | ||||
Stock-based compensation | 6 | 6 | ||||
Issuance costs for rights offering | (28) | (28) | ||||
Balance at Jun. 30, 2018 | 25,600 | $ 47 | 40,042 | (13,909) | (580) | |
Balance (in shares) at Jun. 30, 2018 | 4,698,393 | |||||
Balance at Dec. 31, 2018 | $ 27,323 | $ 49 | 41,023 | (13,169) | (580) | |
Balance (in shares) at Dec. 31, 2018 | 4,831,178 | 4,831,178 | ||||
Net income | $ 582 | 582 | ||||
Exercise of stock options | 71 | 71 | ||||
Exercise of stock options (in shares) | 14,250 | |||||
Stock-based compensation | 6 | 6 | ||||
Balance at Mar. 31, 2019 | 27,982 | $ 49 | 41,100 | (12,587) | (580) | |
Balance (in shares) at Mar. 31, 2019 | 4,845,428 | |||||
Balance at Dec. 31, 2018 | $ 27,323 | $ 49 | 41,023 | (13,169) | (580) | |
Balance (in shares) at Dec. 31, 2018 | 4,831,178 | 4,831,178 | ||||
Net income | $ 1,521 | |||||
Balance at Jun. 30, 2019 | $ 29,124 | $ 49 | 41,303 | (11,648) | (580) | |
Balance (in shares) at Jun. 30, 2019 | 4,886,478 | 4,886,478 | ||||
Balance at Mar. 31, 2019 | $ 27,982 | $ 49 | 41,100 | (12,587) | (580) | |
Balance (in shares) at Mar. 31, 2019 | 4,845,428 | |||||
Net income | 939 | 939 | ||||
Exercise of stock options | 197 | 197 | ||||
Exercise of stock options (in shares) | 41,050 | |||||
Stock-based compensation | 6 | 6 | ||||
Balance at Jun. 30, 2019 | $ 29,124 | $ 49 | $ 41,303 | $ (11,648) | $ (580) | |
Balance (in shares) at Jun. 30, 2019 | 4,886,478 | 4,886,478 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net income | $ 1,521 | $ 665 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 202 | 211 |
Amortization of finite-lived intangible assets | 38 | 38 |
Recovery of note receivable | (4) | |
Stock-based compensation | 12 | 13 |
Unrealized gain on marketable securities | (145) | (86) |
Deferred income tax expense | 24 | 18 |
Changes in operating assets and liabilities: | ||
Increase in accounts receivable, net | (1,647) | (487) |
Increase in inventories, net | (1,295) | (427) |
(Increase) decrease in prepaid expenses and other assets | (29) | 137 |
Increase in accounts payable, accrued compensation and commissions and other accrued liabilities | 1,055 | 192 |
Net cash (used in) provided by operating activities | (264) | 270 |
INVESTING ACTIVITIES | ||
Purchase of marketable securities, net | (5,000) | |
Capital expenditures | (692) | (202) |
Net cash used in investing activities | (5,692) | (202) |
FINANCING ACTIVITIES | ||
Proceeds from stock option exercise | 268 | 22 |
Net cash provided by financing activities | 268 | 22 |
(Decrease) increase in cash and cash equivalents | (5,688) | 90 |
Cash and cash equivalents at beginning of period | 15,508 | 13,250 |
Cash and cash equivalents at end of period | 9,820 | 13,340 |
Supplemental Disclosure: | ||
Cash paid for interest | 6 | 17 |
Cash paid for income taxes | 58 | $ 34 |
Non-Cash Disclosure: | ||
Right-of-use assets offset by operating lease liabilities | $ 408 |
Subsidiaries of the Registrant
Subsidiaries of the Registrant | 6 Months Ended |
Jun. 30, 2019 | |
Subsidiaries Of Registrant [Abstract] | |
Subsidiaries of the Registrant | A. Subsidiaries of the Registrant The LGL Group, Inc. (the “Company”), incorporated in 1928 under the laws of the State of Indiana and reincorporated under the laws of the State of Delaware in 2007, is a diversified holding company with subsidiaries engaged in the designing, manufacturing and marketing of highly-engineered, high reliability frequency and spectrum control products As of June 30, 2019, the subsidiaries of the Company were as follows: Owned By The LGL Group, Inc. Mtron Systems Acquisition Holdings Company, LLC 100.0 % Mtron Systems Acquisition Corp. 100.0 % M-tron Systems Holdings, LLC 100.0 % M-tron Industries, Inc. 100.0 % Piezo Technology, Inc. 100.0 % Piezo Technology India Private Ltd. 99.9 % M-tron Asia, LLC 100.0 % M-tron Industries, Ltd. 100.0 % GC Opportunities Ltd. 100.0 % M-tron Services, Ltd. 100.0 % Precise Time and Frequency, LLC 100.0 % Lynch Systems, Inc. 100.0 % The Company operates through its two principal subsidiaries, M-tron Industries, Inc. (“MtronPTI”), which includes the operations of Piezo Technology, Inc. (“PTI”) and M-tron Asia, LLC (“Mtron”), and Precise Time and Frequency, LLC (“PTF”). The Company operates in two identified segments. The first segment, the electronic components segment, is focused on the design and manufacture of highly-engineered, high reliability frequency and spectrum control products. These electronic components ensure reliability and security in aerospace and defense communications, low noise and base accuracy for laboratory instruments, and synchronous data transfers throughout the wireless and Internet infrastructure. The second segment, the electronic instruments segment, is focused on the design and manufacture of high performance Frequency and Time Reference Standards that form the basis for timing and synchronization in various applications. The Company recently added three subsidiaries as part of an effort to reorganize the subsidiaries and to plan potential available strategies for acquisitions. These were Mtron Systems Acquisition Holdings Company, LLC, Mtron Systems Acquisition Corp., and Mtron Systems Holdings, LLC. