Business
Orbit International Corp. Reports 2015 Third Quarter Results
Orbit International Corp. Reports 2015 Third Quarter Results.
About this update from Orbit International Corp.
[{"type":"text","content":"\n \n \n Orbit International Corp. Reports 2015 Third Quarter Results\n \n \nOrbit International Corp. Reports 2015 Third Quarter Results\n\nThird Quarter Net Income $314,000 ($.07 per Share) v. Loss of $115,000 in Prior Year Quarter ($.03 Loss per Share)\nCompany Repurchases 86,380 Shares During Third Quarter\nLine of Credit Extended Through August 2017\n\n \n HAUPPAUGE, NY--(Marketwired - Nov 5, 2015) - Orbit International Corp. (OTC PINK: ORBT) today announced results for the third quarter and nine months ended September 30, 2015. \n Third Quarter 2015 vs. Third Quarter 2014\n \n \n Net sales were $5,217,000, as compared to $4,800,000.\n \nGross margin was 37.5%, as compared to 36.7%.\n \nNet income was $314,000 ($0.07 earnings per share), as compared to a net loss of $115,000 ($0.03 loss per share).\n \nEarnings before interest, taxes, depreciation and amortization and stock based compensation (EBITDA, as adjusted) was $372,000 ($0.09 earnings per share), as compared to a loss of $31,000 ($0.01 loss per share). \n \n \n \n \n Nine Months 2015 vs. Nine Months 2014\n \n \n Net sales were $14,612,000, as compared to $15,203,000.\n \nGross margin was 36.7%, as compared to 36.2%.\n \nNet income was $319,000 ($0.07 earnings per share), as compared to a net loss of $1,348,000 ($0.31 loss per share).\n \nNet loss for the 2014 nine month period includes $1,087,000 of costs associated with the consolidation of our Quakertown, PA facility into our Hauppauge, NY facility. Exclusive of these costs, net loss for the 2014 nine month period was $261,000 ($0.06 loss per share).\n \nEarnings before interest, taxes, depreciation and amortization and stock based compensation (EBITDA, as adjusted) was $598,000 ($0.14 earnings per share), as compared to a loss of $854,000 ($0.19 loss per share).\n \nBacklog at September 30, 2015 was $10.3 million as compared to $13.2 million at June 30, 2015 and $9.8 million at September 30, 2014. \n \n \n \n \n Mitchell Binder, President & Chief Executive Officer, stated, \"Our results for the third quarter once again benefitted from the significant cost cutting that we implemented over the past two years. Our revenue for the third quarter increased by 8.7% over the prior year comparable quarter and our profitability increased due to improved operating margins. In particular, our selling, general and adminis...