Note 17 - Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Quarterly Financial Information [Text Block]

17. Quarterly Financial Data (Unaudited)

The following table provides summarized quarterly financial data for the year ended December 31, 2023:

	Three months ended
(in thousands, except share data)	March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023
Revenues:
Net sales	$	441		$	403		$	438		$	446
Net investment income		198			275			544			549
Net gains (losses) (a)		345			43			(4	)		—
Total revenues		984			721			978			995
Expenses:
Manufacturing cost of sales		192			208			195			201
Engineering, selling and administrative		542			645			584			465
Total expenses		734			853			779			666
Income (loss) from continuing operations before income taxes		250			(132	)		199			329
Income tax expense (benefit)		65			(2	)		69			169
Net income (loss) from continuing operations		185			(130	)		130			160
Loss from discontinued operations, net of tax		(28	)		—			—			—
Net income (loss)		157			(130	)		130			160
Less: Net income attributable to non-controlling interests		—			—			22			26
Net income (loss) attributable to LGL Group common stockholders	$	157		$	(130	)	$	108		$	134
Income (loss) per common share attributable to LGL Group common stockholders:
Basic (b):
Income (loss) from continuing operations	$	0.03		$	(0.02	)	$	0.02		$	0.03
Loss from discontinued operations		(0.01	)		—			—			—
Net income (loss) attributable to LGL Group common stockholders	$	0.03		$	(0.02	)	$	0.02		$	0.03
Diluted (b):
Income (loss) from continuing operations	$	0.03		$	(0.02	)	$	0.02		$	0.02
Loss from discontinued operations		(0.01	)		—			—			—
Net income (loss) attributable to LGL Group common stockholders	$	0.03		$	(0.02	)	$	0.02		$	0.02
Weighted average shares outstanding:
Basic		5,352,937			5,352,937			5,352,937			5,352,937
Diluted		5,352,937			5,352,937			5,355,006			5,381,685

^(a) During Q1 and Q2 2023, the net gains primarily relate to the sale of our investments in mutual funds managed by GAMCO Investors, Inc.

^(b) Basic and diluted earnings per share are calculated using actual, unrounded amounts. Therefore, (i) the components of earnings per share may not sum to its corresponding total or (ii) the quarterly earnings per share may not sum to the earnings per share on the Consolidated Statements of Operations.

The following table provides summarized quarterly financial data for the year ended  December 31, 2022:

	Three months ended
(in thousands, except share data)	March 31, 2022			June 30, 2022			September 30, 2022			December 31, 2022
Revenues:
Net sales	$	417		$	370		$	344		$	524
Net investment (loss) income		(3	)		10			54			352
Net gains (losses) (a)		45			(2,373	)		(2,121	)		(298	)
Total revenues		459			(1,993	)		(1,723	)		578
Expenses:
Manufacturing cost of sales		242			227			203			165
Engineering, selling and administrative		1,022			623			669			576
Total expenses		1,264			850			872			741
Loss from continuing operations before income taxes		(805	)		(2,843	)		(2,595	)		(163	)
Income tax benefit		(166	)		(588	)		(611	)		(164	)
(Loss) income from continuing operations		(639	)		(2,255	)		(1,984	)		1
Income from discontinued operations, net of tax		808			457			488			132
Net income (loss)		169			(1,798	)		(1,496	)		133
Less: Net income attributable to non-controlling interests		—			—			—			—
Net income (loss) attributable to LGL Group common stockholders	$	169		$	(1,798	)	$	(1,496	)	$	133
Income (loss) per common share attributable to LGL Group common shareholders:
Basic (b):
(Loss) income from continuing operations	$	(0.12	)	$	(0.42	)	$	(0.37	)	$	0.00
Income from discontinued operations		0.15			0.09			0.09			0.02
Net income (loss) attributable to LGL Group common stockholders	$	0.03		$	(0.34	)	$	(0.28	)	$	0.02
Diluted (b):
(Loss) income from continuing operations	$	(0.12	)	$	(0.42	)	$	(0.37	)	$	0.00
Income from discontinued operations		0.15			0.09			0.09			0.02
Net income (loss) attributable to LGL Group common stockholders	$	0.03		$	(0.34	)	$	(0.28	)	$	0.02
Weighted average shares outstanding:
Basic		5,323,973			5,334,187			5,346,043			5,349,187
Diluted		5,345,202			5,334,187			5,346,043			5,356,188

^(a) During Q2 and Q3, the net losses primarily related to our equity position in IronNet, Inc.

^(b) Basic and diluted earnings per share are calculated using actual, unrounded amounts. Therefore, (i) the components of earnings per share may not sum to its corresponding total or (ii) the quarterly earnings per share may not sum to the earnings per share on the Consolidated Statements of Operations.