Business
Orbit International Corp. Reports 2019 Second Quarter Results
Orbit International Corp. Reports 2019 Second Quarter Results.
About this update from Orbit International Corp.
[{"type":"text","content":"\nSecond Qtr. 2019 Net Income of $584,000 ($0.16 per diluted share) v. $744,000 ($0.21 per diluted share) in Prior Year Period\n Six Months 2019 Net Income of $654,000 ($0.18 per diluted share) v. $1,165,000 ($0.32 per diluted share) in Prior Year Period Both Second Quarter and Six-Month Prior Year Periods Include a $573,000 ($0.16 per diluted share) Deferred Tax Benefit Resulting From Refundable AMT Credit Under New Tax Law  Second Quarter EBITDA, As Adjusted of $630,000 ($0.18 per diluted share) v. $227,000 ($0.06 per diluted share) in Prior Year Period HAUPPAUGE, N.Y., Aug. 08, 2019 (GLOBE NEWSWIRE) --  Orbit International Corp. (OTC PINK:ORBT) today announced results for the second quarter and six months ended June 30, 2019. Second Quarter 2019 vs. Second Quarter 2018 Net sales were $6,911,000, as compared to $5,032,000.Gross margin was 32.4%, as compared to 35.3%.Net income was $584,000 ($0.16 per diluted share), as compared to net income of $744,000 ($0.21 per diluted share).Earnings before interest, taxes, depreciation and amortization and stock-based compensation (EBITDA, as adjusted) was $630,000 ($0.18 per diluted share), as compared to EBITDA of $227,000 ($0.06 per diluted share). First Half 2019 vs. First Half 2018 Net sales were $13,403,000, as compared to $10,381,000.Gross margin was 29.3%, as compared to 37.8%.Net income was $654,000 ($0.18 per diluted share), as compared to net income of $1,165,000 ($0.32 per diluted share).Earnings before interest, taxes, depreciation and amortization and stock-based compensation (EBITDA, as adjusted) was $751,000 ($0.21 per diluted share), as compared to EBITDA of $693,000 ($0.19 per diluted share).Backlog at June 30, 2019 was $19.5 million as compared to $17.9 million at March 31, 2019 and $20.6 at December 31, 2018. Mitchell Binder, President and CEO of Orbit International Corp. commented, “Our net income for the six months ended June 30, 2019 was $654,000 compared to $1,165,000 for the prior comparable period.  Our net income for the prior period was positively impacted by a $573,000 deferred tax benefit resulting from a refund of our AMT credit pursuant to the Tax Cuts and Jobs Act of 2017.  Income before taxes for the six months ended June 30, 2019 was $684,000 compared to $616,000, an increase of 11.0% over the prior comparable period.  Net ...