The LGL Group, Inc. (LGL) 10-Q 13 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - Jun. 30, 2015 - shares	Total
Document and Entity Information [Abstract]
Entity Registrant Name	LGL GROUP INC
Entity Central Index Key	61,004
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 Common Stock, Shares Outstanding	2,652,779
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets-Unaudited - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 5,431	$ 5,192
Accounts receivable, less allowances of $38 and $43, respectively	2,962	3,266
Inventories, net (Note C)	3,765	4,198
Prepaid expenses and other current assets	222	278
Total Current Assets	12,380	12,934
Property, Plant and Equipment
Land	633	633
Buildings and improvements	3,928	3,922
Machinery and equipment	16,495	16,314
Gross property, plant and equipment	21,056	20,869
Less: accumulated depreciation	(17,640)	(17,322)
Net property, plant, and equipment	3,416	3,547
Intangible assets, net (Note D)	502	528
Other assets, net	249	253
Total Assets	16,547	17,262
Current Liabilities:
Accounts payable	1,115	1,719
Accrued compensation and commissions expense	890	681
Accrued warranty expense	178	242
Other accrued expenses	380	383
Total Current Liabilities	2,563	3,025
Stockholders' Equity:
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,732,443 shares issued and 2,652,779 shares outanding at June 30, 2015 and 2,696,201 shares issued and 2,616,485 shares outstanding at December 31, 2014	27	27
Additional paid-in capital	29,028	28,901
Accumulated deficit	(14,542)	(14,163)
Treasury stock: 79,664 and 79,716 shares held in treasury at cost at June 30, 2015 and December 31, 2014, respectively	(572)	(572)
Accumulated other comprehensive income	43	44
Total Stockholders' Equity	13,984	14,237
Total Liabilities and Stockholders' Equity	$ 16,547	$ 17,262

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets-Unaudited (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Accounts receivable, allowances	$ 38	$ 43
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)	2,732,443	2,696,201
Common stock, shares outstanding (in shares)	2,652,779	2,616,485
Treasury Stock, Shares	79,664	79,716

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations-Unaudited - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidated Statements of Operations [Abstract]
REVENUES	$ 5,471	$ 5,850	$ 10,875	$ 11,981
Cost and Expenses:
Manufacturing cost of sales	3,683	4,485	7,288	9,020
Engineering, selling and administrative	2,121	2,246	4,081	4,656
Restructuring expense	0	397	0	397
OPERATING LOSS	(333)	(1,278)	(494)	(2,092)
Other Income (Expense):
Interest expense, net	(4)	(8)	(9)	(16)
Other income, net	147	17	135	30
Total Other Income (Expense)	143	9	126	14
LOSS BEFORE INCOME TAXES	(190)	(1,269)	(368)	(2,078)
Income tax provision	(11)	0	(11)	0
NET LOSS	$ (201)	$ (1,269)	$ (379)	$ (2,078)
Weighted average number of shares used in basic and diluted net income (loss) per common share calculation (in shares)	2,637,719	2,594,743	2,627,160	2,594,764
BASIC AND DILUTED NET LOSS PER COMMON SHARE	$ (0.08)	$ (0.49)	$ (0.14)	$ (0.80)

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Comprehensive Loss-Unaudited - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidated Statements of Comprehensive Income (Loss) Unaudited [Abstract]
NET LOSS	$ (201)	$ (1,269)	$ (379)	$ (2,078)
Other Comprehensive (Loss) Income:
Unrealized (loss) gain on available-for-sale securities, net of taxes	(14)	7	(1)	3
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME	(14)	7	(1)	3
COMPREHENSIVE LOSS	$ (215)	$ (1,262)	$ (380)	$ (2,075)

Consolidated Statement of Stock

Consolidated Statement of Stockholder's Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Treasury stock	Accumulated Other Comprehensive Income [Member]
Balance at Dec. 31, 2014	$ 14,237	$ 27	$ 28,901	$ (14,163)	$ (572)	$ 44
Balance (in shares) at Dec. 31, 2014	2,616,485	2,616,485
Net loss	$ (379)	$ 0	0	(379)	0	0
Other comprehensive income	(1)	$ 0	0	0	0	(1)
Stock-based compensation (shares)		36,294
Stock-based compensation	187	$ 0	187	0	0	0
Warrant dividend issuance costs	(60)	0	(60)	0	0	0
Balance at Jun. 30, 2015	$ 13,984	$ 27	$ 29,028	$ (14,542)	$ (572)	$ 43
Balance (in shares) at Jun. 30, 2015	2,652,779	2,652,779

