Business
Orbit International Corp. Reports 2017 Year End Results
Orbit International Corp. Reports 2017 Year End Results.
About this update from Orbit International Corp.
[{"type":"text","content":"\n\n 2017 Net Income of $1,797,000 ($0.47 per diluted share) v. $1,392,000 ($0.33 per diluted share) in Prior Year\n Fourth Qtr. 2017 Net Income of $561,000 ($0.16 per diluted share) v. $828,000 ($0.20 per diluted share) in Prior Yr. Period Current Year Earnings Include $250,000 ($0.07 per diluted share) Deferred Tax Benefit Prior Year and Prior Quarter Earnings Include $300,000 ($0.07 per diluted share) Deferred Tax Benefit Backlog at 12/31/17 at $27,884,000; up 114% over Prior Year-End Backlog                               Company Repurchases 563,253 (13.5% of outstanding shares) of its common shares during 2017 HAUPPAUGE, N.Y., March 08, 2018 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT) today announced results for the fourth quarter and year ended December 31, 2017. Fourth Quarter 2017 vs. Fourth Quarter 2016 Net sales were $5,597,000, as compared to $5,522,000.Gross margin was 38.8%, as compared to 40.3%.Net income was $561,000 ($0.16 per diluted share), as compared to net income of $828,000 ($0.20 per diluted share). Net income for the prior year 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 $602,000 ($0.17 per diluted share), as compared to $598,000 ($0.14 per diluted share). Full Year 2017 vs. Full Year 2016 Net sales were $20,851,000, as compared to $20,726,000.Gross margin was 39.0%, as compared to 36.8%.Net income was $1,797,000 ($0.47 per diluted share) as compared to $1,392,000 ($0.33 per diluted share). Net income for the current and prior year periods include a deferred tax benefit of $250,000 ($0.07 per diluted share) and $300,000 ($0.07 per diluted share), respectively. (Current full year earnings per share would be $0.50 per share using fourth quarter weighted number of shares outstanding).Earnings before interest, taxes, depreciation and amortization and stock-based compensation (EBITDA, as adjusted) was $1,754,000 ($0.46 per diluted share), as compared to $1,334,000 ($0.31 per diluted share).Backlog at December 31, 2017 was $27.9 million as compared to $24.2 million at September 30, 2017 and $13...