LGL GROUP INC
For the period ended Sep 30, 2024. Filed Nov 13, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 13, 2024
Contents
Segment Information
- Segment Information
The Company has identifiedtwo reportable business segments: Electronic Instruments and Merchant Investment. These segments are consistent with the manner in which the chief operating decision maker reviews the business to assess performance and allocate resources. 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 cash 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. |
The Electronic Instruments and Merchant Investment segments are allocated overhead expenses based on each segment's assets as a percentage of total assets.
The following tables presents LGL Group's operations by segment:
| Electronic Instruments | Merchant Investment | Corporate | Consolidated | |
|---|---|---|---|---|
| Revenues: | ||||
| Net sales | $650 | $— | $— | $650 |
| Net investment income | — | 318 | 213 | 531 |
| Net (losses) gains | — | — | (2) | (2) |
| Total revenues | 650 | 318 | 211 | 1,179 |
| Expenses: | ||||
| Manufacturing cost of sales | 368 | — | — | 368 |
| Engineering, selling and administrative | 238 | 90 | 345 | 673 |
| Total expenses | 606 | 90 | 345 | 1,041 |
| Income (loss) from continuing operations before income taxes | 44 | 228 | (134) | 138 |
| Income tax expense | — | — | 48 | 48 |
| Net income (loss) from continuing operations | 44 | 228 | (182) | 90 |
| Income (loss) from discontinued operations, net of tax | — | — | — | — |
| Net income (loss) | 44 | 228 | (182) | 90 |
| Less: Net income attributable to non-controlling interests | — | 18 | — | 18 |
| Net income (loss) attributable to LGL Group common stockholders | $44 | $210 | $(182) | $72 |
| Electronic Instruments | Merchant Investment | Corporate | Consolidated | |
|---|---|---|---|---|
| Revenues: | ||||
| Net sales | $438 | $— | $— | $438 |
| Net investment income | — | 287 | 257 | 544 |
| Net (losses) gains | — | — | (4) | (4) |
| Total revenues | 438 | 287 | 253 | 978 |
| Expenses: | ||||
| Manufacturing cost of sales | 195 | — | — | 195 |
| Engineering, selling and administrative | 173 | 64 | 347 | 584 |
| Total expenses | 368 | 64 | 347 | 779 |
| Income (loss) from continuing operations before income taxes | 70 | 223 | (94) | 199 |
| Income tax expense (benefit) | — | — | 69 | 69 |
| Net income (loss) from continuing operations | 70 | 223 | (163) | 130 |
| Income (loss) from discontinued operations, net of tax | — | — | — | — |
| Net income (loss) | 70 | 223 | (163) | 130 |
| Less: Net income attributable to non-controlling interests | — | 22 | — | 22 |
| Net income (loss) attributable to LGL Group common stockholders | $70 | $201 | $(163) | $108 |
| Electronic Instruments | Merchant Investment | Corporate | Consolidated | |
|---|---|---|---|---|
| Revenues: | ||||
| Net sales | $1,573 | $— | $— | $1,573 |
| Net investment income | — | 922 | 646 | 1,568 |
| Net (losses) gains | — | — | (6) | (6) |
| Total revenues | 1,573 | 922 | 640 | 3,135 |
| Expenses: | ||||
| Manufacturing cost of sales | 786 | — | — | 786 |
| Engineering, selling and administrative | 667 | 217 | 1,011 | 1,895 |
| Total expenses | 1,453 | 217 | 1,011 | 2,681 |
| Income (loss) from continuing operations before income taxes | 120 | 705 | (371) | 454 |
| Income tax expense | — | — | 160 | 160 |
| Net income (loss) from continuing operations | 120 | 705 | (531) | 294 |
| Income (loss) from discontinued operations, net of tax | — | — | — | — |
| Net income (loss) | 120 | 705 | (531) | 294 |
| Less: Net income attributable to non-controlling interests | — | 64 | — | 64 |
| Net income (loss) attributable to LGL Group common stockholders | $120 | $641 | $(531) | $230 |
| Electronic Instruments | Merchant Investment | Corporate | Consolidated | |
|---|---|---|---|---|
| Revenues: | ||||
| Net sales | $1,282 | $— | $— | $1,282 |
| Net investment income | — | 542 | 475 | 1,017 |
| Net (losses) gains | — | — | 384 | 384 |
| Total revenues | 1,282 | 542 | 859 | 2,683 |
| Expenses: | ||||
| Manufacturing cost of sales | 595 | — | — | 595 |
| Engineering, selling and administrative | 523 | 152 | 1,096 | 1,771 |
| Total expenses | 1,118 | 152 | 1,096 | 2,366 |
| Income (loss) from continuing operations before income taxes | 164 | 390 | (237) | 317 |
| Income tax expense | — | — | 132 | 132 |
| Net income (loss) from continuing operations | 164 | 390 | (369) | 185 |
| Income (loss) from discontinued operations, net of tax | — | — | (28) | (28) |
| Net income (loss) | 164 | 390 | (397) | 157 |
| Less: Net income attributable to non-controlling interests | — | 22 | — | 22 |
| Net income (loss) attributable to LGL Group common stockholders | $164 | $368 | $(397) | $135 |
The following table presents LGL Group's identifiable assets by segment:
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| Electronic Instruments | $839 | $843 |
| Merchant Investment | 24,439 | 23,530 |
| Corporate | 17,207 | 17,477 |
| Total | $42,485 | $41,850 |
The Company didnot have any capital expenditures as of September 30, 2024 or December 31, 2023.
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