Business
Orbit International Corp. Reports 2016 Year End Results
Orbit International Corp. Reports 2016 Year End Results.
About this update from Orbit International Corp.
[{"type":"text","content":"\nFourth Quarter 2016 Net Income of $828,000 ($0.20 per share) v. Net Income of $583,000 ($0.14 per share) in Prior Year Period\nCurrent Year and Quarter Earnings Include $300,000 ($0.07 per share) Deferred Tax Benefit 2016 Net Income of $1,392,000 ($0.33 per share) v. Net Income of $902,000 ($0.21 per share) in Prior Year Backlog at 12/31/16 up 17% from Prior Year-EndCompany Repurchases 196,201 Shares During 2016All Bank Debt Paid Off During Fourth Quarter 2016Board Authorizes New $450,000 Repurchase Plan of Common StockHAUPPAUGE, N.Y., March 09, 2017 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT) today announced results for the fourth quarter and year ended December 31, 2016.Fourth Quarter 2016 vs. Fourth Quarter 2015Net sales were $5,522,000, as compared to $5,518,000.Gross margin was 40.3%, as compared to 41.6%.Net income was $828,000 ($0.20 per diluted share), as compared to  net income of $583,000 ($0.14 per diluted share). Net income for the current period includes $300,000 ($0.07 per diluted share) of a deferred tax benefit.Earnings before interest, taxes, depreciation and amortization and stock-based compensation (EBITDA, as adjusted) was $598,000 ($0.14 per diluted share), as compared to $690,000 ($0.16 per diluted share).Full Year 2016 vs. Full Year 2015Net sales were $20,726,000, as compared to $20,130,000.Gross margin was 36.8%, as compared to 38.1%.Net income was $1,392,000 ($0.33 per diluted share), as compared to $902,000 ($0.21 per diluted share).Earnings before interest, taxes, depreciation and amortization and stock-based compensation (EBITDA, as adjusted) was  $1,334,000 ($0.31 per diluted share), as compared to $1,288,000 ($0.30 per diluted share).Backlog at December 31, 2016 was $13.0 million as compared to $13.4 million at September 30, 2016 and $11.1 million at December 31, 2015.Mitchell Binder, President & Chief Executive Officer, stated, “Our net income for the full year reflects a stronger second half of operating results in 2016.  Exclusive of the income tax benefit recorded in the fourth quarter, our net income for the twelve months ended December 31, 2016 increased by 21% over the prior year.  This increase resulted from slightly improved sales and tight management of our operating costs.  Our better operating results over the past two years have imp...