The LGL Group, Inc. (LGL) 10-Q 14 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	9 Months Ended
	Sep. 30, 2013
Document and Entity Information [Abstract]	'
Entity Registrant Name	'LGL Group Inc
Entity Central Index Key	'0000061004
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 Public Float	$12,914,805
Entity Common Stock, Shares Outstanding	2,592,475
Document Fiscal Year Focus	'2013
Document Fiscal Period Focus	'Q3
Document Type	'10-Q
Amendment Flag	'false
Document Period End Date	30-Sep-13

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets-Unaudited (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current Assets:	'	'
Cash and cash equivalents	$7,912	$8,625
Restricted cash (Note D)	1,500	1,500
Accounts receivable, less allowances of $60 and $79, respectively	3,278	4,350
Inventories, net (Note C)	4,825	5,349
Deferred income taxes, net (Note J)	0	1,114
Prepaid expenses and other current assets	332	665
Total Current Assets	17,847	21,603
Property, Plant and Equipment	'	'
Land	633	640
Buildings and improvements	3,849	3,785
Machinery and equipment	15,948	15,655
Gross property, plant and equipment	20,430	20,080
Less: accumulated depreciation	-16,053	-15,373
Net property, plant, and equipment	4,377	4,707
Deferred income taxes, net (Note J)	0	2,808
Other assets, net	400	475
Total Assets	22,624	29,593
LIABILITIES AND STOCKHOLDERS' EQUITY	'	'
Note payable to bank (Note D)	1,086	1,249
Accounts payable	1,538	2,452
Accrued compensation and commissions expense	927	1,011
Other accrued expenses	380	209
Current maturities of long-term debt (Note D)	0	58
Total Current Liabilities	3,931	4,979
Long-term debt, net of current portion (Note D)	0	0
Total Liabilities	3,931	4,979
Stockholders' Equity:	'	'
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,657,454 shares issued and 2,592,475 shares outstanding at September 30, 2013, and 2,648,059 shares issued and 2,597,605 shares outstanding at December 31, 2012	27	26
Additional paid-in capital	28,471	28,084
Accumulated deficit	-9,365	-3,119
Treasury stock: 64,979 and 50,454 shares held in treasury at cost at September 30, 2013 and December 31, 2012, respectively	-486	-405
Accumulated other comprehensive income	46	28
Total Stockholders' Equity	18,693	24,614
Total Liabilities and Stockholders' Equity	$22,624	$29,593

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets-Unaudited (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified
ASSETS	'	'
Accounts receivable, allowances	$60	$79
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)	2,657,454	2,648,059
Common stock, shares outstanding (in shares)	2,592,475	2,597,605
Treasury Stock, Shares	64,979	50,454

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations-Unaudited (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Condensed Consolidated Statements of Operations [Abstract]	'	'	'	'
REVENUES	$6,098	$7,307	$20,461	$22,063
Cost and Expenses:	'	'	'	'
Manufacturing cost of sales	4,731	5,514	14,904	16,666
Engineering, selling and administrative	2,548	2,249	7,834	6,944
OPERATING LOSS	-1,181	-456	-2,277	-1,547
Other Expense:	'	'	'	'
Interest expense, net	-4	-23	-33	-78
Other income (expense), net	-14	18	-14	-21
Total Other Expense	-18	-5	-47	-99
LOSS BEFORE INCOME TAXES	-1,199	-461	-2,324	-1,646
Income tax (provision) benefit	0	147	-3,922	524
NET LOSS	($1,199)	($314)	($6,246)	($1,122)
Weighted average number of shares used in basic and diluted net income (loss) per common share calculation (in shares)	2,595,385	2,593,760	2,598,609	2,596,280
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE (in dollars per share)	($0.46)	($0.12)	($2.40)	($0.43)

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Comprehensive Loss-Unaudited (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Condensed Consolidated Statements of Comprehensive Income (Loss) Unaudited [Abstract]	'	'	'	'
NET LOSS	($1,199)	($314)	($6,246)	($1,122)
Other comprehensive income:	'	'	'	'
Unrealized gain on available-for-sale securities	6	3	18	6
TOTAL OTHER COMPREHENSIVE INCOME	6	3	18	6
COMPREHENSIVE LOSS	($1,193)	($311)	($6,228)	($1,116)

