Business
Orbit International Corp. Reports 2019 First Quarter Results
Orbit International Corp. Reports 2019 First Quarter Results.
About this update from Orbit International Corp.
[{"type":"text","content":"\nFirst Qtr. 2019 Net Income of $70,000 ($0.02 per diluted share) v. $421,000 ($0.12 per diluted share) in Prior Period\n Board Authorizes New $600,000 Repurchase Plan of Common Stock HAUPPAUGE, N.Y., May 07, 2019 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT) today announced results for the first quarter ended March 31, 2019. First Quarter 2019 vs. First Quarter 2018 Net sales were $6,492,000, as compared to $5,349,000.Gross margin was 26.0%, as compared to 40.2%.Net income was $70,000 ($0.02 per diluted share), as compared to a net income of $421,000 ($0.12 per diluted share).Earnings before interest, taxes, depreciation and amortization and stock-based compensation (EBITDA, as adjusted) was $121,000 ($0.03 per diluted share), as compared to EBITDA of $466,000 ($0.13 per diluted share).Backlog at March 31, 2019 was $17.9 million compared to $20.6 million at December 31, 2018. Mitchell Binder, President and CEO of Orbit International Corp. commented, “Our net income for the three months ended March 31, 2019 decreased to $70,000 from $421,000 in the prior year. Our net income for the current period was impacted by lower sales from our Orbit Electronics Group (OEG) due to delays in the receipt of certain contracts in the third quarter of 2018. These delays ultimately had an adverse impact on delivery schedules for the first quarter.  However, strong bookings in the fourth quarter of 2018 as well as bookings in the first quarter of 2019 have firmed up delivery schedules for the OEG for the remaining three quarters of 2019. As a result, we expect improved operating results for the remainder of the year.  Earnings from our Orbit Power Group (OPG) were solid for the first quarter as deliveries continue on the Common Aircraft Armament Test Sets (CAATS).  Deliveries of this product will continue through the first half of 2020.   We continue to tightly manage our costs and should take advantage of our operating leverage in future quarters as revenue levels increase, particularly from our OEG.”  Binder added, “Despite higher sales, our gross margin for the three months ended March 31, 2019 decreased to 26.0% compared to 40.2% in the prior year.  This decrease was expected due to the high percentage of shipment of CAATS units which have a lower gross margin than our other...