Business
Orbit International Corp. Reports 2015 Year End Results
Orbit International Corp. Reports 2015 Year End Results.
About this update from Orbit International Corp.
[{"type":"text","content":"\n \n \n Orbit International Corp. Reports 2015 Year End Results\n \n \nOrbit International Corp. Reports 2015 Year End Results\n\nFourth Quarter 2015 Net Income of $583,000 ($0.14 per Share) v. Net Loss of $653,000 ($0.15 Loss per Share) in Prior Year Period\n\n \n HAUPPAUGE, NY--(Marketwired - Mar 10, 2016) - Orbit International Corp. (OTC PINK: ORBT) today announced results for the fourth quarter and year ended December 31, 2015. \n Fourth Quarter 2015 vs. Fourth Quarter 2014\n \n \n Net sales were $5,518,000, as compared to $3,957,000.\n \nGross margin was 41.6%, as compared to 28.1%.\n \nNet income was $583,000 ($0.14 per diluted share), as compared to a net loss of $653,000 ($0.15 loss per share).\n \nEarnings before interest, taxes, depreciation and amortization and stock based compensation (EBITDA, as adjusted) was $690,000 ($0.16 per diluted share), as compared to a loss of $542,000 ($0.12 loss per share). \n \n \n Full Year 2015 vs. Full Year 2014\n \n \n Net sales were $20,130,000, as compared to $19,160,000.\n \nGross margin was 38.1%, as compared to 34.5%.\n \nNet income was $902,000 ($0.21 per diluted share), as compared to a net loss of $2,001,000 ($0.46 loss per share).\n \nNet loss for the 2014 year includes $1,089,000 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 year was $912,000 ($0.21 loss per share). \n \nEarnings before interest, taxes, depreciation and amortization and stock based compensation (EBITDA, as adjusted) was $1,288,000 ($0.30 per diluted share), as compared to a loss of $1,396,000 ($0.32 loss per share).\n \nBacklog at December 31, 2015 was $11.1 million as compared to $10.3 million at September 30, 2015 and $12.0 million at December 31, 2014. \n \n \n Mitchell Binder, President & Chief Executive Officer, stated, \"Our results for the fourth quarter, and the full year, benefitted from the significant operating leverage our business generates as a result of an increase in our revenues. Our sales for the fourth quarter increased by 39% from the prior comparable period and due to the operating leverage and cost cutting measures we implemented over the past two years, our net income improved significantly.\" \n Mr. Binder added, \"We continue to keep our costs under contro...