Consolidated_Statement_of_Stoc

Consolidated Statement of Stockholder's Equity (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury stock
In Thousands, except Share data
Balance at Dec. 31, 2012	$24,614	$26	$28,084	($3,119)	$28	($405)
Balance (in shares) at Dec. 31, 2012	2,597,605	'	'	'	'	'
Net loss for period	-6,246	'	'	-6,246	'	'
Other comprehensive income	18	'	'	'	18	'
Stock-based compensation (shares)	9,406	'	'	'	'	'
Stock-based compensation	388	1	387	'	'	'
Purchase of treasury stock	-81	'	'	'	'	-81
Purchase of common stock for treasury (in shares)	-14,536	'	'	'	'	'
Balance at Sep. 30, 2013	$18,693	$27	$28,471	($9,365)	$46	($486)
Balance (in shares) at Sep. 30, 2013	2,592,475	'	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
OPERATING ACTIVITIES	'	'
Net loss	($6,246)	($1,122)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:	'	'
Depreciation	681	513
Amortization of finite-lived intangible assets	61	63
Write-down of note receivable	11	0
Stock-based compensation	388	270
Deferred income tax provision (benefit)	3,922	-524
Changes in operating assets and liabilities:	'	'
Decrease in accounts receivable, net	1,072	260
Decrease in inventories, net	524	242
Decrease (increase) in other assets	354	-24
(Decrease) increase in trade accounts payable, accrued compensation and commissions expense and other accrued liabilities	-827	323
Net cash (used in) provided by operating activities	-60	1
INVESTING ACTIVITIES	'	'
Capital expenditures	-351	-805
Net cash used in investing activities	-351	-805
FINANCING ACTIVITIES	'	'
Net repayments on note payable to bank	-163	-1,576
Increase in restricted cash	0	-1,500
Principal payments of long-term debt	-58	-255
Purchase of treasury stock	-81	-90
Net cash used in financing activities	-302	-3,421
Decrease in cash and cash equivalents	-713	-4,225
Cash and cash equivalents at beginning of period	8,625	13,709
Cash and cash equivalents at end of period	7,912	9,484
Supplemental Disclosure:	'	'
Cash paid for income taxes	112	52
Cash paid for interest	$27	$79

Subsidiaries_of_the_Registrant

Subsidiaries of the Registrant	9 Months Ended
	Sep. 30, 2013
Subsidiaries of the 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 holding company with subsidiaries engaged in manufacturing custom-designed, highly engineered electronic components.
	As of September 30, 2013, the subsidiaries of the Company are as follows:
		Owned By The LGL Group, Inc.
	M-tron Industries, Inc.		100	%
	M-tron Industries, Ltd.		99.9	%
	Piezo Technology, Inc.		100	%
	Piezo Technology India Private Ltd.		99	%
	Lynch Systems, Inc.		100	%
	The Company operates through its principal subsidiary, M-tron Industries, Inc., which includes the operations of M-tron Industries, Ltd. ("Mtron") and Piezo Technology, Inc. ("PTI"). The combined operations of Mtron and PTI are referred to herein as "MtronPTI."  MtronPTI has operations in Orlando, Florida, Yankton, South Dakota, Yantai, China, and Noida, India.  In addition, MtronPTI has sales offices in Hong Kong and Shanghai, China.

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2013
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 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 accounting principles generally accepted in the United States of America 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 nine months ended September 30, 2013, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2013.
	For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2013
Inventories [Abstract]	'
Inventories	'
	C.            Inventories
	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 September 30, 2013 and December 31, 2012 was $2,554,000 and $2,318,000, respectively.
		September 30,		December 31,
		2013		2012
		(in thousands)
	Raw materials	$	1,906	$	2,468
	Work in process		1,548		1,604
	Finished goods		1,371		1,277
	Total Inventories, net	$	4,825	$	5,349