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Net loss	$ (379)	$ (2,078)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	400	421
Amortization of finite-lived intangible assets	35	52
Stock-based compensation	187	186
Gain on disposal of assets	(67)	0
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable, net	304	(205)
Decrease in inventories, net	406	170
Decrease in other assets	50	95
Increase in accrued restructuring expense	0	280
(Decrease) increase in trade accounts payable, accrued compensation and commissions expense, accrued warranty expense and other accrued liabilities	(522)	503
Net cash provided by (used in) operating activities	414	(576)
INVESTING ACTIVITIES
Capital expenditures	(269)	(53)
Asset acquisition	0	(748)
Other	94	0
Net cash used in investing activities	(175)	(801)
FINANCING ACTIVITIES
Net borrowing on note payable to bank	0	319
Net cash provided by financing activities	0	319
Increase (decrease) in cash and cash equivalents	239	(1,058)
Cash and cash equivalents at beginning of period	5,192	7,183
Cash and cash equivalents at end of period	5,431	6,125
Supplemental Disclosure:
Cash paid for interest	0	21
Cash paid for income taxes	$ 5	$ 0

Subsidiaries of the Registrant

Subsidiaries of the Registrant	6 Months Ended
	Jun. 30, 2015
Subsidiaries of the Registrant [Abstract]
Subsidiaries of the Registrant	A . Subsidiaries of the Registrant The LGL Group, Inc. (together with its subsidiaries, 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 the design and manufacture of highly-engineered, high reliability frequency and spectrum control products. As of June 30, 2015, the subsidiaries of the Company are as follows: Owned By The LGL Group, Inc. M-tron Industries, Inc. 100.0 % M-tron Industries, Ltd. 99.9 % Piezo Technology, Inc. 100.0 % Piezo Technology India Private Ltd. 99.0 % M-tron Asia, LLC 100.0 % M-tron Services, Ltd. 100.0 % Lynch Systems, Inc. 100.0 % 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 and their subsidiaries are referred to herein as "MtronPTI." MtronPTI has operations in Orlando, Florida, Yankton, South Dakota, and Noida, India. MtronPTI also has sales offices in Sacramento, California and Hong Kong. During 2007, the Company sold the operating assets of Lynch Systems, Inc., a subsidiary of the Company, to an unrelated party.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
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 ("GAAP") 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 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, 2015, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2015. This interim information should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2014.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2015
Inventories [Abstract]
Inventories	C. Inventories Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated realizable value), with adjustments being recorded in the reserve for obsolescence, which was $2,925,000 and $2,802,000 as of June 30, 2015 and December 31, 2014, respectively. Inventories are comprised of the following (in thousands): June 30, 2015 December 31, 2014 Raw materials $ 1,485 $ 1,588 Work in process 1,372 1,572 Finished goods 908 1,038 Total Inventories, net $ 3,765 $ 4,198

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2015
Intangible Assets [Abstract]
Intangible Assets	D. Intangible Assets Intangible assets are recorded at cost less accumulated amortization. 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 $462,000 and $488,000 as of June 30, 2015 and December 31, 2014, respectively. Goodwill, which is not amortizable, was $40,000 as of June 30, 2015 and December 31, 2014. The estimated aggregate amortization expense for each of the five succeeding years and thereafter is as follows (in thousands): 2015 $ 27 2016 54 2017 54 2018 54 2019 54 Thereafter 219 Total $ 462

