LGL GROUP INC

For the period ended Dec 31, 2023. Filed Apr 1, 2024.

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FY2023 · Filed Apr 1, 2024

LGL$6.63+1.2%Stored close · as of Nov 6, 2026

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Contents

Segment Information

4. Segment Information

We report our results of operations consistent with the manner in which our chief operating decision makers review the business to assess performance and allocate resources.

Prior to2023, we reported our results as a single reporting segment.

During2023, our chief operating decision makers modified their view of our business and how they allocate resources and assess performance. Prior period presentation has been revised to conform to our new structure.

The Company has now identifiedtwo reportable business segments: Electronic Instruments and Merchant Investment. A brief description of each segment is below:

The Electronic Instruments segment includes all products manufactured and sold by PTF.

The Merchant Investment segment includes all activity produced by Lynch Capital International, LLC ("Lynch Capital").

The Company includes in Corporate the following corporate and business activities:

•	corporate level assets and financial obligations such as cash and equivalents invested in highly liquid U.S. Treasury money market funds and other marketable securities;

•	other items not allocated to or directly related to the Company's operating segments, including items such as deferred tax balances; and

•	intercompany eliminations.

Beginning in2023, the Electronic Instruments and Merchant Investment segments are allocated overhead expenses based on total assets.

The following tables present LGL Group's continuing operations by segment:

	Electronic Instruments	Merchant Investment	Corporate	Consolidated
Revenues:
Net sales	$1,728	$—	$—	$1,728
Net investment income	—	869	697	1,566
Net gains	—	—	384	384
Total revenues	1,728	869	1,081	3,678
Expenses:
Manufacturing cost of sales	796	—	—	796
Engineering, selling and administrative	780	216	1,240	2,236
Total expenses	1,576	216	1,240	3,032
Income (loss) from continuing operations before income taxes	152	653	(159)	646
Income tax expense (benefit)	—	—	301	301
Income (loss) from continuing operations	152	653	(460)	345
Income (loss) from discontinued operations	—	—	(28)	(28)
Net income (loss)	152	653	(488)	317
Less: Net income attributable to non-controlling interests	—	48	—	48
Net income (loss) attributable to LGL Group common stockholders	$152	$605	$(488)	$269

	Electronic Instruments	Merchant Investment	Corporate	Consolidated
Revenues:
Net sales	$1,655	$—	$—	$1,655
Net investment income	—	—	413	413
Net losses	—	—	(4,747)	(4,747)
Total revenues	1,655	—	(4,334)	(2,679)
Expenses:
Manufacturing cost of sales	837	—	—	837
Engineering, selling and administrative	715	—	2,175	2,890
Total expenses	1,552	—	2,175	3,727
Income (loss) from continuing operations before income taxes	103	—	(6,509)	(6,406)
Income tax benefit	—	—	(1,529)	(1,529)
Income (loss) from continuing operations	103	—	(4,980)	(4,877)
Income from discontinued operations	—	—	1,885	1,885
Net income (loss)	103	—	(3,095)	(2,992)
Less: Net income attributable to non-controlling interests	—	—	—	—
Net income (loss) attributable to LGL Group common stockholders	$103	$—	$(3,095)	$(2,992)

The following table presents LGL Group's year-end identifiable assets and capital expenditures by segment:

	Year-End Identifiable Assets		Capital Expenditures
	2023	2022	2023	2022
Electronic Instruments	$843	$1,118	$—	$—
Merchant Investment	23,530	—	—	—
Corporate	17,477	38,667	—	—
Total	$41,850	$39,785	$—	$—

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