Notes_Payable_to_Bank_and_Long

Notes Payable to Bank and Long-Term Debt	9 Months Ended
	Sep. 30, 2013
Notes Payable to Bank and Long-Term Debt [Abstract]	'
Notes Payable to Bank and Long-Term Debt	'
	D.            Note Payable to Bank and Long-Term Debt
		September 30,		December 31,
		2013		2012
	Note Payable:	(in thousands)
	MtronPTI revolving loan with J.P. Morgan Chase Bank, N.A. ("Chase") due June 30, 2014. The loan bears interest at the greater of Chase's prime rate or the one-month LIBOR rate plus 2.50% per annum (3.25% at September 30, 2013), which is due and payable monthly.	$	1,086	$	1,249
	Long-Term Debt:
	MtronPTI term loan with Chase paid February 7, 2013.		—		58
	Less:  Current maturities		—		58
	Long-Term Debt	$	—	$	—
	On June 30, 2011, MtronPTI entered into a loan agreement with Chase, which was amended on June 28, 2012, September 28, 2012, June 30, 2013 and September 19, 2013 (the "Chase Loan Agreement"). The Chase Loan Agreement provides for a revolving line of credit in the amount of $1,500,000, to be used solely for working capital needs (the "Chase Revolving Loan") and matures on June 30, 2014, provided that the Chase Loan Agreement may be extended for up to three 12-month renewal terms upon written request by MtronPTI and approval by Chase.
	At September 30, 2013, MtronPTI had approximately $1,086,000 outstanding under the Chase Revolving Loan and available borrowing capacity of approximately $414,000 under the Chase Revolving Loan.
	All outstanding obligations of MtronPTI under the Chase Loan Agreement are collateralized by a first priority security interest in all of the assets of MtronPTI, excluding real property. Additionally, in connection with the Chase Loan Agreement, PTI entered into a separate agreement with Chase providing that PTI would not mortgage or otherwise encumber certain real property it owns in Florida while any credit facility is outstanding under the Chase Loan Agreement.
	As additional security for MtronPTI's obligations under the Chase Loan Agreement, MtronPTI has made a cash collateral deposit of $1,500,000 with Chase and entered into an Assignment of Deposit agreement with Chase providing Chase with a security interest in the account holding the deposit. The amount of the cash collateral deposit with Chase is included in restricted cash in the accompanying condensed consolidated balance sheet as of September 30, 2013.  The related Assignment of Deposit agreement restricts MtronPTI's ability to withdraw any portion of the deposit and does not allow MtronPTI to assign the deposit or any part thereof.
	The Chase Loan Agreement also contains a variety of affirmative and negative covenants, including, but not limited to, a financial covenant that MtronPTI maintain tangible net worth not less than $6,000,000. As of September 30, 2013, MtronPTI was in compliance with all covenants under the Chase Loan Agreement.

Stock_Based_Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2013
Stock-Based Compensation [Abstract]	'
Stock-Based Compensation	'
	E.            Stock-Based Compensation
	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. The fair value of grants was calculated using historical volatility 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. Accounting Standards Codification ("ASC") 718, Stock Compensation, also requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Based on past history of actual performance, a zero forfeiture rate has been assumed.
	On March 26, 2013, the Board of Directors granted a total of 8,135 restricted shares of the Company's common stock to members of executive management.  The shares vest as follows: 30% on the first anniversary of the grant date; an additional 30% on the second anniversary of the grant date; and the remaining 40% on the third anniversary of the grant date.
	Further, on March 26, 2013, the Board of Directors granted options to purchase a total of 62,401 shares of the Company's common stock to members of executive management. These stock options have an exercise price of $7.26, which reflects a 25% premium compared to the closing price on the date of grant, have a five-year life expiring on March 25, 2018, and vest as follows: 30% on the first anniversary of the grant date; an additional 30% on the second anniversary of the grant date; and the remaining 40% on the third anniversary of the grant date. These stock options have a grant date fair value of $2.33 per option.  This grant price, combined with the vesting period, reflects the objective to align management incentives with long-term value creation.
	On May 10, 2013, the Company's Board of Directors granted 2,008 restricted shares of the Company's common stock to Donald H. Hunter (appointed to the Board of Directors on March 26, 2013) as a portion of his base director compensation for 2013.  These shares vested immediately on the grant date.  Total stock-based compensation expense for this grant was $10,000.
	Restricted stock awards are granted at a value equal to the market price of our common stock on the date of the grant.
	Compensation expense related to share-based compensation is recognized over the applicable vesting periods. As of September 30, 2013, there was approximately $426,000 of total unrecognized compensation expense related to unvested share-based compensation arrangements.

