Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2016shares | |
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 | 2,664,564 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q3 |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2016 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS-UNAUDITED - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 5,453 | $ 5,553 |
Accounts receivable, less allowances of $35 and $34, respectively | 3,064 | 2,606 |
Inventories, net (Note D) | 3,697 | 3,546 |
Prepaid expenses and other current assets | 365 | 247 |
Total Current Assets | 12,579 | 11,952 |
Property, Plant and Equipment: | ||
Land | 633 | 633 |
Buildings and improvements | 3,946 | 3,938 |
Machinery and equipment | 16,809 | 16,633 |
Gross property, plant and equipment | 21,388 | 21,204 |
Less: accumulated depreciation | (18,570) | (18,039) |
Net property, plant, and equipment | 2,818 | 3,165 |
Intangible assets, net (Note E) | 647 | 475 |
Other assets, net | 202 | 211 |
Total Assets | 16,246 | 15,803 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 1,293 | 987 |
Accrued compensation and commissions expense | 903 | 769 |
Other accrued expenses | 409 | 320 |
Total Current Liabilities | 2,605 | 2,076 |
Commitments and Contingencies (Note L) | ||
Stockholders' Equity | ||
Common stock, $0.01 par value - 10,000,000 shares authorized; 2,745,098 shares issued and 2,664,564 shares outstanding at September 30, 2016 and 2,745,098 shares issued and 2,665,434 shares outstanding at December 31, 2015 | 27 | 27 |
Additional paid-in capital | 29,102 | 29,106 |
Accumulated deficit | (14,952) | (14,874) |
Treasury stock: 80,534 and 79,664 shares held in treasury at cost at September 30, 2016 and December 31, 2015, respectively | (576) | (572) |
Accumulated other comprehensive income | 40 | 40 |
Total Stockholders' Equity | 13,641 | 13,727 |
Total Liabilities and Stockholders' Equity | $ 16,246 | $ 15,803 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS-UNAUDITED (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Accounts receivable, allowances | $ 35 | $ 34 |
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) | 2,745,098 | 2,745,098 |
Common stock, shares outstanding (in shares) | 2,664,564 | 2,665,434 |
Treasury stock, (in shares) | 80,534 | 79,664 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED [Abstract] | ||||
REVENUES | $ 5,128 | $ 4,796 | $ 15,115 | $ 15,671 |
Cost and Expenses: | ||||
Manufacturing cost of sales | 3,353 | 3,209 | 10,069 | 10,497 |
Engineering, selling and administrative | 1,803 | 1,741 | 5,210 | 5,822 |
OPERATING LOSS | (28) | (154) | (164) | (648) |
Other Income (Expense): | ||||
Interest expense, net | (7) | (16) | (20) | (25) |
Other income (expense), net | 67 | (23) | 105 | 112 |
Total Other Income (Expense) | 60 | (39) | 85 | 87 |
INCOME (LOSS) BEFORE INCOME TAXES | 32 | (193) | (79) | (561) |
Income tax (provision) benefit | 0 | (2) | 1 | (13) |
NET INCOME (LOSS) | $ 32 | $ (195) | $ (78) | $ (574) |
Basic per share information: | ||||
Net income (loss) (in dollars per share) | $ 0.01 | $ (0.07) | $ (0.03) | $ (0.22) |
Weighted average shares outstanding (in shares) | 2,665,189 | 2,652,779 | 2,665,352 | 2,635,794 |
Diluted per share information: | ||||
Net income (loss) (in dollars per share) | $ 0.01 | $ (0.07) | $ (0.03) | $ (0.22) |
Weighted average shares outstanding (in shares) | 2,665,831 | 2,652,779 | 2,665,352 | 2,635,794 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED [Abstract] | ||||
NET INCOME (LOSS) | $ 32 | $ (195) | $ (78) | $ (574) |
Other Comprehensive Income (Loss): | ||||
Unrealized gain (loss) on available-for-sale securities, net of taxes | 6 | (4) | 0 | (5) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 38 | (4) | 0 | (5) |
COMPREHENSIVE INCOME (LOSS) | $ 38 | $ (199) | $ (78) | $ (579) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - UNAUDITED - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance at Dec. 31, 2015 | $ 27 | $ 29,106 | $ (14,874) | $ (572) | $ 40 | $ 13,727 |
Balance (in shares) at Dec. 31, 2015 | 2,665,434 | 2,665,434 | ||||
Net loss | $ 0 | 0 | (78) | 0 | 0 | $ (78) |
Other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 0 |
Purchase of common stock for treasury | $ 0 | 0 | 0 | (4) | 0 | (4) |
Purchase of common stock for treasury (in shares) | (870) | |||||
Stock-based compensation | $ 0 | (4) | 0 | 0 | 0 | (4) |
Stock-based compensation (shares) | 0 | |||||