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2015
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. 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 On May 8, 2015, the Board of Directors granted 37,296 restricted shares of the Company's common stock to Michael J. Ferrantino, Sr., pursuant to the Company's 2011 Incentive Plan. These shares vested in full on the grant date. Total stock-based compensation expense for this grant was $160,000. On March 12, 2015, the Board of Directors granted a total of 32,000 options to purchase shares of the Company's common stock to members of executive management pursuant to the Company's 2011 Incentive Plan. These stock options have an exercise price of $4.15, a five-year life expiring on March 12, 2020, 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 $1.03 per option. Compensation expense related to share-based compensation is recognized over the applicable vesting periods. As of June 30, 2015, there was approximately $73,000 of total unrecognized compensation expense related to unvested share-based compensation arrangements.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Net Loss Per Share [Abstract]
Earnings (Loss) Per Share	F. Net Loss Per Share The Company computes net loss per share in accordance with ASC 260, Earnings Per Share Unexercised stock options to purchase 189,023 shares and 247,493 shares of the Company's common stock for the three and six months ended June 30, 2015 and 2014, respectively, were excluded from the diluted loss per share computation because the impact of the assumed exercise of such stock options would have been anti-dilutive during the respective periods.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity [Abstract]
Stockholders' Equity	G. Stockholders' Equity On August 29, 2011, 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, 2015, the Company had repurchased a total of 79,664 shares of common stock at a cost of $572,000, which shares are currently held in treasury. 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	6 Months Ended
	Jun. 30, 2015
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 Fair Value Hierarchy The three levels of inputs that may be used to measure fair value are as follows: Level 1. Quoted prices in active markets for identical assets and liabilities. Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in less active markets, or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. Level 2 inputs also include non-binding market consensus prices that can be corroborated with observable market data, as well as quoted prices that were adjusted for security-specific restrictions. Level 3. Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. Level 3 inputs also include non-binding market consensus prices or non-binding broker quotes that we were unable to corroborate with observable market data. The following is a summary of valuation techniques utilized by the Company for its significant financial and non-financial assets and liabilities as of June 30, 2015 and December 31, 2014: 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 (in thousands). Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total June 30, 2015 Equity securities $ 59 $ — $ — $ 59 U.S. Treasury securities (cash equivalents) $ 4,089 $ — $ — $ 4,089 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total December 31, 2014 Equity securities $ 60 $ — $ — $ 60 U.S. Treasury securities (cash equivalents) $ 4,089 $ — $ — $ 4,089 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. The Company reviews the carrying value of these assets 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.

Foreign Revenues

Foreign Revenues	6 Months Ended
	Jun. 30, 2015
Significant Foreign Revenues [Abstract]
Foreign Revenues	I. Foreign Revenues For the three and six months ended June 30, 2015 and 2014, significant foreign revenues from operations (10% or more of foreign sales) were as follows (in thousands): Three Months Ended June 30, 2015 2014 Significant Foreign Revenues: Malaysia $ 700 $ 882 China 230 765 Thailand 206 145 Hong Kong 84 225 All other foreign countries 400 608 Total foreign revenues $ 1,620 $ 2,625 Six Months Ended June 30, 2015 2014 Significant Foreign Revenues: Malaysia $ 1,298 $ 1,680 China 465 1,616 Thailand 330 326 All other foreign countries 983 1,620 Total foreign revenues $ 3,076 $ 5,242 The Company allocates its foreign revenue based on the customer's ship-to location.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Taxes [Abstract]
Income Taxes	J. Income Taxes The Company has a total federal net operating loss ("NOL") carry-forward of $9,471,000 as of December 31, 2014. This NOL carry-forward expires through 2034 if not utilized prior to that date. The Company has total state NOL carry-forwards of $21,780,000 as of December 31, 2014. These NOL carry-forwards expire through 2034 if not utilized prior to that date. The Company has research and development tax credit carry-forwards of approximately $1,285,000 at December 31, 2014, that can be used to reduce future U.S. income tax liabilities and expire principally between 2020 and 2034. The Company has foreign tax credit carry-forwards of approximately $359,000 at December 31, 2014, that are available to reduce future U.S. income tax liabilities subject to certain limitations. These foreign tax credit carry-forwards expire at various times between 2018 and 2020. Additionally, the Company has federal alternative minimum tax (AMT) credits of approximately $111,000 at December 31, 2014, that are available to offset future U.S. federal tax liabilities, and have no expiration. 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

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
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. T

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	L. Related Party Transactions At June 30, 2015 and December 31, 2014, approximately $4,089,000 was invested in United States Treasury money market funds managed by a related entity (the "Fund Manager") which is related through a common director. One of the Company's directors, who is also a 10% stockholder, currently serves as a director and executive officer of the Fund Manager. The fund transactions during the six months ended June 30, 2015 and for the year ended December 31, 2014, were directed solely at the discretion of Company management.