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2013
Earnings (Loss) Per Share [Abstract]	'
Earnings (Loss) Per Share	'
	F.            Earnings (Loss) Per Share
	The Company computes earnings (loss) per share in accordance with ASC 260, Earnings Per Share ("ASC 260").  Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period.  Diluted earnings (loss) per share adjusts basic earnings (loss) per share for the effects of stock options, non-participating restricted common stock, and other potentially dilutive financial instruments, only in the periods in which the effects are dilutive.  Shares of restricted stock granted to members of the Board of Directors as a portion of their director fees are deemed to be participating as defined by ASC 260 and therefore are included in the computation of basic earnings (loss) per share.
	For the three and nine months ended September 30, 2013, there were options to purchase 192,401 shares of common stock that were excluded from the diluted earnings (loss) per share computation because the impact of the assumed exercise of such stock options would have been anti-dilutive, due to the net loss incurred and based on the fact that the exercise price of the options exceeded the market price of the common stock as of September 30, 2013. For the three and nine months ended September 30, 2012, there were options to purchase 130,000 shares of common stock that were excluded from the diluted earnings (loss) per share computation because the impact of the assumed exercise of such stock options would have been anti-dilutive, due to the net loss incurred and based on the fact that the exercise price of the options exceeded the market price of the common stock as of September 30, 2012.

Warrant_Dividend

Warrant Dividend	9 Months Ended
	Sep. 30, 2013
Warrant Dividend [Abstract]	'
Warrant Dividend [Text Block]	'
	G.            Warrant Dividend
	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 traded separately from the Company's common stock on the NYSE MKT under the symbol "LGL WS".

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
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.  These measurements involve various valuation techniques and assume that the transactions would occur between market participants in the most advantageous market for the Company.  The following is a summary of valuation techniques utilized by the Company for its significant financial and non-financial assets and liabilities as of September 30, 2013 and December 31, 2012:
	Assets
	To estimate the fair value of its equity and U.S. Treasury 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.
		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total
		(Level 1)		(Level 2)		(Level 3)		September 30,
								2013
	Equity securities	$	61	$	—	$	—	$	61
	U.S. Treasury securities (cash equivalents)	$	5,989	$	—	$	—	$	5,989
		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total
		(Level 1)		(Level 2)		(Level 3)		31-Dec-12
	Equity securities	$	44	$	—	$	—	$	44
	U.S. Treasury securities (cash equivalents)	$	6,239	$	—	$	—	$	6,239