Balance at Sep. 30, 2016 | $ 27 | $ 29,102 | $ (14,952) | $ (576) | $ 40 | $ 13,641 |
Balance (in shares) at Sep. 30, 2016 | 2,664,564 | 2,664,564 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net loss | $ (78) | $ (574) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 537 | 607 |
Amortization of finite-lived intangible assets | 50 | 51 |
Stock-based compensation | (4) | 201 |
Impairment of note receivable | 0 | 43 |
Gain on disposal of assets | (110) | (67) |
Bargain purchase gain | (4) | 0 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable, net | (450) | 1,065 |
(Increase) decrease in inventories, net | (121) | 424 |
(Increase) decrease in other assets | (36) | 42 |
Increase (decrease) in trade accounts payable, accrued compensation and commissions expense and other accrued liabilities | 484 | (767) |
Net cash provided by operating activities | 268 | 1,025 |
INVESTING ACTIVITIES | ||
Capital expenditures | (112) | (370) |
Acquisition of a business | (295) | 0 |
Other | 43 | 94 |
Net cash used in investing activities | (364) | (276) |
FINANCING ACTIVITIES | ||
Purchase of treasury stock | (4) | 0 |
Net used in financing activities | (4) | 0 |
(Decrease) increase in cash and cash equivalents | (100) | 749 |
Cash and cash equivalents at beginning of period | 5,553 | 5,192 |
Cash and cash equivalents at end of period | 5,453 | 5,941 |
Supplemental Disclosure: | ||
Cash paid for interest | 17 | 0 |
Cash paid for income taxes | $ 38 | $ 11 |
Subsidiaries of the Registrant
Subsidiaries of the Registrant | 9 Months Ended |
Sep. 30, 2016 | |
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 the designing, manufacturing and marketing of highly-engineered electronic components used to control the frequency or timing of signals in electronic circuits and in the design of high performance Frequency and Time reference standards that form the basis for timing and synchronization in various applications. As of September 30, 2016, the subsidiaries of the Company are as follows: Owned By The LGL Group, Inc. M-tron Industries, Inc. 100.0 % Piezo Technology, Inc. 100.0 % Piezo Technology India Private Ltd. 99.0 % M-tron Asia, LLC 100.0 % M-tron Industries, Ltd. 100.0 % GC Opportunities Ltd. 100.0 % M-tron Services, Ltd. 100.0 % Precise Time and Frequency, LLC 100.0 % Lynch Systems, Inc. 100.0 % The Company operates through its two principal subsidiaries, M-tron Industries, Inc., which includes the operations of Piezo Technology, Inc. ("PTI") and M-tron Asia, LLC ("Mtron"), and Precise Time and Frequency, LLC ("PTF"), a newly formed subsidiary, to hold the assets of Precise Time and Frequency, Inc., as discussed in Note B below. The Company has operations in Orlando, Florida, Yankton, South Dakota, Wakefield, Massachusetts 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. |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2016 | |
Business Combination [Abstract] | |
Business Combination | B. Business Combination On September 2, 2016, PTF acquired certain assets and assumed certain liabilities of Precise Time and Frequency, Inc. ("PTF Inc.") (the "PTF Acquisition") for cash consideration of $295,000. The acquisition was accounted for under the acquisition method of accounting for business combinations pursuant to the provisions of Accounting Standards Codification ("ASC") 805, Business Combinations The acquired assets include intellectual property and equipment that will support the Company's strategy to be a broader based supplier of highly engineered products for the generation, synchronization and control of timing and frequency. The intangible assets acquired are being amortized over a weighted average period of ten years. The Company believes this product line will complement the complete line of spectrum control products that Mtron currently provides. The following is a summary of the preliminary purchase price allocation to the estimated fair values of assets acquired and liabilites assumed in the PTF Acquisition (in thousands): Purchase consideration $ 295 Net assets acquired: Current assets 45 Fixed assets 85 Intangible assets 214 Current liabilities (45 ) Net assets acquired $ 299 Bargain purchase gain $ (4 ) The assets acquired and and liabilites assumed by PTF were done so through the distressed sale of PTF Inc. and resulted in a bargain purchase gain which is recorded in other income (expense), net in the condensed consolidated statements of