Business
Orbit International Corp. Reports 2016 First Quarter Results
Orbit International Corp. Reports 2016 First Quarter Results.
About this update from Orbit International Corp.
[{"type":"text","content":"\n \n \n Orbit International Corp. Reports 2016 First Quarter Results\n \n \nOrbit International Corp. Reports 2016 First Quarter Results\n\nFirst Quarter Net Income $35,000 ($.01 per Share) v. Loss of $326,000 in Prior Year Quarter ($.07 loss per Share)\nBacklog at 3/31/16 up 38% From Year-End\nBoard of Directors Authorizes New Share Repurchase Program\n\n \n HAUPPAUGE, NY--(Marketwired - May 5, 2016) - Orbit International Corp. (OTC PINK: ORBT) today announced results for the first quarter ended March 31, 2016. \n First Quarter 2016 vs. First Quarter 2015\n \n \n Net sales were $4,801,000, as compared to $4,214,000.\n \nGross margin was 36.4%, as compared to 32.8%.\n \nNet income was $35,000 ($0.01 per diluted share), as compared to a net loss of $326,000 ($0.07 loss per share).\n \nEarnings before interest, taxes, depreciation and amortization and stock based compensation (EBITDA, as adjusted) was $112,000 ($0.03 per diluted share), as compared to a loss of $215,000 ($0.05 loss per share).\n \nBacklog at March 31, 2016 was $15.4 million compared to $13.9 million at March 31, 2015. Backlog at December 31, 2015 was $11.1 million.\n \n \n \n \n Mitchell Binder, President & Chief Executive Officer, stated, \"Our operating results for the current quarter marks the first time since 2011 that the Company has recorded a profitable first quarter and reflects the improving operating performance of our Electronics Group. Similar to our prior year operating trend, we expect our revenue levels to increase in the remaining quarters of 2016, which will lead to improved operating performance.\" \n Mr. Binder added, \"Our backlog at 3/31/16 was $15.4 million compared to $11.1 million at 12/31/15, a 38.1% increase. Our Electronics Group has gotten off to a strong start to 2016 with the receipt of several significant contracts that were previously announced during the first quarter. The cumulation of these awards pushed our consolidated bookings for our Electronics and Power Groups to over $9,000,000 for the first quarter. Consequently, we expect revenue levels will improve as delivery schedules are met from our increased backlog. With the operating leverage inherent in our business, we expect operating margins to improve in the coming quarters.\" \n Mr. Binder continued, \"We are encouraged by our bid and proposal pipeline for follow-on op...