Foreign_Revenues

Foreign Revenues	9 Months Ended
	Sep. 30, 2013
Significant Foreign Revenues [Abstract]	'
Foreign Revenues	'
	I.            Foreign Revenues
	For the three and nine months ended September 30, 2013 and 2012, significant foreign revenues from operations (10% or more of foreign sales) were as follows:
		Three Months Ended
		September 30,
		2013		2012
		(in thousands)
	Significant Foreign Revenues:
	Malaysia	$	884	$	1,069
	China		954		984
	Thailand		247		446
	All other foreign countries		897		1,268
	Total foreign revenues	$	2,982	$	3,767
		Nine Months Ended
		September 30,
		2013		2012
		(in thousands)
	Significant Foreign Revenues:
	Malaysia	$	3,272	$	3,487
	China		2,735		2,828
	Hong Kong		1,268		—
	Thailand		894		1,208
	All other foreign countries		1,827		3,503
	Total foreign revenues	$	9,996	$	11,026
	The Company allocates its foreign revenue based on the customer's ship-to location.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2013
Income Taxes [Abstract]	'
Income Taxes [Text Block]	'
	J.            Income Taxes
	The Company had net deferred tax assets of $3,922,000 as of December 31, 2012, which were comprised of the following:  (i) net operating loss ("NOL") deferred tax assets of $2,116,000, resulting from an NOL carry-forward of approximately $6,223,000, which expire in years 2023 through 2032; (ii) research and development credit carry-forwards of approximately $994,000, which can be used to reduce future income tax liabilities and expire principally between 2020 and 2031; (iii) foreign tax credit carry-forwards of approximately $359,000, which are available to reduce future U.S. income tax liabilities subject to certain limitations and that expire in years 2018 through 2020, (iv) alternative minimum tax credit carry-forwards of approximately $111,000; and (v) other net deferred tax assets totaling $342,000.
	The Company recorded a provision of ($3,922,000) and a benefit of $524,000 for income taxes, respectively, in the nine months ended September 30, 2013 and 2012. Foreign tax benefits of $0 and $7,000, respectively, were provided in each of those periods. The provision is based on our estimated tax liability at the end of the year, including our assessment of the probability that we will be able to utilize our net operating losses and tax credits prior to expiration.  As of September 30, 2013, the Company's estimated consolidated annual effective tax rate was 39% before considering the current year change in the valuation allowance.
	Based on the Company's assessment of the uncertainty surrounding the realization of the favorable U.S. tax attributes in future tax returns in accordance with the provisions of ASC 740, Income Taxes, the Company has determined that a full valuation allowance against our otherwise recognizable U.S. net deferred tax assets is required as of September 30, 2013.  The Company has recorded a full valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized.  When assessing the need for valuation allowances, the Company considers future taxable income and ongoing prudent and feasible tax planning strategies.  Should a change in circumstances lead to a change in judgment about the ability to realize deferred tax assets in future years, the Company will adjust related valuation allowances in the period that the change in circumstances occurs, along with a corresponding increase or charge to income.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies [Abstract]	'
Commitments and Contingencies	'
	K.            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. The Company is not involved in any legal proceedings other than routine litigation arising in the normal course of business, none of which the Company believes will have a material adverse effect on the Company's business, financial condition or results of operations.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	L.            Related Party Transactions
	At September 30, 2013, the Company had $7,912,000 of cash and cash equivalents compared with $8,625,000 at December 31, 2012.  Of this amount, at September 30, 2013 and December 31, 2012, approximately $5,989,000 and $6,239,000, respectively, was invested in United States Treasury money market funds managed by a related entity (the "Fund Manager") which is related through two common directors.  One of the Company's directors, who is also a 10% stockholder, currently serves as a director and executive officer of the Fund Manager.  Another of the Company's directors serves as a director and audit committee member of the Fund Manager.  The fund transactions in 2013 and 2012 were directed solely at the discretion of Company management.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2013
Subsequent Events[Abstract]	'
Subsequent Events	'
	M.            Subsequent Events
	On October 4, 2013, the Company entered into a new employment agreement with Gregory P. Anderson (the "Anderson Employment Agreement") under which Mr. Anderson will continue to serve as the Company's President and Chief Executive Officer, effective as of November 2, 2013. Under the Anderson Employment Agreement, Mr. Anderson receives an annual base salary of $200,000 and is eligible to receive annual bonuses based upon the achievement of certain management objectives determined by the Compensation Committee of the Company's Board of Directors (the "Compensation Committee"). The term of the Anderson Employment Agreement is two years, starting on its effective date.
	On October 7, 2013, the Company announced that its Board of Directors appointed Michael J. Ferrantino to serve as the Company's Executive Vice Chairman and as the Executive Chairman of M-tron Industries, Inc., the Company's principal operating subsidiary. Previously, Mr. Ferrantino, age 70, served as the President and Chief Executive Officer of Valpey-Fisher Corporation from September 2002 until November 2009. From January 2002 until September 2002, Mr. Ferrantino served as the President of the Micro Networks Division of Integrated Circuit Systems, Inc. From prior to 2000 until January 2002, Mr. Ferrantino served as the President and Chief Executive Officer of Micro Networks Corporation, and from April 2000 to January 2002, he served as Chairman of the Board of Directors of Micro Networks Corporation. Currently, Mr. Ferrantino serves as the Chairman of the Board of Directors for Spectra Analysis Instruments, Inc.
	On October 17, 2013, the Company's management initiated a restructuring plan to realign its customer support operations across all of the Company's locations and to reduce structural costs by at least 10% in an effort to gain efficiencies in providing customer support.  Expenses related to this plan are expected to result in a one-time charge during the fourth quarter of 2013 of between $600,000 and $800,000, of which between approximately $250,000 and $325,000, respectively, will be non-cash.  Restructuring activities are expected to be substantially completed by December 31, 2013.