Stock Based Compensation (Polic

Stock Based Compensation (Policies)	6 Months Ended
	Jun. 30, 2015
Stock-Based Compensation [Abstract]
Stock-based compensation policy	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. 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

Earnings Per Share (Policies)

Earnings Per Share (Policies)	6 Months Ended
	Jun. 30, 2015
Net Loss Per Share [Abstract]
Earnings per share accounting policy	The Company computes net loss per share in accordance with ASC 260, Earnings Per Share

Fair Value Measurements (Polici

Fair Value Measurements (Policies)	6 Months Ended
	Jun. 30, 2015
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 Fair Value Hierarchy The three levels of inputs that may be used to measure fair value are as follows: Level 1. Quoted prices in active markets for identical assets and liabilities. Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in less active markets, or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. Level 2 inputs also include non-binding market consensus prices that can be corroborated with observable market data, as well as quoted prices that were adjusted for security-specific restrictions. Level 3. Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. Level 3 inputs also include non-binding market consensus prices or non-binding broker quotes that we were unable to corroborate with observable market data.

Subsidiaries of the Registrant

Subsidiaries of the Registrant (Tables)	6 Months Ended
	Jun. 30, 2015
Subsidiaries of the Registrant [Abstract]
Schedule of subsidiaries of the entity, by ownership percentage	As of June 30, 2015, the subsidiaries of the Company are as follows: Owned By The LGL Group, Inc. M-tron Industries, Inc. 100.0 % M-tron Industries, Ltd. 99.9 % Piezo Technology, Inc. 100.0 % Piezo Technology India Private Ltd. 99.0 % M-tron Asia, LLC 100.0 % M-tron Services, Ltd. 100.0 % Lynch Systems, Inc. 100.0 %

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventories [Abstract]
Schedule of inventories	Inventories are comprised of the following (in thousands): June 30, 2015 December 31, 2014 Raw materials $ 1,485 $ 1,588 Work in process 1,372 1,572 Finished goods 908 1,038 Total Inventories, net $ 3,765 $ 4,198

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Intangible Assets [Abstract]
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated aggregate amortization expense for each of the five succeeding years and thereafter is as follows (in thousands): 2015 $ 27 2016 54 2017 54 2018 54 2019 54 Thereafter 219 Total $ 462

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Assets measured at fair value on recurring basis	The following is a summary of valuation techniques utilized by the Company for its significant financial and non-financial assets and liabilities as of June 30, 2015 and December 31, 2014: 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 (in thousands). Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total June 30, 2015 Equity securities $ 59 $ — $ — $ 59 U.S. Treasury securities (cash equivalents) $ 4,089 $ — $ — $ 4,089 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total December 31, 2014 Equity securities $ 60 $ — $ — $ 60 U.S. Treasury securities (cash equivalents) $ 4,089 $ — $ — $ 4,089

Foreign Revenues (Tables)

Foreign Revenues (Tables)	6 Months Ended
	Jun. 30, 2015
Significant Foreign Revenues [Abstract]
Schedule of foreign revenues	For the three and six months ended June 30, 2015 and 2014, significant foreign revenues from operations (10% or more of foreign sales) were as follows (in thousands): Three Months Ended June 30, 2015 2014 Significant Foreign Revenues: Malaysia $ 700 $ 882 China 230 765 Thailand 206 145 Hong Kong 84 225 All other foreign countries 400 608 Total foreign revenues $ 1,620 $ 2,625 Six Months Ended June 30, 2015 2014 Significant Foreign Revenues: Malaysia $ 1,298 $ 1,680 China 465 1,616 Thailand 330 326 All other foreign countries 983 1,620 Total foreign revenues $ 3,076 $ 5,242