operations for the three and nine months ended September 30, 2016. Management estimated the fair value of net assets acquired using valuation techniques including income, cost and market approaches. In estimating the fair value of acquired assets and assumed liabilities, the fair value estimates are based on, but not limited to, expected future revenues and cash flows, expected future growth rates and estimated discount rates. The allocation of the purchase price is preliminary as the third party valuation report is not finalized and may be adjusted during the remainder of fiscal 2016. The items still under review include the fair value of inventory, fixed assets and intangible assets. The following table sets forth certain unaudited pro forma information for the three and nine months ended September 30, 2016 and 2015 assuming that the PTF Acquisition occurred on January 1, 2015 (in thousands, except per share data): Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Historical Pro Forma Adjustments Pro Forma Historical Pro Forma Adjustments Pro Forma Revenue $ 5,188 $ — $ 5,188 $ 15,353 $ — $ 15,353 Net income (loss) $ 29 $ 34 $ 63 $ (90 ) $ 25 $ 25 Basic net income per share $ 0.01 $ 0.01 $ 0.02 $ (0.03 ) $ 0.01 $ (0.02 ) Diluted net income per share $ 0.01 $ (0.02 ) $ 0.02 $ (0.03 ) $ 0.01 $ (0.02 ) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Historical Pro Forma Adjustments Pro Forma Historical Pro Forma Adjustments Pro Forma Revenue $ 4,979 $ — $ 4,979 $ 16,219 $ — $ 16,219 Net income (loss) $ (205 ) $ (42 ) $ (247 ) $ (605 ) $ (51 ) $ (656 ) Basic net income per share $ (0.08 ) $ (0.01 ) $ (0.09 ) $ (0.23 ) $ (0.02 ) $ (0.25 ) Diluted net income per share $ (0.08 ) $ (0.01 ) $ (0.09 ) $ (0.23 ) $ (0.02 ) $ (0.25 ) The pro forma adjustments include amortization expense related to the acquired intangible assets and an adjustment for acquisition related expenses incurred that for pro forma purposes should be reflected in 2015. The net sales included in the Company's consolidated statement of operations which were generated by the PTF Acquisition from the acquisition closing date of September 2, 2016 through September 30, 2016 was $14,000. The losses included in the Company's condensed consolidated statement of operations derived from the PTF Acquisition's business from the acquisition closing date to September 30, 2016 were $(50,000). Acquisition-related costs for purposes of accounting principles generally accepted in the United States of America ("GAAP") are costs the acquirer incurs to effect a business combination, including advisory, legal, accounting, valuation, and other professional or consulting fees. The Company incurred a total of approximately $38,000 of acquisition-related costs charged to engineering, general and administrative expenses during the three and nine months ended September 30, 2016. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | C. 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 nine months ended September 30, 2016, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2016. This interim information should be read in conjunction with the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (the "SEC") on March 29, 2016. The accompanying unaudited condensed consolidated financial statements should also be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventories [Abstract] | |
Inventories | D. Inventories Inventories are valued at the lower of cost or market value using the FIFO (first-in, first-out) method. 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, 2016 and December 31, 2015 was $2,873,000 and $3,016,000, respectively. Inventories are comprised of the following (in thousands): September 30, 2016 December 31, 2015 Raw materials $ 1,387 $ 1,418 Work in process 1,391 1,325 Finished goods 919 803 Total Inventories, net $ 3,697 $ 3,546 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Intangible Assets [Abstract] | |
Intangible Assets | E. Intangible Assets Intangible assets are recorded at cost less accumulated amortization and included in engineering, selling and administrative expenses in the accompanying condensed consolidated statements of operations. 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. As a result of the PTF Acquisition, the gross carrying amount of intangible assets increased from $538,000 at December 31, 2015 to $752,000 at September 30, 2016. The net carrying value of the amortizable intangible assets was $607,000 and $435,000 as of September 30, 2016 and December 31, 2015, respectively. Goodwill, which is not amortizable, was $40,000 as of September 30, 2016 and December 31, 2015. The estimated aggregate amortization expense for the remaining portion of 2016 and each of the four succeeding years and thereafter is as follows (in thousands): 2016 $ 19 2017 75 2018 75 2019 75 2020 75 Thereafter 288 Total $ 607 |