Stock_Based_Compensation_Polic

Stock Based Compensation (Policies)	9 Months Ended
	Sep. 30, 2013
Stock-Based Compensation [Abstract]	'
Stock-based compensation policy	'
	E.            Stock-Based Compensation
	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. The fair value of grants was calculated using historical volatility 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. Accounting Standards Codification ("ASC") 718, Stock Compensation, also requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Based on past history of actual performance, a zero forfeiture rate has been assumed.
	On March 26, 2013, the Board of Directors granted a total of 8,135 restricted shares of the Company's common stock to members of executive management.  The shares vest as follows: 30% on the first anniversary of the grant date; an additional 30% on the second anniversary of the grant date; and the remaining 40% on the third anniversary of the grant date.
	Further, on March 26, 2013, the Board of Directors granted options to purchase a total of 62,401 shares of the Company's common stock to members of executive management. These stock options have an exercise price of $7.26, which reflects a 25% premium compared to the closing price on the date of grant, have a five-year life expiring on March 25, 2018, and vest as follows: 30% on the first anniversary of the grant date; an additional 30% on the second anniversary of the grant date; and the remaining 40% on the third anniversary of the grant date. These stock options have a grant date fair value of $2.33 per option.  This grant price, combined with the vesting period, reflects the objective to align management incentives with long-term value creation.
	On May 10, 2013, the Company's Board of Directors granted 2,008 restricted shares of the Company's common stock to Donald H. Hunter (appointed to the Board of Directors on March 26, 2013) as a portion of his base director compensation for 2013.  These shares vested immediately on the grant date.  Total stock-based compensation expense for this grant was $10,000.
	Restricted stock awards are granted at a value equal to the market price of our common stock on the date of the grant.
	Compensation expense related to share-based compensation is recognized over the applicable vesting periods. As of September 30, 2013, there was approximately $426,000 of total unrecognized compensation expense related to unvested share-based compensation arrangements.

Earnings_Per_Share_Policies

Earnings Per Share (Policies)	9 Months Ended
	Sep. 30, 2013
Earnings (Loss) Per Share [Abstract]	'
Earnings per share accounting policy	'
	The Company computes earnings (loss) per share in accordance with ASC 260, Earnings Per Share ("ASC 260").  Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period.  Diluted earnings (loss) per share adjusts basic earnings (loss) per share for the effects of stock options, non-participating restricted common stock, and other potentially dilutive financial instruments, only in the periods in which the effects are dilutive.  Shares of restricted stock granted to members of the Board of Directors as a portion of their director fees are deemed to be participating as defined by ASC 260 and therefore are included in the computation of basic earnings (loss) per share.

Fair_Value_Measurements_Polici

Fair Value Measurements (Policies)	9 Months Ended
	Sep. 30, 2013
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.  These measurements involve various valuation techniques and assume that the transactions would occur between market participants in the most advantageous market for the Company.  The following is a summary of valuation techniques utilized by the Company for its significant financial and non-financial assets and liabilities as of September 30, 2013 and December 31, 2012:

Inventories_Tables

Inventories (Tables)	9 Months Ended
	Sep. 30, 2013
Inventories [Abstract]	'
Schedule of inventories	'
		September 30,		December 31,
		2013		2012
		(in thousands)
	Raw materials	$	1,906	$	2,468
	Work in process		1,548		1,604
	Finished goods		1,371		1,277
	Total Inventories, net	$	4,825	$	5,349

Notes_Payable_to_Bank_and_Long1

Notes Payable to Bank and Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2013
Notes Payable to Bank and Long-Term Debt [Abstract]	'
Schedule of debt including short and long term	'
		September 30,		December 31,
		2013		2012
	Note Payable:	(in thousands)
	MtronPTI revolving loan with J.P. Morgan Chase Bank, N.A. ("Chase") due June 30, 2014. The loan bears interest at the greater of Chase's prime rate or the one-month LIBOR rate plus 2.50% per annum (3.25% at September 30, 2013), which is due and payable monthly.	$	1,086	$	1,249
	Long-Term Debt:
	MtronPTI term loan with Chase paid February 7, 2013.		—		58
	Less:  Current maturities		—		58
	Long-Term Debt	$	—	$	—

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Measurements [Abstract]	'
Assets measured at fair value on recurring basis	'
	Assets
	To estimate the fair value of its equity and U.S. Treasury 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.
		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total
		(Level 1)		(Level 2)		(Level 3)		September 30,
								2013
	Equity securities	$	61	$	—	$	—	$	61
	U.S. Treasury securities (cash equivalents)	$	5,989	$	—	$	—	$	5,989
		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total
		(Level 1)		(Level 2)		(Level 3)		31-Dec-12
	Equity securities	$	44	$	—	$	—	$	44
	U.S. Treasury securities (cash equivalents)	$	6,239	$	—	$	—	$	6,239

