UNITED STATES
SECURITIES & EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q/A
(Amendment No. 1)
(Mark One)
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
For the quarterly period ended June 30, 2014
 
OR
 
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File No. 1-106
THE LGL GROUP, INC.


(Exact Name of Registrant as Specified in Its Charter)

Delaware
38-1799862
(State or Other Jurisdiction of
(I.R.S. Employer Identification No.)
Incorporation or Organization)
 
 
 
2525 Shader Rd., Orlando, Florida
32804
(Address of principal executive offices)
(Zip Code)
 
(407) 298-2000
(Registrant's telephone number, including area code)
 
 
 
 
(Former name, former address, and former fiscal year if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x                          No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes x                                        No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.  (Check one):
Large accelerated filer o                                                                                                  Accelerated filer o    
Non-accelerated filer o                                                                                                  Smaller reporting company x
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o   No x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Class                            
 
Outstanding at August 14, 2014
Common Stock, $0.01 par value
 
 2,594,732


Explanatory Note
This Amendment No. 1 to the Quarterly Report on Form 10-Q of The LGL Group, Inc. for the quarterly period ended June 30, 2014, originally filed with the Securities and Exchange Commission on August 14, 2014 (the "Form 10-Q"), is being filed to correct an error in in the Condensed Consolidated Balance Sheet on page 1. Due to a technical error that occurred during the edgarization process, this amount was correctly reflected in the data files but incorrectly reflected in the document format files. The amount for the line "Machinery and equipment" under the column heading "As of June 30, 2014", has been corrected from $3,908 to $16,152.
No other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.
THE LGL GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED

(Dollars in Thousands)
ASSETS
  
June 30, 2014
    
December 31, 2013
  
Current Assets:
  
   
 
Cash and cash equivalents                                                                                                                                
  
$
6,125
    
$
7,183
  
Restricted cash (Note E)                                                                                                                                
    
1,500
      
1,500
  
Accounts receivable, less allowances of $45 and $42, respectively
    
3,442
      
3,237
  
Inventories, net (Note C)                                                                                                                                
    
4,551
      
4,629
  
Prepaid expenses and other current assets                                                                                                                                
    
307
      
405
  
Total Current Assets                                                                                                                            
    
15,925
      
16,954
  
Property, Plant and Equipment:
                
Land                                                                                                                                
    
633
      
633
  
Buildings and improvements                                                                                                                                
    
3,908
      
3,908
  
Machinery and equipment                                                                                                                                
    
16,152
      
15,980
  
Gross property, plant and equipment                                                                                                                                
    
20,693
      
20,521
  
Less:  accumulated depreciation                                                                                                                                
    
(16,956
)
    
(16,535
)
Net property, plant, and equipment                                                                                                                                
    
3,737
      
3,986
  
Other assets, net                                                                                                                                    
    
814
      
323
  
Total Assets                                                                                                                            
  
$
20,476
    
$
21,263
  
 
                
LIABILITIES AND STOCKHOLDERS' EQUITY
                
Current liabilities:
                
Note payable to bank (Note E)                                                                                                                                
  
$
1,500
    
$
1,181
  
Accounts payable                                                                                                                                
    
2,117
      
1,978
  
Accrued compensation and commissions expense                                                                                                                                
    
982
      
992
  
Accrued restructuring expense                                                                                                                                
    
350
      
70
  
Accrued warranty expense                                                                                                                                
    
366
      
22
  
Other accrued expenses                                                                                                                                
    
295
      
265
  
Total Current liabilities                                                                                                                            
    
5,610
      
4,508
  
Commitments and Contingencies (Note L)
                
Stockholders' Equity
                
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,674,448 shares issued and 2,594,732 shares outstanding at June 30, 2014 and 2,674,530 shares issued and 2,594,784 shares outstanding at December 31, 2013
    
27
      
27
  
Additional paid-in capital                                                                                                                            
    
28,779
      
28,593
  
Accumulated deficit                                                                                                                            
    
(13,416
)
    
(11,338
)
Treasury stock: 79,716 and 79,664 shares held in treasury at cost at June 30, 2014 and December 31, 2013, respectively
    
(572
)
    
(572
)
Accumulated other comprehensive income                                                                                                                            
    
48
      
45
  
Total Stockholders' Equity                                                                                                                            
    
14,866
      
16,755
  
Total Liabilities and Stockholders' Equity                                                                                                                            
  
$
20,476
    
$
21,263
  
Item 6.                          Exhibits.
The following is a list of exhibits filed as part of this Form 10-Q:

Exhibit No.
 
Description
 
 
31.1
Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2
Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1
Certification of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2
Certification of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
____________
* Filed herewith.
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
 
THE LGL GROUP, INC.
 
 
 
 
 
 
Date:            August 15, 2014
 
BY:
/s/ Michael J. Ferrantino, Sr.
 
 
 
Michael J. Ferrantino, Sr.
 
 
 
Executive Chairman and Chief Executive Officer
(Principal Executive Officer)
 
 
 
 
 
 
 
 
Date:            August 15, 2014
 
BY:
/s/ R. LaDuane Clifton
 
 
 
R. LaDuane Clifton
 
 
 
Chief Financial Officer
(Principal Financial Officer)

EXHIBIT INDEX

Exhibit No.
 
Description
 
 
31.1
Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2
Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1
Certification of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2
Certification of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
____________
* Filed herewith.