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | B. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 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, 2019 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2019. This interim information should be read in conjunction with the audited 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, 2018, filed with the Securities and Exchange Commission (the “SEC”) on March 21, 2019. 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. Revenue Recognition The Company recognizes revenue from the sale of its products in accordance with the criteria in Accounting Standards Codification (“ASC”) 606, Revenue From Contracts with Customers Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. The Company meets these conditions upon the Company’s satisfaction of the performance obligation, usually at the time of shipment to the customer, because control passes to the customer at that time. Our standard terms for customers are net due within 30 days, with a few exceptions, none regularly exceeding 60 days. The Company provides disaggregated revenue details by segment in Note J – Segment Information, and geographic markets in Note K – Domestic and Foreign Revenues. The Company offers a limited right of return and/or authorized price protection provisions in its agreements with certain electronic component distributors who resell the Company's products to original equipment manufacturers or electronic manufacturing services companies. As a result, the Company estimates and records a reserve for future returns and other charges against revenue at the time of shipment consistent with the terms of sale. The reserve is estimated based on historical experience with each respective distributor. These reserves and charges are immaterial as the Company does not have a history of significant price protection adjustments or returns. The Company provides a standard assurance warranty that does not create a performance obligation. Practical Expedients: - The Company applies the practical expedient for shipping and handling as fulfillment costs. - The Company expenses sales commissions as sales and marketing expenses in the period they are incurred. Income Taxes Based on our assessment of the uncertainty surrounding the realization of the favorable tax attributes in future tax returns in accordance with the provisions of ASC 740, Income Taxes, we have determined that it is more likely than not that certain deferred tax assets generated from foreign net operating losses can be utilized in the foreseeable future and a valuation allowance for these assets is not required. We also determined that a full valuation against the remaining U.S. net deferred tax assets is required and have recorded a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. The Company periodically undertakes a review of its valuation allowance and it evaluates all positive and negative factors that may affect whether it is more probable than not that the Company would realize its future tax benefits. As positive factors continue to be present given our recent economic performance, the potential result would be a full or partial release of the valuation allowance on the deferred tax asset initially recognized in prior periods. The net balance of the deferred tax asset was approximately $4.8 million and $5.2 million as of June 30, 2019 and December 31, 2018, respectively, with a related valuation allowance of $4.7 million and $5.1 million, respectively. Any release of the valuation allowance would be recognized in the statements of operations. Other Comprehensive Income Our comprehensive income for the six months ended June 30, 2019 and June 30, 2018 consisted entirely of net income. Therefore a consolidated statement of comprehensive income is not presented for the six months ended June 30, 2019 and June 30, 2018. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)”, to require lessees to recognize all leases, with limited exceptions, on the balance sheet. The objective of this update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Subsequently, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842”, ASU 2018-11, “Targeted Improvements”, ASU 2018-20, “Narrow-Scope Improvements for Lessors”, and ASU 2019-01, “Codification Improvements”, to clarify and amend the guidance in ASU 2016-02. The Company’s adoption of the ASUs effective January 1, 2019 resulted in the recording of lease assets and lease liabilities of $142,000 on the consolidated balance sheet during Q1 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | C . Related Party Transactions Certain balances held and invested in various mutual funds are managed by a related entity (the "Fund Manager"), which is related through a director who is also a greater than 10% stockholder and currently serves as an executive officer of the Fund Manager. The brokerage and fund transactions in 2019 and 2018 were directed solely at the discretion of the Company’s management. As of June 30, 2019 As of December 31, 2018 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | D . Fair Value Measurements 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. Fair value guidance identifies three primary valuation techniques: the market approach, the income approach and the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts such as cash flows or earnings, to a single present amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to observable inputs such as quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The maximization of observable inputs and the minimization of the use of unobservable inputs are required. Classification within the fair value hierarchy is based upon the objectivity of the inputs that are significant to the valuation of an asset or liability as of the measurement date. The three levels within the fair value hierarchy are characterized 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. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Unobservable inputs for the asset or liability for which there is little, if any, market activity for the asset or liability at the measurement date. Unobservable inputs reflect the Company's own assumptions about what market participants would use to price the asset or liability. These inputs may include internally developed pricing models, discounted cash flow methodologies, as well as instruments for which the fair value determination requires significant management judgment. Assets To estimate the market value of its marketable 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). Level 1 Level 2 Level 3 Total at June 30, 2019 Marketable Equity Security $ 12 $ — $ — $ 12 Equity Mutual Fund — 8,908 — 8,908 U.S. Treasury Mutual Fund 8,827 — — 8,827 $ 8,839 $ 8,908 $ — $ 17,747 Level 1 Level 2 Level 3 Total at December 31, 2018 Marketable Equity Security $ 11 $ — $ — $ 11 Equity Mutual Fund — 3,764 — 3,764 U.S. Treasury Mutual Fund 12,506 — — 12,506 $ 12,517 $ 3,764 $ — $ 16,281 There were no transfers from level 2 to level 3 during the periods presented. There were no level 3 assets as of June 30, 2019 or December 31, 2018. 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. There were no liabilities subject to fair value on a non-recurring or recurring basis as of June 30, 2019 or December 31, 2018. The Company reviews goodwill and the carrying value of long-lived assets at least annually or 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. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | E. Inventories Inventories are valued at the lower of cost or net realizable value using the FIFO (first-in, first-out) method. The Company reduces the value of its inventories to net realizable value when the net realizable value is believed to be less than the cost of the item. The inventory reserve for obsolescence as of June 30, 2019 and December 31, 2018 was $1,434,000 and $1,266,000, respectively. Inventories are comprised of the following (in thousands): June 30, 2019 December 31, 2018 Raw materials $ 2,394 $ 1,719 Work in process 2,269 1,807 Finished goods 1,098 940 Total Inventories, net $ 5,761 $ 4,466 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Intangible Assets | F. Intangible Assets Intangible assets are recorded at cost less accumulated amortization which is included in engineering, selling and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. 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 $399,000 and $437,000 as of June 30, 2019 and December 31, 2018, respectively. Goodwill, which is not amortizable, was $40,000 as of both June 30, 2019 and December 31, 2018. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | G . 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 is indicative of expected volatility over the life of the option. 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. Compensation expense related to share-based compensation is recognized over the applicable vesting periods. As of June 30, 2019, there was approximately $20,000 of total unrecognized compensation expense related to unvested share-based compensation arrangements that will be recognized over a weighted average period of 1.1 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | H . Earnings Per Share The Company computes earnings per share in accordance with ASC 260, Earnings Per Share For the six months ended June 30, 2019 there were 6,067 options to purchase shares of the Company's common stock, for the three and six months ended June 30, 2018 there were 18,983 options to purchase shares, and for the six months ended June 30, 2018, there were warrants to purchase 519,241 shares of common stock that were excluded from the diluted earnings per share computation because the impact of the assumed exercise of such stock options or warrants would have been anti-dilutive during the respective periods. The following table reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average shares outstanding - basic 4,888,059 4,698,393 4,857,603 4,697,415 Effect of diluted securities 84,359 105,772 104,507 107,206 Weighted average shares outstanding - diluted 4,972,418 4,804,165 4,962,110 4,804,621 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | I . Stockholders’ Equity Share Repurchase Program On August 29, 2011, the Company’s board of directors (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, 2019, the Company had repurchased a total of 81,584 shares of common stock at a cost of $580,000, which shares are currently held in treasury. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | J . Segment Information The Company has two reportable business segments from operations: electronic components, which includes all products manufactured and sold by MtronPTI, and electronic instruments, which includes all products manufactured and sold by PTF. The Company's foreign operations in Hong Kong and India are subsidiaries of MtronPTI. The following table sets forth activity broken down by reportable business segment (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenues from Operations Electronic components $ 7,462 $ 5,834 $ 13,793 $ 11,565 Electronic instruments 376 323 677 537 Total consolidated revenues $ 7,838 $ 6,157 $ 14,470 $ 12,102 Operating Income Electronic components $ 1,096 $ 621 $ 1,654 $ 1,171 Electronic instruments 71 40 164 42 Unallocated corporate expense (311 ) (172 ) (528 ) (566 ) Total operating income 856 489 1,290 647 Interest income, net - (6 ) 1 6 Other income, net 117 67 270 91 Total other income 117 61 271 97 Income Before Income Taxes $ 973 $ 550 $ 1,561 $ 744 Operating income is equal to revenues less cost of sales and operating expenses, excluding investment income, interest expense, and income taxes. |
Domestic and Foreign Revenues
Domestic and Foreign Revenues | 6 Months Ended |
Jun. 30, 2019 | |
Revenues [Abstract] | |
Domestic and Foreign Revenues | K . Domestic and Foreign Revenues Significant foreign revenues from operations (10% or more of foreign sales) were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Malaysia $ 854 $ 772 $ 1,679 $ 1,467 Hong Kong 167 128 434 233 All other foreign countries 784 647 1,401 1,281 Total foreign revenues $ 1,805 $ 1,547 $ 3,514 $ 2,981 Total domestic revenue $ 6,033 $ 4,610 $ 10,956 $ 9,121 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, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | L . Commitments and Contingencies In the ordinary 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. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | M. Leases We lease certain manufacturing and office space and equipment. We determine if an arrangement is a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Amounts associated with operating leases are included in right-of-use lease assets, and other accrued expense in our consolidated balance sheet. Right-of-use lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate for operating leases that commenced in the period is determined by using the prior quarter end’s incremental borrowing rates. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to 10 years or more, and the exercise of lease renewal options under these leases is at our sole discretion. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. During the six months ended June 30, 2019 we renewed a lease on one of our facilities resulting in the addition of $318,000 in right-of-use lease assets in exchange for operating lease liabilities. Future minimum lease payment obligations under operating leases are as follows: June 30, 2019 December 31, 2018 2019 (six months at June 30, 2019) $ 58 $ 117 2020 92 35 2021 88 26 2022 64 — 2023 64 — Thereafter 63 — Total lease payments 429 178 Less: interest (21 ) (8 ) Total lease payments $ 408 $ 170 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Revenue Recognition | Revenue Recognition The Company recognizes revenue from the sale of its products in accordance with the criteria in Accounting Standards Codification (“ASC”) 606, Revenue From Contracts with Customers Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. The Company meets these conditions upon the Company’s satisfaction of the performance obligation, usually at the time of shipment to the customer, because control passes to the customer at that time. Our standard terms for customers are net due within 30 days, with a few exceptions, none regularly exceeding 60 days. The Company provides disaggregated revenue details by segment in Note J – Segment Information, and geographic markets in Note K – Domestic and Foreign Revenues. The Company offers a limited right of return and/or authorized price protection provisions in its agreements with certain electronic component distributors who resell the Company's products to original equipment manufacturers or electronic manufacturing services companies. As a result, the Company estimates and records a reserve for future returns and other charges against revenue at the time of shipment consistent with the terms of sale. The reserve is estimated based on historical experience with each respective distributor. These reserves and charges are immaterial as the Company does not have a history of significant price protection adjustments or returns. The Company provides a standard assurance warranty that does not create a performance obligation. Practical Expedients: - The Company applies the practical expedient for shipping and handling as fulfillment costs. - The Company expenses sales commissions as sales and marketing expenses in the period they are incurred. |
Income Taxes | Income Taxes Based on our assessment of the uncertainty surrounding the realization of the favorable tax attributes in future tax returns in accordance with the provisions of ASC 740, Income Taxes, we have determined that it is more likely than not that certain deferred tax assets generated from foreign net operating losses can be utilized in the foreseeable future and a valuation allowance for these assets is not required. We also determined that a full valuation against the remaining U.S. net deferred tax assets is required and have recorded a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. The Company periodically undertakes a review of its valuation allowance and it evaluates all positive and negative factors that may affect whether it is more probable than not that the Company would realize its future tax benefits. As positive factors continue to be present given our recent economic performance, the potential result would be a full or partial release of the valuation allowance on the deferred tax asset initially recognized in prior periods. The net balance of the deferred tax asset was approximately $4.8 million and $5.2 million as of June 30, 2019 and December 31, 2018, respectively, with a related valuation allowance of $4.7 million and $5.1 million, respectively. Any release of the valuation allowance would be recognized in the statements of operations. |
Other Comprehensive Income | Other Comprehensive Income Our comprehensive income for the six months ended June 30, 2019 and June 30, 2018 consisted entirely of net income. Therefore a consolidated statement of comprehensive income is not presented for the six months ended June 30, 2019 and June 30, 2018. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company’s adoption of the ASUs effective January 1, 2019 resulted in the recording of lease assets and lease liabilities of $142,000 on the consolidated balance sheet during Q1 |
Subsidiaries of the Registrant
Subsidiaries of the Registrant (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Subsidiaries Of Registrant [Abstract] | |
Subsidiaries of the Company | As of June 30, 2019, the subsidiaries of the Company were as follows: Owned By The LGL Group, Inc. Mtron Systems Acquisition Holdings Company, LLC 100.0 % Mtron Systems Acquisition Corp. 100.0 % M-tron Systems Holdings, LLC 100.0 % M-tron Industries, Inc. 100.0 % Piezo Technology, Inc. 100.0 % Piezo Technology India Private Ltd. 99.9 % M-tron Asia, LLC 100.0 % M-tron Industries, Ltd. 100.0 % GC Opportunities Ltd. 100.0 % M-tron Services, Ltd. 100.0 % Precise Time and Frequency, LLC 100.0 % Lynch Systems, Inc. 100.0 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis are summarized below (in thousands). Level 1 Level 2 Level 3 Total at June 30, 2019 Marketable Equity Security $ 12 $ — $ — $ 12 Equity Mutual Fund — 8,908 — 8,908 U.S. Treasury Mutual Fund 8,827 — — 8,827 $ 8,839 $ 8,908 $ — $ 17,747 Level 1 Level 2 Level 3 Total at December 31, 2018 Marketable Equity Security $ 11 $ — $ — $ 11 Equity Mutual Fund — 3,764 — 3,764 U.S. Treasury Mutual Fund 12,506 — — 12,506 $ 12,517 $ 3,764 $ — $ 16,281 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories are comprised of the following (in thousands): June 30, 2019 December 31, 2018 Raw materials $ 2,394 $ 1,719 Work in process 2,269 1,807 Finished goods 1,098 940 Total Inventories, net $ 5,761 $ 4,466 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic to Diluted Weighted Average Shares Outstanding | The following table reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average shares outstanding - basic 4,888,059 4,698,393 4,857,603 4,697,415 Effect of diluted securities 84,359 105,772 104,507 107,206 Weighted average shares outstanding - diluted 4,972,418 4,804,165 4,962,110 4,804,621 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Business Segment | The following table sets forth activity broken down by reportable business segment (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenues from Operations Electronic components $ 7,462 $ 5,834 $ 13,793 $ 11,565 Electronic instruments 376 323 677 537 Total consolidated revenues $ 7,838 $ 6,157 $ 14,470 $ 12,102 Operating Income Electronic components $ 1,096 $ 621 $ 1,654 $ 1,171 Electronic instruments 71 40 164 42 Unallocated corporate expense (311 ) (172 ) (528 ) (566 ) Total operating income 856 489 1,290 647 Interest income, net - (6 ) 1 6 Other income, net 117 67 270 91 Total other income 117 61 271 97 Income Before Income Taxes $ 973 $ 550 $ 1,561 $ 744 |
Domestic and Foreign Revenues (
Domestic and Foreign Revenues (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenues [Abstract] | |
Significant Foreign Revenues from Operations | Significant foreign revenues from operations (10% or more of foreign sales) were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Malaysia $ 854 $ 772 $ 1,679 $ 1,467 Hong Kong 167 128 434 233 All other foreign countries 784 647 1,401 1,281 Total foreign revenues $ 1,805 $ 1,547 $ 3,514 $ 2,981 Total domestic revenue $ 6,033 $ 4,610 $ 10,956 $ 9,121 The Company allocates its foreign revenue based on the customer's ship-to location. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Payment Under Operating Lease Liabilities | Future minimum lease payment obligations under operating leases are as follows: June 30, 2019 December 31, 2018 2019 (six months at June 30, 2019) $ 58 $ 117 2020 92 35 2021 88 26 2022 64 — 2023 64 — Thereafter 63 — Total lease payments 429 178 Less: interest (21 ) (8 ) Total lease payments $ 408 $ 170 |
Subsidiaries of the Registran_2
Subsidiaries of the Registrant - Subsidiaries of the Company (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Mtron Systems Acquisition Holdings Company, LLC [Member] | |
Subsidiaries Of Entity By Ownership Percentage [Abstract] | |
Owned by The LGL Group, Inc. | 100.00% |
Mtron Systems Acquisition Corp.[Member] | |
Subsidiaries Of Entity By Ownership Percentage [Abstract] | |
Owned by The LGL Group, Inc. | 100.00% |
M-tron Industries, Inc. [Member] | |
Subsidiaries Of Entity By Ownership Percentage [Abstract] | |
Owned by The LGL Group, Inc. | 100.00% |
Piezo Technology, Inc. [Member] | |
Subsidiaries Of Entity By Ownership Percentage [Abstract] | |
Owned by The LGL Group, Inc. | 100.00% |
Piezo Technology India Private Ltd. [Member] | |
Subsidiaries Of Entity By Ownership Percentage [Abstract] | |
Owned by The LGL Group, Inc. | 99.90% |
M-tron Systems Holdings, LLC [Member] | |
Subsidiaries Of Entity By Ownership Percentage [Abstract] | |
Owned by The LGL Group, Inc. | 100.00% |
M-tron Asia LLC [Member] | |
Subsidiaries Of Entity By Ownership Percentage [Abstract] | |
Owned by The LGL Group, Inc. | 100.00% |
M-tron Industries, Ltd. [Member] | |
Subsidiaries Of Entity By Ownership Percentage [Abstract] | |
Owned by The LGL Group, Inc. | 100.00% |
GC Opportunities Ltd. [Member] | |
Subsidiaries Of Entity By Ownership Percentage [Abstract] | |
Owned by The LGL Group, Inc. | 100.00% |
M-tron Services Ltd [Member] | |
Subsidiaries Of Entity By Ownership Percentage [Abstract] | |
Owned by The LGL Group, Inc. | 100.00% |
Precise Time and Frequency, LLC [Member] | |
Subsidiaries Of Entity By Ownership Percentage [Abstract] | |
Owned by The LGL Group, Inc. | 100.00% |
Lynch Systems, Inc. [Member] | |
Subsidiaries Of Entity By Ownership Percentage [Abstract] | |
Owned by The LGL Group, Inc. | 100.00% |
Subsidiaries of the Registran_3
Subsidiaries of the Registrant - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019Segment | |
Subsidiaries Of Registrant [Abstract] | |
Number of operating segments | 2 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Basis Of Presentation [Line Items] | |||
Deferred tax asset | $ 4,800,000 | $ 5,200,000 | |
Deferred tax asset, valuation allowance | 4,700,000 | 5,100,000 | |
Lease assets | 408,000 | ||
Lease liabilities | $ 408,000 | $ 170,000 | |
ASU 2014-09 [Member] | |||
Basis Of Presentation [Line Items] | |||
Revenue, performance obligation, description of timing | The Company meets these conditions upon the Company’s satisfaction of the performance obligation, usually at the time of shipment to the customer, because control passes to the customer at that time. Our standard terms for customers are net due within 30 days, with a few exceptions, none regularly exceeding 60 days. | ||
ASU 2016-02 [Member] | |||
Basis Of Presentation [Line Items] | |||
Lease assets | $ 142,000 | ||
Lease liabilities | $ 142,000 | ||
Minimum [Member] | ASU 2014-09 [Member] | |||
Basis Of Presentation [Line Items] | |||
Customer due days | 30 days | ||
Maximum [Member] | ASU 2014-09 [Member] | |||
Basis Of Presentation [Line Items] | |||
Customer due days | 60 days |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Balance with Fund Manager | $ 17,735 | $ 16,270 |
Minimum [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of stockholders controlling a related party | 10.00% | 10.00% |
Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
Fund management fee percent | 0.35% | |
Other Income [Member] | ||
Related Party Transaction [Line Items] | ||
Investment income generated from mutual funds | $ 265 | |
Cash and Cash Equivalents [Member] | ||
Related Party Transaction [Line Items] | ||
Balance with Fund Manager | 8,827 | $ 12,506 |
Marketable Securities [Member] | ||
Related Party Transaction [Line Items] | ||
Balance with Fund Manager | $ 8,908 | $ 3,764 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Details) - Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | $ 17,747 | $ 16,281 |
Marketable Equity Security [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | 12 | 11 |
Equity Mutual Fund [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | 8,908 | 3,764 |
U.S. Treasury Mutual Fund [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | 8,827 | 12,506 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | 8,839 | 12,517 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Marketable Equity Security [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | 12 | 11 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Fund [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury Mutual Fund [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | 8,827 | 12,506 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | 8,908 | 3,764 |
Significant Other Observable Inputs (Level 2) [Member] | Marketable Equity Security [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Fund [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | 8,908 | 3,764 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Mutual Fund [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Marketable Equity Security [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Fund [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury Mutual Fund [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Fair value assets | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Non-Recurring [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Liabilities, fair value disclosure, non-recurring | $ 0 | $ 0 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Inventory reserve for obsolescence | $ 1,434 | $ 1,266 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Classification of Inventories [Abstract] | ||
Raw materials | $ 2,394 | $ 1,719 |
Work in process | 2,269 | 1,807 |
Finished goods | 1,098 | 940 |