CNB Loan
CNB Loan | 9 Months Ended |
Sep. 30, 2016 | |
CNB Loan [Abstract] | |
CNB Loan | F. CNB Loan On September 30, 2016, MtronPTI renewed its Loan Agreement (the "CNB Loan Agreement"), with City National Bank of Florida ("City National"). The CNB Loan Agreement provides for a revolving line of credit in the amount of $3.0 million (the "CNB Revolver"), which bears interest at a variable rate equal to 30-day LIBOR plus 200 basis points to be set on the first day of each month, and expires on September 30, 2018. The CNB Loan Agreement also provides that MtronPTI will pay City National a fee equal to 0.75% per year on the daily unused amount. The Company's obligations under the CNB Loan Agreement are secured only by cash collateral and do not require any other liens. At September 30, 2016 and December 31, 2015, there was no balance outstanding under the CNB Revolver and no associated restricted cash. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | G. Stock-Based Compensation The Company measures the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the requisite service period, typically the vesting period. 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 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. The Company also estimates forfeitures at the time of grant and revises, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Restricted stock awards are made at a value equal to the market price of the Company's common stock on the date of the grant. On September 2, 2016, the Company's board of directors (the "Board") granted a total of 28,000 options to purchase shares of the Company's common stock to members of executive management pursuant to the Company's Amended and Restated 2011 Incentive Plan. These stock options have an exercise price equal to the grant date fair value of the Company's common stock of $3.90, a three-year life expiring on September 2, 2021, and vest as follows: 25% on the grant date; 25% on the first anniversary of the grant date; an additional 25% on the second anniversary of the grant date; and the remaining 25% on the third anniversary of the grant date. These stock options have a grant date fair value of $0.89 per option. Compensation expense related to share-based compensation is recognized over the applicable vesting periods. As of September 30, 2016, there was approximately $38,000 of total unrecognized compensation expense related to unvested share-based compensation arrangements that will be recognized over a weighted average period of 2.2 years.. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Net Income (Loss) Per Share [Abstract] | |
Net Loss Per Share | H. Net Income (Loss) Per Share The Company computes net income (loss) per share in accordance with Accounting Standards Codification ("ASC") 260, Earnings Per Share For the three and nine months ended September 30, 2016 there were options to purchase 130,554 shares and 139,902 shares, respectively, of the Company's common stock and warrants to purchase 519,241 shares of common stock that were excluded from the diluted income (loss) per share computation because the impact of the assumed exercise of such stock options would have been anti-dilutive during the respective periods. For the three and nine months ended September 30, 2015, there were options to purchase 189,023 shares of the Company's common stock and warrants to purchase 519,241 shares of common stock that were excluded from the diluted income (loss) per share computation because the impact of the assumed exercise of such stock options would have been anti-dilutive during the respective periods. The following table reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding for the three and nine months ended September 30, 2016 and 2015 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Weighted average shares outstanding - basic 2,665,189 2,652,779 2,665,352 2,635,794 Effect of diluted securities 642 — — — Weighted average shares outstanding - diluted 2,665,831 2,652,779 2,665,352 2,635,794 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | I. 