THE LGL GROUP, INC.
|
||
(Exact Name of Registrant as Specified in Charter)
|
||
|
|
|
Delaware
|
1-106
|
38-1799862
|
(State or Other Jurisdiction
of Incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
|
|
|
2525 Shader Road, Orlando, FL
|
32804
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
|
(Former Name or Former Address, If Changed Since Last Report)
|
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 7.01. | Regulation FD Disclosure. |
Exhibit No.
|
Description
|
99.1
|
Press release dated November 12, 2012.
|
November 12, 2012
|
THE LGL GROUP, INC.
|
||
By:
|
/s/ R. LaDuane Clifton
|
||
Name:
|
R. LaDuane Clifton
|
||
Title:
|
Chief Accounting Officer
|
Exhibit No.
|
Description
|
99.1
|
Press release dated November 12, 2012.
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
|
||||||||||||||||
REVENUES
|
$
|
7,307
|
$
|
9,629
|
$
|
22,063
|
$
|
28,295
|
||||||||
Cost and expenses:
|
||||||||||||||||
Manufacturing cost of sales
|
5,514
|
6,930
|
16,666
|
19,591
|
||||||||||||
Engineering, selling and administrative
|
2,249
|
2,577
|
6,944
|
7,635
|
||||||||||||
Total Cost and Expenses
|
7,763
|
9,507
|
23,610
|
27,226
|
||||||||||||
OPERATING INCOME (LOSS)
|
(456
|
)
|
122
|
(1,547
|
)
|
1,069
|
||||||||||
Total Other Expense
|
(5
|
)
|
(31
|
)
|
(99
|
)
|
(58
|
)
|
||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
(461
|
)
|
91
|
(1,646
|
)
|
1,011
|
||||||||||
Income tax benefit (provision)
|
147
|
—
|
524
|
(333
|
)
|
|||||||||||
NET INCOME (LOSS)
|
$
|
( 314
|
)
|
$
|
91
|
$
|
(1,122
|
)
|
$
|
678
|
||||||
Weighted average number of shares used in basic and diluted EPS calculation.
|
2,593,760
|
2,609,334
|
2,596,280
|
2,569,717
|
||||||||||||
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE
|
$
|
(0.12
|
)
|
$
|
0.03
|
$
|
(0.43
|
)
|
$
|
0.26
|
|
September 30,
2012
|
December 31, 2011 (A)
|
||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
9,484
|
$
|
13,709
|
||||
Restricted cash
|
1,500
|
--
|
||||||
Accounts receivable, less allowances of $99 and $131, respectively
|
4,049
|
4,309
|
||||||
Inventories, net
|
5,434
|
5,676
|
||||||
Deferred income taxes
|
960
|
960
|
||||||
Prepaid expenses and other current assets
|
289
|
292
|
||||||
Total current assets
|
21,716
|
24,946
|
||||||
Property, plant and equipment, net
|
4,822
|
4,530
|
||||||
Other assets
|
3,439
|
2,945
|
||||||
Total assets
|
$
|
29,977
|
$
|
32,421
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current Liabilities
|
$
|
5,320
|
$
|
6,828
|
||||
Long-term debt, net of current portion
|
--
|
--
|
||||||
Total Liabilities
|
5,320
|
6,828
|
||||||
Stockholders' Equity
|
24,657
|
25,593
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
29,977
|
$
|
32,421
|
(A) | The Condensed Consolidated Balance Sheet as of December 31, 2011, has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |