(Mark One)
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended June 30, 2014
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OR
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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38-1799862
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(State or Other Jurisdiction of
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(I.R.S. Employer Identification No.)
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Incorporation or Organization)
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2525 Shader Rd., Orlando, Florida
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32804
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(Address of principal executive offices)
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(Zip Code)
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(407) 298-2000
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(Registrant's telephone number, including area code)
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(Former name, former address, and former fiscal year if changed since last report)
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Class
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Outstanding at August 14, 2014
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Common Stock, $0.01 par value
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2,594,732
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ASSETS
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June 30, 2014
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December 31, 2013
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||||||
Current Assets:
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||||||||
Cash and cash equivalents
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$
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6,125
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$
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7,183
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Restricted cash (Note E)
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1,500
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1,500
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Accounts receivable, less allowances of $45 and $42, respectively
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3,442
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3,237
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||||||
Inventories, net (Note C)
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4,551
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4,629
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||||||
Prepaid expenses and other current assets
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307
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405
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||||||
Total Current Assets
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15,925
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16,954
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Property, Plant and Equipment:
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Land
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633
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633
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Buildings and improvements
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3,908
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3,908
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Machinery and equipment
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16,152
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15,980
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Gross property, plant and equipment
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20,693
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20,521
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Less: accumulated depreciation
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(16,956
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)
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(16,535
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)
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Net property, plant, and equipment
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3,737
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3,986
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||||||
Other assets, net
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814
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323
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Total Assets
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$
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20,476
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$
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21,263
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
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||||||||
Note payable to bank (Note E)
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$
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1,500
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$
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1,181
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Accounts payable
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2,117
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1,978
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||||||
Accrued compensation and commissions expense
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982
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992
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Accrued restructuring expense
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350
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70
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||||||
Accrued warranty expense
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366
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22
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||||||
Other accrued expenses
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295
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265
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Total Current liabilities
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5,610
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4,508
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Commitments and Contingencies (Note L)
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||||||||
Stockholders' Equity
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||||||||
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,674,448 shares issued and 2,594,732 shares outstanding at June 30, 2014 and 2,674,530 shares issued and 2,594,784 shares outstanding at December 31, 2013
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27
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27
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||||||
Additional paid-in capital
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28,779
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28,593
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Accumulated deficit
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(13,416
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)
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(11,338
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)
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Treasury stock: 79,716 and 79,664 shares held in treasury at cost at June 30, 2014 and December 31, 2013, respectively
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(572
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)
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(572
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)
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Accumulated other comprehensive income
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48
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45
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Total Stockholders' Equity
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14,866
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16,755
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Total Liabilities and Stockholders' Equity
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$
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20,476
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$
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21,263
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Exhibit No.
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Description
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31.1
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Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
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31.2
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Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
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32.1
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Certification of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
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32.2
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Certification of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
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THE LGL GROUP, INC.
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Date: August 15, 2014
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BY:
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/s/ Michael J. Ferrantino, Sr.
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Michael J. Ferrantino, Sr.
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Executive Chairman and Chief Executive Officer
(Principal Executive Officer)
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Date: August 15, 2014
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BY:
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/s/ R. LaDuane Clifton
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R. LaDuane Clifton
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Chief Financial Officer
(Principal Financial Officer)
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Exhibit No.
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Description
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31.1
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Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
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31.2
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Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
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32.1
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Certification of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
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32.2
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Certification of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
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