Total Inventories, net | $ 5,761 | $ 4,466 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets carrying value | $ 399,000 | $ 437,000 |
Goodwill | $ 40,000 | $ 40,000 |
Maximum [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life of intangible assets | 10 years |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Dividend rate | 0.00% |
Unrecognized compensation expense | $ 20,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 1 month 6 days |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Securities excluded from the diluted earnings per share computation (in shares) | 18,983 | 6,067 | 18,983 |
Warrant [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Securities excluded from the diluted earnings per share computation (in shares) | 519,241 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Basic to Diluted Weighted Average Shares Outstanding (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted average shares outstanding - basic | 4,888,059 | 4,698,393 | 4,857,603 | 4,697,415 |
Effect of diluted securities | 84,359 | 105,772 | 104,507 | 107,206 |
Weighted average shares outstanding - diluted | 4,972,418 | 4,804,165 | 4,962,110 | 4,804,621 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Aug. 29, 2011 |
Stockholders Equity Note [Abstract] | |||
Number of shares authorized and available for repurchase (in shares) | 540,000 | 100,000 | |
Treasury stock, shares (in shares) | 81,584 | 81,584 | |
Value of repurchased common stock | $ 580 | $ 580 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of Reportable Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues from Operations | ||||
Revenues from operations | $ 7,838 | $ 6,157 | $ 14,470 | $ 12,102 |
Operating Income | ||||
Total operating income | 856 | 489 | 1,290 | 647 |
Interest income, net | (6) | 1 | 6 | |
Other income, net | 117 | 67 | 270 | 91 |
Total other income | 117 | 61 | 271 | 97 |
Income Before Income Taxes | 973 | 550 | 1,561 | 744 |
Unallocated corporate expense [Member] | ||||
Operating Income | ||||
Total operating income | (311) | (172) | (528) | (566) |
Electronic components [Member] | ||||
Revenues from Operations | ||||
Revenues from operations | 7,462 | 5,834 | 13,793 | 11,565 |
Electronic components [Member] | Reportable Segment [Member] | ||||
Operating Income | ||||
Total operating income | 1,096 | 621 | 1,654 | 1,171 |
Electronic instruments [Member] | ||||
Revenues from Operations | ||||
Revenues from operations | 376 | 323 | 677 | 537 |
Electronic instruments [Member] | Reportable Segment [Member] | ||||
Operating Income | ||||
Total operating income | $ 71 | $ 40 | $ 164 | $ 42 |
Domestic and Foreign Revenues -
Domestic and Foreign Revenues - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Foreign [Member] | Sales Revenue, Segment [Member] | Customer Concentration Risk [Member] | |
Entity Wide Revenue Major Customer [Line Items] | |
Portion of foreign sales | 10.00% |
Domestic and Foreign Revenues_2
Domestic and Foreign Revenues - Significant Foreign Revenues from Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenues from operations | $ 7,838 | $ 6,157 | $ 14,470 | $ 12,102 |
Malaysia [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenues from operations | 854 | 772 | 1,679 | 1,467 |
Hong Kong [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenues from operations | 167 | 128 | 434 | 233 |
All other foreign countries [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenues from operations | 784 | 647 | 1,401 | 1,281 |
Foreign [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenues from operations | 1,805 | 1,547 | 3,514 | 2,981 |
Domestic [Member] | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Revenues from operations | $ 6,033 | $ 4,610 | $ 10,956 | $ 9,121 |
Leases - Additional Information
Leases - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Lessee Lease Description [Line Items] | |
Operating lease, existence of option to extend | true |
Right-of-use lease assets in exchange for operating lease liabilities | $ 318,000 |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Leases, initial term | 12 months |
Operating lease renewal term | 10 years |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease renewal term | 1 year |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payment Under Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2019 (six months at June 30, 2019) | $ 58 | $ 117 |
2020 | 92 | 35 |
2021 | 88 | 26 |
2022 | 64 | |
2023 | 64 | |
Thereafter | 63 | |
Total lease payments | 429 | 178 |
Less: interest | (21) | (8) |
Lease liabilities | $ 408 | $ 170 |