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 September 30, 2016, the Company had repurchased a total of 80,534 shares of common stock at a cost of $576,000, 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 quoted on the over-the-counter market under the symbol "LGLPW." |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | J. 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 GAAP defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. 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 September 30, 2016 and December 31, 2015: 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). Level 1 Level 2 Level 3 Total September 30, 2016 Equity securities $ 55 $ — $ — $ 55 U.S. Treasury securities (cash equivalents) $ 3,695 $ — $ — $ 3,695 Level 1 Level 2 Level 3 Total December 31, 2015 Equity securities $ 56 $ — $ — $ 56 U.S. Treasury securities (cash equivalents) $ 4,089 $ — $ — $ 4,089 There were no transfers from level 2 to level 3 during the period. There were no level 2 or 3 assets as of September 30, 2016 or December 31, 2015. 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 | 9 Months Ended |
Sep. 30, 2016 | |
Foreign Revenues [Abstract] | |
Foreign Revenues | K. Foreign Revenues For the three and nine months ended September 30, 2016 and 2015, significant foreign revenues from operations (10% or more of foreign sales) were as follows (in thousands): Three Months Ended September 30, 2016 2015 Significant Foreign Revenues: Malaysia $ 694 $ 451 All other foreign countries 655 629 Total foreign revenues $ 1,349 $ 1,080 Nine Months Ended September 30, 2016 2015 Significant Foreign Revenues: Malaysia $ 2,202 $ 1,749 All other foreign countries 1,880 2,407 Total foreign revenues $ 4,082 $ 4,156 The Company allocates its foreign revenue based on the customer's ship-to location. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | L. 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 | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | M. Related Party Transactions At September 30, 2016 and December 31, 2015, approximately $3,695,000 and $4,089,000, respectively, 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 nine months ended September 30, 2016 and for the year ended December 31, 2015, were directed solely at the discretion of Company management. There are no management fees associated with fund transactions. |
Business Combination (Policies)
Business Combination (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combination [Abstract] | |
Business Combinations Policy | On September 2, 2016, PTF acquired certain assets and assumed certain liabilities of Precise Time and Frequency, Inc. ("PTF Inc.") (the "PTF Acquisition") for cash consideration of $295,000. The acquisition was accounted for under the acquisition method of accounting for business combinations pursuant to the provisions of Accounting Standards Codification ("ASC") 805, Business Combinations |
Stock-Based Compensation (Polic
Stock-Based Compensation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | The Company measures the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the requisite service period, typically the vesting period. 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 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. The Company also estimates forfeitures at the time of grant and revises, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Restricted stock awards are made at a value equal to the market price of the Company's common stock on the date of the grant. |
Net Income (Loss) Per Share (Po
Net Income (Loss) Per Share (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Net Income (Loss) Per Share [Abstract] | |
Net Loss Per Share | The Company computes net income (loss) per share in accordance with Accounting Standards Codification ("ASC") 260, Earnings Per Share |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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 Fair Value Hierarchy GAAP defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. 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 September 30, 2016 and December 31, 2015: |
Subsidiaries of the Registrant
Subsidiaries of the Registrant (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Subsidiaries of the Registrant [Abstract] | |
Ownership Percentage of Subsidiaries | As of September 30, 2016, the subsidiaries of the Company are as follows: Owned By The LGL Group, Inc. M-tron Industries, Inc. 100.0 % Piezo Technology, Inc. 100.0 % Piezo Technology India Private Ltd. 99.0 % M-tron Asia, LLC 100.0 % M-tron Industries, Ltd. 100.0 % GC Opportunities Ltd. 100.0 % M-tron Services, Ltd. 100.0 % Precise Time and Frequency, LLC 100.0 % Lynch Systems, Inc. 100.0 % The Company operates through its two principal subsidiaries, M-tron Industries, Inc., which includes the operations of Piezo Technology, Inc. ("PTI") and M-tron Asia, LLC ("Mtron"), and Precise Time and Frequency, LLC ("PTF"), a newly formed subsidiary, to hold the assets of Precise Time and Frequency, Inc., as discussed in Note B below. The Company has operations in Orlando, Florida, Yankton, South Dakota, Wakefield, Massachusetts and Noida, India. MtronPTI also has sales offices in Sacramento, California and Hong Kong. |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combination [Abstract] | |
Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following is a summary of the preliminary purchase price allocation to the estimated fair values of assets acquired and liabilites assumed in the PTF Acquisition (in thousands): Purchase consideration $ 295 Net assets acquired: Current assets 45 Fixed assets 85 Intangible assets 214 Current liabilities (45 ) Net assets acquired $ 299 Bargain purchase gain $ (4 ) |
Certain Unaudited Pro Forma Information | The following table sets forth certain unaudited pro forma information for the three and nine months ended September 30, 2016 and 2015 assuming that the PTF Acquisition occurred on January 1, 2015 (in thousands, except per share data): Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Historical Pro Forma Adjustments Pro Forma Historical Pro Forma Adjustments Pro Forma Revenue $ 5,188 $ — $ 5,188 $ 15,353 $ — $ 15,353 Net income (loss) $ 29 $ 34 $ 63 $ (90 ) $ 25 $ 25 Basic net income per share $ 0.01 $ 0.01 $ 0.02 $ (0.03 ) $ 0.01 $ (0.02 ) Diluted net income per share $ 0.01 $ (0.02 ) $ 0.02 $ (0.03 ) $ 0.01 $ (0.02 ) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Historical Pro Forma Adjustments Pro Forma Historical Pro Forma Adjustments Pro Forma Revenue $ 4,979 $ — $ 4,979 $ 16,219 $ — $ 16,219 Net income (loss) $ (205 ) $ (42 ) $ (247 ) $ (605 ) $ (51 ) $ (656 ) Basic net income per share $ (0.08 ) $ (0.01 ) $ (0.09 ) $ (0.23 ) $ (0.02 ) $ (0.25 ) Diluted net income per share $ (0.08 ) $ (0.01 ) $ (0.09 ) $ (0.23 ) $ (0.02 ) $ (0.25 ) |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventories [Abstract] | |
Inventories | Inventories are comprised of the following (in thousands): September 30, 2016 December 31, 2015 Raw materials $ 1,387 $ 1,418 Work in process 1,391 1,325 Finished goods 919 803 Total Inventories, net $ 3,697 $ 3,546 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Intangible Assets [Abstract] | |
Future Amortization Expense of Finite-Lived Intangible Assets | The estimated aggregate amortization expense for the remaining portion of 2016 and each of the four succeeding years and thereafter is as follows (in thousands): 2016 $ 19 2017 75 2018 75 2019 75 2020 75 Thereafter 288 Total $ 607 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Net Income (Loss) Per Share [Abstract] | |
Reconciliation of Basic to Diluted Weighted Average Shares Outstanding | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Weighted average shares outstanding - basic 2,665,189 2,652,779 2,665,352 2,635,794 Effect of diluted securities 642 — — — Weighted average shares outstanding - diluted 2,665,831 2,652,779 2,665,352 2,635,794 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements [Abstract] | |
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 (in thousands). Level 1 Level 2 Level 3 Total September 30, 2016 Equity securities $ 55 $ — $ — $ 55 U.S. Treasury securities (cash equivalents) $ 3,695 $ — $ — $ 3,695 Level 1 Level 2 Level 3 Total December 31, 2015 Equity securities $ 56 $ — $ — $ 56 U.S. Treasury securities (cash equivalents) $ 4,089 $ — $ — $ 4,089 |
Foreign Revenues (Tables)
Foreign Revenues (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Foreign Revenues [Abstract] | |
Foreign Revenues | For the three and nine months ended September 30, 2016 and 2015, significant foreign revenues from operations (10% or more of foreign sales) were as follows (in thousands): Three Months Ended September 30, 2016 2015 Significant Foreign Revenues: Malaysia $ 694 $ 451 All other foreign countries 655 629 Total foreign revenues $ 1,349 $ 1,080 Nine Months Ended September 30, 2016 2015 Significant Foreign Revenues: Malaysia $ 2,202 $ 1,749 All other foreign countries 1,880 2,407 Total foreign revenues $ 4,082 $ 4,156 |
Subsidiaries of the Registran32
Subsidiaries of the Registrant (Details) | 9 Months Ended |
Sep. 30, 2016Subsidiary | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Number of subsidiaries | 2 |
M-tron Industries, Inc. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Precise Time and Frequency, LLC | 100.00% |
Piezo Technology, Inc. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Precise Time and Frequency, LLC | 100.00% |
Piezo Technology India Private Ltd. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Precise Time and Frequency, LLC | 99.00% |
Precise Time and Frequenc, LLC [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Precise Time and Frequency, LLC | 100.00% |
M-tron Asia LLC [Member} [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Precise Time and Frequency, LLC | 100.00% |
M-tron Industries, Ltd. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Precise Time and Frequency, LLC | 100.00% |
GC Opportunities Ltd. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Precise Time and Frequency, LLC | 100.00% |
M-tron Services Ltd [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Precise Time and Frequency, LLC | 100.00% |
Lynch Systems, Inc. [Member] | |
Subsidiaries of the entity, by ownership percentage [Abstract] | |
Precise Time and Frequency, LLC | 100.00% |
Business Combination (Details)
Business Combination (Details) - USD ($) | Sep. 02, 2016 | Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
PTF Acquisition [Abstract] | ||||||
Net sales attributable to acquisition | $ 5,128,000 | $ 4,796,000 | $ 15,115,000 | $ 15,671,000 | ||
Net assets acquired: [Abstract] | ||||||
Bargain purchase gain | 4,000 | 0 | ||||
Historical [Abstract] | ||||||
Historical net income (loss) | $ 29,000 | $ (205,000) | $ (90,000) | $ (605,000) | ||
Historical diluted net income per share | $ 0.01 | $ (0.08) | $ (0.03) | $ (0.23) | ||
Historical basic net income per share | $ 0.01 | $ (0.08) | $ (0.03) | $ (0.23) | ||
Historical revenue | $ 5,188,000 | $ 4,979,000 | $ 15,353,000 | $ 16,219,000 | ||
Pro Forma Adjustments [Abstract] | ||||||
Revenue | 0 | 0 | 0 | 0 | ||
Net income (loss) | $ 34,000 | $ (42,000) | $ 25,000 | $ (51,000) | ||
Basic net income per share (in dollars per share) | $ 0.01 | $ (0.01) | $ 0.01 | $ (0.02) | ||
Diluted net income per share (in dollars per share) | $ 0.01 | $ (0.01) | $ 0.01 | $ (0.02) | ||
Pro Forma [Abstract] | ||||||
Revenue | $ 5,188,000 | $ 4,979,000 | $ 15,353,000 | $ 16,219,000 | ||
Net income (loss) | $ 63,000 | $ (247,000) | $ (65,000) | $ (656,000) | ||
Basic net income per share (in dollars per share) | $ 0.02 | $ (0.09) | $ (0.02) | $ (0.25) | ||
Diluted net income per share (in dollars per share) | $ 0.02 | $ (0.09) | $ (0.02) | $ (0.25) | ||
PTF Inc. [Member] | ||||||
PTF Acquisition [Abstract] | ||||||
Date of acquisition | Sep. 2, 2016 | |||||
Assets Acquired and Liabilities Assumed [Abstract] | ||||||
Purchase consideration | $ 295,000 | |||||
Net assets acquired: [Abstract] | ||||||
Current assets | 45,000 | |||||
Fixed assets | 85,000 | |||||
Intangible assets | 214,000 | |||||
Current liabilities | (45,000) | |||||
Net assets acquired | 299,000 | |||||
Bargain purchase gain | $ (4,000) | |||||
PTF Inc. [Member] | Sales [Member] | ||||||
PTF Acquisition [Abstract] | ||||||
Net sales attributable to acquisition | $ 14,000 | |||||
PTF Inc. [Member] | Income (Loss) [Member] | ||||||
PTF Acquisition [Abstract] | ||||||
Loss attributable to acquisition | $ (50,000) | |||||
PTF Inc. [Member] | General and Administrative Expense [Member] | ||||||
PTF Acquisition [Abstract] | ||||||
Acquistion costs | $ 38,000 | $ 38,000 |
Inventories (Details)
Inventories (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Classification of inventories [Abstract] | ||
Raw materials | $ 1,387,000 | $ 1,418,000 |
Work in process | 1,391,000 | 1,325,000 |
Finished goods | 919,000 | 803,000 |
Total Inventories, net | 3,697,000 | 3,546,000 |
Inventory reserve for obsolescence | $ 2,873,000 | $ 3,016,000 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Intangible Assets [Abstract] | ||
Estimated useful life | 10 years | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 19,000 | |
