Business
Orbit International Corp. Reports 2018 Year End Results
Orbit International Corp. Reports 2018 Year End Results.
About this update from Orbit International Corp.
[{"type":"text","content":"\n2018 Net Income of $2,225,000 ($0.62 per diluted share) v. $1,797,000 ($0.47 per diluted share) in Prior Year\n Fourth Qtr. 2018 Net Income of $472,000 ($0.13 per diluted share) v. $561,000 ($0.16 per diluted share) in Prior Yr. Period Current Full Year Earnings Include $573,000 ($0.16 per diluted share) Deferred Tax Benefit Prior Full Year Earnings Include $250,000 ($0.07 per diluted share) Deferred Tax Benefit Backlog at 12/31/18 at $20,566,000 Company Repurchases 47,557 of its common shares during 2018; 610,810 shares repurchased since 1/1/17 (14.6% of outstanding shares)  Company Announces Special Annual Cash Dividend of $0.03 Per Common Share   Company Announces Cash Dividend of $0.01 Per Common Share for the First Quarter of 2019 HAUPPAUGE, N.Y., March 06, 2019 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT) today announced results for the fourth quarter and year ended December 31, 2018. The Company also announced that its Board of Directors, based on the Company’s 2018 financial performance and current cash position, declared a special annual cash dividend of $0.03 per share. In addition, the Company’s Board of Directors also declared a quarterly cash dividend of $0.01 per share.  Both declared dividends are payable to shareholders of record at March 29, 2019 with a cash payment date of April 5, 2019.  Fourth Quarter 2018 vs. Fourth Quarter 2017 Net sales were $7,948,000, as compared to $5,597,000.Gross margin was 25.5%, as compared to 38.8%.Net income was $472,000 ($0.13 per diluted share), as compared to net income of $561,000 ($0.16 per diluted share).Earnings before interest, taxes, depreciation and amortization and stock-based compensation (EBITDA, as adjusted) was $514,000 ($0.14 per diluted share), as compared to $602,000 ($0.17 per diluted share). Full Year 2018 vs. Full Year 2017 Net sales were $24,658,000, as compared to $20,851,000.Gross margin was 33.0%, as compared to 39.0%.Net income was $2,225,000 ($0.62 per diluted share) as compared to $1,797,000 ($0.47 per diluted share). Net income for the current and prior year periods include a deferred tax benefit of $573,000 ($0.16 per diluted share) and $250,000 ($0.07 per diluted share), respectively.Earnings before interest, taxes, depreciation and amortization and stock-based compensation (EBITDA, as adjusted) was ...