Business
Orbit International Corp. Reports 2017 Third Quarter Results
Orbit International Corp. Reports 2017 Third Quarter Results.
About this update from Orbit International Corp.
[{"type":"text","content":"\n\n Third Qtr. 2017 Net Income of $699,000 ($.19 per diluted share) v. $455,000 ($.11 per diluted share) in Prior Year Period\n Nine Months 2017 Net Income of $1,236,000 ($.31 per diluted share) v. $564,000 ($.13 per diluted share) in Prior Yr. Period Third Quarter and Nine Months Earnings Include $250,000 ($.07 and $.06 per share, respectively) Deferred Tax Benefit Backlog at 9/30/17 at $24,183,000; up 86% over Year-End Backlog Company Repurchases 563,253 of its common shares year-to-date in 2017; 13.5% of outstanding shares HAUPPAUGE, N.Y., Nov. 09, 2017 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT) today announced results for the third quarter and nine months ended September 30, 2017. Third Quarter 2017 vs. Third Quarter 2016 Net sales were $5,004,000, as compared to $5,484,000.Gross margin was 41.5%, as compared to 36.6%.Net income was $699,000 ($0.19 per diluted share), as compared to net income of $455,000 ($0.11 per diluted share).Earnings before interest, taxes, depreciation and amortization and stock based compensation (EBITDA, as adjusted) was $505,000 ($0.13 per diluted share), as compared to $507,000 ($0.12 per diluted share). Nine Months 2017 vs. Nine Months 2016 Net sales were $15,254,000, as compared to $15,204,000.Gross margin was 39.1%, as compared to 35.6%.Net income was $1,236,000 ($0.31 per diluted share), as compared to net income of $564,000 ($0.13 per diluted share).Earnings before interest, taxes, depreciation and amortization and stock based compensation (EBITDA, as adjusted) was $1,152,000 ($0.29 per diluted share), as compared to $736,000 ($0.17 per diluted share).Backlog at September 30, 2017 was $24.2 million compared to $13.4 million at September 30, 2016. Backlog at December 31, 2016 was $13.0 million. Mitchell Binder, President and CEO of Orbit International Corp. commented, “Once again, we had a strong operating quarter which was due to operating efficiencies, product mix and cost containment.  These results were attained despite product shipment delays in excess of $1,100,000,  due to technical issues that surfaced near the end of the quarter.  These technical issues, however, have now been resolved and shipment of these products commenced in October 2017.  We expect almost all of these shipments will be layered onto our scheduled deliveries for the fou...