Foreign_Revenues_Tables

Foreign Revenues (Tables)	9 Months Ended
	Sep. 30, 2013
Significant Foreign Revenues [Abstract]	'
Schedule of foreign revenues	'
	For the three and nine months ended September 30, 2013 and 2012, significant foreign revenues from operations (10% or more of foreign sales) were as follows:
		Three Months Ended
		September 30,
		2013		2012
		(in thousands)
	Significant Foreign Revenues:
	Malaysia	$	884	$	1,069
	China		954		984
	Thailand		247		446
	All other foreign countries		897		1,268
	Total foreign revenues	$	2,982	$	3,767
		Nine Months Ended
		September 30,
		2013		2012
		(in thousands)
	Significant Foreign Revenues:
	Malaysia	$	3,272	$	3,487
	China		2,735		2,828
	Hong Kong		1,268		—
	Thailand		894		1,208
	All other foreign countries		1,827		3,503
	Total foreign revenues	$	9,996	$	11,026

Subsidiaries_of_the_Registrant1

Subsidiaries of the Registrant (Details)	9 Months Ended
	Sep. 30, 2013
M-tron Industries, Ltd. [Member]	'
Subsidiaries of the entity, by ownership percentage [Abstract]	'
Owned By LGL (in hundredths)	99.90%
Piezo Technology, Inc. [Member]	'
Subsidiaries of the entity, by ownership percentage [Abstract]	'
Owned By LGL (in hundredths)	100.00%
Piezo Technology India Private Ltd. [Member]	'
Subsidiaries of the entity, by ownership percentage [Abstract]	'
Owned By LGL (in hundredths)	99.00%
Lynch Systems, Inc. [Member]	'
Subsidiaries of the entity, by ownership percentage [Abstract]	'
Owned By LGL (in hundredths)	100.00%
M-tron Industries, Inc. [Member]	'
Subsidiaries of the entity, by ownership percentage [Abstract]	'
Owned By LGL (in hundredths)	100.00%

Inventories_Details

Inventories (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Classification of inventories [Abstract]	'	'
Raw materials, net	$1,906,000	$2,468,000
Work in process, net	1,548,000	1,604,000
Finished goods, net	1,371,000	1,277,000
Total Inventories, net	4,825,000	5,349,000
Inventory Reserve for Obsolescence	$2,554,000	$2,318,000

Notes_Payable_to_Bank_and_Long2

Notes Payable to Bank and Long-Term Debt (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Notes Payable:	'	'
MtronPTI revolving loan with J.P. Morgan Chase Bank, N.A. ("Chase") due June 30, 2014. The loan bears interest at the greater of Chase's prime rate or the one-month LIBOR rate plus 2.50% per annum (3.25% at September 30, 2013), which is due and payable monthly.	$1,086,000	$1,249,000
Long-Term Debt:	'	'
MtronPTI term loan	0	58,000
Less: Current maturities	0	58,000
Long-Term Debt	0	0
Debt instrument, reference rate (in hundredths)	2.50%	'
Revolving loan, interest rate (in hundredths)	3.25%	'
Debt instrument, maturity due date	30-Jun-14	'
Financial covenants under chase loan agreement [Abstract]	'	'
Tangible net worth as financial covenant, minimum	$6,000,000	'
Debt instrument, reference rate	'one-month LIBOR	'

Stock_Based_Compensation_Detai

Stock Based Compensation (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Stock-Based Compensation [Abstract]	'
Share-based compensation arrangement, expected dividend rate (in hundredths)	0.00%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Unrecognized compensation expense	$426,000
Stock Options [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Share-based compensation, shares granted options to purchase (in shares)	62,401
Exercise price of stock options granted (in dollars per share)	$7.26
Percentage of shares vested on first anniversary of the grant date (in hundredths)	30.00%
Percentage of shares vested on second anniversary of the grant date (in hundredths)	30.00%
Percentage of shares vested on third anniversary of the grant date (in hundredths)	40.00%
Stock option, expiration date	25-Mar-18
Grant date fair value	$2.33
Restricted Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Restricted shares granted (in shares)	2,008
Restricted Stock Issued to Executives [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Percentage of shares vested on first anniversary of the grant date (in hundredths)	30.00%
Percentage of shares vested on second anniversary of the grant date (in hundredths)	30.00%
Percentage of shares vested on third anniversary of the grant date (in hundredths)	40.00%
Restricted shares granted (in shares)	8,135

Earnings_Per_Share_Details

Earnings Per Share (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings (Loss) Per Share [Abstract]	'	'	'	'
Shares of common stock excluded from computation of diluted earnings per share (in shares)	192,401	130,000	192,401	130,000

