Business
Orbit International Corp. Reports 2017 First Quarter Results
Orbit International Corp. Reports 2017 First Quarter Results.
About this update from Orbit International Corp.
[{"type":"text","content":"\n\n First Quarter 2017 Net Income of $313,000 ($.08 per diluted share) v. Net Income of $35,000 ($.01 per diluted share) in Prior Period\n Company Repurchases 187,247 of its common shares in 2017 YTD Board Authorizes New $400,000 Repurchase Plan of Common Stock HAUPPAUGE, N.Y., May 11, 2017 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT) today announced results for the first quarter ended March 31, 2017. First Quarter 2017 vs. First Quarter 2016 Net sales were $5,207,000, as compared to $4,801,000.Gross margin was 38.7%, as compared to 36.4%.Net income was $313,000 ($0.08 per diluted share), as compared to a net income of $35,000 ($0.01 per diluted share).Earnings before interest, taxes, depreciation and amortization and stock based compensation (EBITDA, as adjusted) was $370,000 ($0.09 per diluted share), as compared to income of $112,000 ($0.03 per diluted share).Backlog at March 31, 2017 was $12.4 million compared to $15.4 million at March 31, 2016. Backlog at December 31, 2016 was $13.0 million. Mitchell Binder, President and CEO of Orbit International Corp., commented, “Our operating results significantly improved from the comparable prior year period and reflected both an increase in revenue and  the continued tight management of our operating costs.  The increase in revenue was due primarily to higher sales from our Electronics Group due to delivery schedules resulting from a strong year of bookings in 2016.” Mr. Binder added, “Our gross profit for the first quarter was 38.7% compared to gross profit of 36.4% from the comparable period of the prior year.  Our higher gross profit was attributable to higher revenues and product mix from our Electronics Group which was partially offset by a lower gross profit from our Power Group, primarily attributable to lower sales. We continue to tightly manage our selling, general and administrative costs but are taking steps to drive our bid pipeline and revenues higher, which will lead to slightly higher selling costs in the future.” Mr. Binder continued, “Our backlog at March 31, 2017 was $12,426,000 compared to $13,017,000 at December 31, 2016.  However, our backlog at March 31, 2017 includes only $805,000 for a letter subcontract received by our Electronics Group from a prime contractor for displays on a major aviatio...