2,017 | 75,000 | |
2,018 | 75,000 | |
2,019 | 75,000 | |
2,020 | 75,000 | |
Thereafter | 288,000 | |
Total | 607,000 | $ 435,000 |
Goodwill | 40,000 | 40,000 |
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | ||
Intangible Assets, Gross (Excluding Goodwill), Total | $ 752,000 | $ 538,000 |
CNB Loan (Details)
CNB Loan (Details) - CNB Revolver [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Line of credit | $ 3,000,000 | |
Debt instrument maturity date | Sep. 30, 2018 | |
Percentage of commitment fee on unused capacity | 0.75% | |
Line of credit facility amount outstanding | $ 0 | $ 0 |
Line of credit facility associated restricted cash | $ 0 | $ 0 |
30-day LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 12 days |
2011 Incentive Plan [Member] | Executive Management [Member] | Stock Options [Member] | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation, shares granted options to purchase (in shares) | shares | 28,000 |
Exercise price of stock options granted (in dollars per share) | $ 3.90 |
Vesting period | 3 years |
Stock option, expiration date | Sep. 2, 2021 |
Percentage of shares vested on grant date | 25.00% |
Percentage of shares vested on first anniversary of the grant date | 25.00% |
Percentage of shares vested on second anniversary of the grant date | 25.00% |
Percentage of shares vested on third anniversary of the grant date | 25.00% |
Grant date fair value (in dollars per share) | $ 0.89 |
Unrecognized compensation expense | $ | $ 38,000 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted average shares outstanding - basic (in shares) | 2,665,189 | 2,652,779 | 2,665,352 | 2,635,794 |
Effect of diluted securities | 642 | 0 | 0 | 0 |
Weighted average shares outstanding - diluted (in shares) | 2,665,831 | 2,652,779 | 2,665,352 | 2,635,794 |
Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
Shares of common stock and warrants excluded from computation of diluted income (loss) per share (in shares) | 130,554 | 189,023 | 139,902 | 189,023 |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
Shares of common stock and warrants excluded from computation of diluted income (loss) per share (in shares) | 519,241 | 519,241 | 519,241 | 519,241 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2015 | Aug. 29, 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 | ||
Number of common shares callable by warrants (in shares) | 1 | ||
Warrant exercise price (in dollars per share) | $ 7.50 | ||
Minimum 30-day volume weighted average price per share (in dollars per share) | $ 15 | ||
Total number of shares authorized and available for repurchase (in shares) | 540,000 | 100,000 | |
Number of shares repurchased (in shares) | 80,534 | 79,664 | |
Value of repurchased common stock (in thousands) | $ 576 | $ 572 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Equity Securities [Member] | ||
Assets measured at fair value on recurring basis [Abstract] | ||
Fair value assets | $ 55 | $ 56 |
U.S. Treasury Securities (Cash Equivalents) [Member] | ||
Assets measured at fair value on recurring basis [Abstract] | ||
Fair value assets | 3,695 | 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 | 55 | 56 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury Securities (Cash Equivalents) [Member] | ||
Assets measured at fair value on recurring basis [Abstract] | ||
Fair value assets | 3,695 | 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 (Cash Equivalents) [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 (Cash Equivalents) [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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Significant Foreign Revenues [Abstract] | ||||
Total foreign revenues | $ 1,349 | $ 1,080 | $ 4,082 | $ 4,156 |
Malaysia [Member] | ||||
Significant Foreign Revenues [Abstract] | ||||
Total foreign revenues | 694 | 451 | 2,202 | 1,749 |
All Other Foreign Countries [Member] | ||||
Significant Foreign Revenues [Abstract] | ||||
Total foreign revenues | $ 655 | $ 629 | $ 1,880 | $ 2,407 |
Related Party Transactions (Det
Related Party Transactions (Details) - Director [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Related Party Transaction [Line Items] | ||
Amount invested in United States Treasury money market funds | $ 3,695,000 | $ 4,089,000 |
Minority interest held by Company's director | 10.00% | |
Management fees associated with fund transactions | $ 0 |