Subsidiaries of the Registran28

Subsidiaries of the Registrant (Details)	6 Months Ended
	Jun. 30, 2015
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%
M-tron Asia LLC [Member} [Member]
Subsidiaries of the entity, by ownership percentage [Abstract]
Owned By LGL (in hundredths)	100.00%
M-tron Services Ltd [Member]
Subsidiaries of the entity, by ownership percentage [Abstract]
Owned By LGL (in hundredths)	100.00%
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 ($)	Jun. 30, 2015	Dec. 31, 2014
Classification of inventories [Abstract]
Raw materials, net	$ 1,485,000	$ 1,588,000
Work in process, net	1,372,000	1,572,000
Finished goods, net	908,000	1,038,000
Total Inventories, net	3,765,000	4,198,000
Inventory Reserve for Obsolescence	$ 2,925,000	$ 2,802,000

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,015	$ 27,000
2,016	54,000
2,017	54,000
2,018	54,000
2,019	54,000
Thereafter	219,000
Total	462,000	$ 488,000
Goodwill	$ 40,000	$ 40,000

Stock Based Compensation (Detai

Stock Based Compensation (Details) - Jun. 30, 2015 - USD ($)	Total
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, shares granted options to purchase (in shares)	32,000
Exercise price of stock options granted (in dollars per share)	$ 4.15
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	Mar. 12, 2020
Restricted shares granted (in shares)	37,296
Stock Issued During Period, Value, Restricted Stock Award, Gross	$ 160,000
Unrecognized compensation expense	$ 73,000,000
Grant date fair value	$ 1.03

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Net Loss Per Share [Abstract]
Shares of common stock excluded from computation of diluted earnings per share (in shares)	189,023	247,493

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2011
Stockholders' Equity [Abstract]
Dividend declaration date	Aug. 6, 2013
Dividend date of record	Jul. 29, 2013
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
Minimum volume weighted average price per share (in dollars per share)	$ 15
Maximum number of common shares authorized to be repurchased (in shares)			100,000
Total number of shares authorized and available for repurchase (in shares)			540,000
Treasury Stock, Shares	79,664	79,716
Repurchased common stock, value	$ 572	$ 572

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Equity securities [Member]
Assets measured at fair value on recurring basis [Abstract]
Fair value assets	$ 59	$ 60
U.S. Treasury securities [Member]
Assets measured at fair value on recurring basis [Abstract]
Fair value assets	4,089	4,089
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	59	60
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	4,089	4,089
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 ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Hong Kong [Member]
Foreign revenues [Abstract]
Total foreign revenues	$ 84	$ 225
China [Member]
Foreign revenues [Abstract]
Total foreign revenues	230	765	$ 465	$ 1,616
Malaysia [Member]
Foreign revenues [Abstract]
Total foreign revenues	700	882	1,298	1,680
Thailand [Member]
Foreign revenues [Abstract]
Total foreign revenues	206	145	330	326
All other foreign countries [Member]
Foreign revenues [Abstract]
Total foreign revenues	400	608	983	1,620
Total Foreign Countries [Member]
Foreign revenues [Abstract]
Total foreign revenues	$ 1,620	$ 2,625	$ 3,076	$ 5,242

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Deferred tax assets [Abstract]
Federal tax loss carry-forwards					$ 9,471,000
State tax loss carry-forward					21,780,000
(Provision) benefit for income taxes [Abstract]
(Provision) benefit for income taxes	$ (11,000)	$ 0	$ (11,000)	$ 0
Federal and State Authorities [Member]
Tax Credit Carryforward [Line Items]
Expiration date			Dec. 31, 2034
Research and development credit carryforwards [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward amount					1,285,000
Research and development credit carryforwards [Member] | Minimum [Member]
Tax Credit Carryforward [Line Items]
Expiration date			Dec. 31, 2020
Research and development credit carryforwards [Member] | Maximum [Member]
Tax Credit Carryforward [Line Items]
Expiration date			Dec. 31, 2034
Foreign tax credit carryforwards [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward amount					359,000
Foreign tax credit carryforwards [Member] | Minimum [Member]
Tax Credit Carryforward [Line Items]
Expiration date			Dec. 31, 2018
Foreign tax credit carryforwards [Member] | Maximum [Member]
Tax Credit Carryforward [Line Items]
Expiration date			Dec. 31, 2020
Alternative minimum tax credit carry forwards [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward amount					$ 111,000

Related Party Transactions (Det

Related Party Transactions (Details) - Director [Member] - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Amount invested in United States Treasury money market funds	$ 4,089,000	$ 4,089,000
Percentage of stockholders controlled by entity (in hundredths)	10.00%	10.00%