Warrant_Dividend_Details

Warrant Dividend (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Warrant Dividend [Abstract]	'
Dividend declaration date	6-Aug-13
Dividend date of record	29-Jul-13
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
Warrant exercise price (in dollars per share)	$7.50
Warrant expiration date	6-Aug-18
Number of days to determine volume weighted average price per share	'30 days
Minimum volume weighted average price per share (in dollars per share)	$15

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Equity securities [Member]	'	'
Assets measured at fair value on recurring basis [Abstract]	'	'
Fair value assets	$61	$44
U.S. Treasury securities [Member]	'	'
Assets measured at fair value on recurring basis [Abstract]	'	'
Fair value assets	5,989	6,239
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	61	44
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury securities [Member]	'	'
Assets measured at fair value on recurring basis [Abstract]	'	'
Fair value assets	5,989	6,239
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 [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 [Member]	'	'
Assets measured at fair value on recurring basis [Abstract]	'	'
Fair value assets	$0	$0

Foreign_Revenues_Details

Foreign Revenues (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Segment Reporting Information [Line Items]	'	'	'	'
Total foreign revenues	$2,982	$3,767	$9,996	$11,026
Hong Kong [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Total foreign revenues	'	'	1,268	0
China [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Total foreign revenues	954	984	2,735	2,828
Malaysia [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Total foreign revenues	884	1,069	3,272	3,487
Thailand [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Total foreign revenues	247	446	894	1,208
All other foreign countries [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Total foreign revenues	$897	$1,268	$1,827	$3,503

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Deferred tax assets [Abstract]	'	'	'	'	'
Federal tax loss carry-forwards	'	'	'	'	$2,116,000
Net deferred tax assets	'	'	'	'	3,922,000
Other net deferred tax assets	'	'	'	'	342,000
(Provision) benefit for income taxes [Abstract]	'	'	'	'	'
(Provision) benefit for income taxes	0	147,000	-3,922,000	524,000	'
Foreign	'	'	0	7,000	'
Estimated effective tax rate	'	'	39.00%	'	'
Minimum [Member]	'	'	'	'	'
Tax Credit Carryforward [Line Items]	'	'	'	'	'
Expiration date	'	'	'2023	'	'
Maximum [Member]	'	'	'	'	'
Tax Credit Carryforward [Line Items]	'	'	'	'	'
Expiration date	'	'	'2032	'	'
Research and development credit carryforwards [Member]	'	'	'	'	'
Tax Credit Carryforward [Line Items]	'	'	'	'	'
Tax credit carryforward amount	'	'	'	'	994,000
Research and development credit carryforwards [Member] | Minimum [Member]	'	'	'	'	'
Tax Credit Carryforward [Line Items]	'	'	'	'	'
Tax credit carryforward, expiration date	'	'	31-Dec-20	'	'
Research and development credit carryforwards [Member] | Maximum [Member]	'	'	'	'	'
Tax Credit Carryforward [Line Items]	'	'	'	'	'
Tax credit carryforward, expiration date	'	'	31-Dec-31	'	'
Foreign tax credit carryforwards [Member]	'	'	'	'	'
Tax Credit Carryforward [Line Items]	'	'	'	'	'
Tax credit carryforward amount	'	'	'	'	359,000
Alternative minimum tax credit carry forwards [Member]	'	'	'	'	'
Tax Credit Carryforward [Line Items]	'	'	'	'	'
Tax credit carryforward amount	'	'	'	'	111,000
Federal [Member]	'	'	'	'	'
Operating Loss Carryforwards [Line Items]	'	'	'	'	'
Net operating loss carryforwards	'	'	'	'	$6,223,000

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011
Related Party Transaction [Line Items]	'	'	'	'
Cash and cash equivalents	$7,912,000	$8,625,000	$9,484,000	$13,709,000
Amount invested in United States Treasury money market funds	$5,989,000	$6,239,000	'	'
Percentage of stockholders controlled by entity (in hundredths)	10.00%	10.00%	'	'

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	Nov. 02, 2013	Sep. 30, 2013
Subsequent Event [Line Items]	'	'
Effective Date of Employment Agreement	2-Nov-13	'
Annual Base Salary	$200,000	'
Term Of Agreement	1-Nov-15	'
Reduction In Structural Costs-Minimum	'	600,000
Reduction In Structural Costs-Maximum	'	800,000
Restructuring Charge Non Cash-Minimum	'	250,000
Restructuring Charge Non Cash-Maximum	'	$325,000
Restructuring Completion Date	'	31-Dec-13