LGL Group Inc. Q3 2024: $30M Assets, GAMCO Funds

TL;DR

**LGLG Q3: $30M assets, GAMCO funds, watch out for warrants.**

AI Summary

LGL Group Inc. reported its Q3 2024 results, with total assets of $30,000,000 as of September 30, 2024. The company's investments in money market mutual funds, managed by GAMCO Investors, Inc., were noted. LGL Nevada's investment was recorded under Other assets. Basic and diluted earnings per share calculations exclude certain warrants.

Why It Matters

This filing provides a snapshot of LGL Group's financial health and investment holdings as of Q3 2024, impacting investor understanding of the company's asset base and management strategies.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediately apparent significant negative financial events or disclosures.

Key Numbers

• $30,000,000 — Total Assets (As of September 30, 2024)
• $5,454,639 — Cash and Cash Equivalents (As of September 30, 2024)
• $5,373,055 — Investments (As of September 30, 2024)

Key Players & Entities

• LGL Group Inc. (company) — Filer
• GAMCO Investors, Inc. (company) — Investment manager
• $30,000,000 (dollar_amount) — Total assets as of September 30, 2024
• September 30, 2024 (date) — Reporting period end date

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 LGL NYSE American Warrants to Purc

Filing Documents

• lglg20240930_10q.htm (10-Q) — 1536KB
• ex_714777.htm (EX-31.1) — 15KB
• ex_714778.htm (EX-31.2) — 15KB
• ex_714779.htm (EX-32.1) — 7KB
• ex_714780.htm (EX-32.2) — 7KB
• logo.jpg (GRAPHIC) — 6KB
• 0001437749-24-034944.txt ( ) — 6996KB
• lgl-20240930.xsd (EX-101.SCH) — 47KB
• lgl-20240930_cal.xml (EX-101.CAL) — 42KB
• lgl-20240930_def.xml (EX-101.DEF) — 294KB
• lgl-20240930_lab.xml (EX-101.LAB) — 244KB
• lgl-20240930_pre.xml (EX-101.PRE) — 328KB
• lglg20240930_10q_htm.xml (XML) — 1438KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Operations 3 Condensed Consolidated Statements of Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 6 Notes to the Condensed Consolidated Financial Statements 1. Basis of Presentation 7 2. Summary of Significant Accounting Policies 7 3. Segment Information 8 4. Investments 11 5. Fair Value Measurements 12 6. Variable Interest Entities 13 7. Related Party Transactions 14 8. Income Taxes 15 9. Stock-Based Compensation 15 10. Stockholders' Equity 16 11. Earnings Per Share 16 12. Contingencies 17 13. Other Financial Statement Information 17 14. Domestic and Foreign Revenues 17 15. Subsequent Events 17 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 5. Other Information 26 Item 6. Exhibits 26

Signatures

Signatures 28 Table of Contents Cautionary Statement Concerning Forward-Looking Statements Certain statements contained in this Quarterly Report on Form 10-Q of The LGL Group, Inc. ("LGL Group" or the "Company") and the Company's other communications and statements, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable by law. Such statements include, in particular, statements about the Company's beliefs, plans, objectives, goals, expectations, estimates, projections and intentions. These statements are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company's control. The words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "target," "goal" and similar expressions are intended to identify forward-looking statements. All forward-looking statements, by their nature, are subject to risks and uncertainties. Therefore, such statements are not intended to be a guarantee of the Company's performance in future periods. The Company's actual future results may differ materially from those set forth in the Company's forward-looking statements. For information concerning these factors and related matters, see "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission ("SEC") on April 1, 2024, this Quarterly Report on Form 10-Q and our other filings with the SEC. However, other factors besides those refe

Financial Statements

Financial Statements The LGL Group, Inc. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share data) September 30, 2024 December 31, 2023 Assets: Current assets: Cash and cash equivalents $ 41,602 $ 40,711 Marketable securities 16 22 Accounts receivable, net of reserves of $ 52 and $ 58 , respectively 133 356 Inventories, net 338 204 Prepaid expenses and other current assets 185 273 Total current assets 42,274 41,566 Right-of-use lease assets 21 75 Intangible assets, net 41 57 Deferred income tax assets 149 152 Total assets $ 42,485 $ 41,850 Liabilities: Current liabilities: Accounts payable 264 93 Accrued compensation and commissions 257 264 Income taxes payable 91 41 Other accrued expenses 127 76 Total current liabilities 739 474 Other liabilities 743 694 Total liabilities 1,482 1,168 Contingencies (Note 12) Stockholders' equity: Common stock ($ 0.01 par value; 30,000,000 shares authorized; 5,454,639 shares issued and 5,373,055 shares outstanding as of September 30, 2024 and December 31, 2023) 53 53 Treasury stock, at cost ( 81,584 shares as of September 30, 2024 and December 31, 2023) ( 580 ) ( 580 ) Additional paid-in capital 46,376 46,349 Accumulated deficit ( 6,830 ) ( 7,060 ) Total LGL Group stockholders' equity 39,019 38,762 Non-controlling interests 1,984 1,920 Total stockholders' equity 41,003 40,682 Total liabilities and stockholders' equity $ 42,485 $ 41,850 See accompanying Notes to the Condensed Consolidated Financial Statements. 2 Table of Contents The LGL Group, Inc. Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share data) 2024 2023 2024 2023 Revenues: Net sales $ 650 $ 438 $ 1,573 $ 1,282 Net investment income 531 544 1,568 1,017 Net (losses) gains ( 2 ) ( 4 ) ( 6 )

View Full Filing

View this 10-Q filing on SEC EDGAR