Business
ORBIT INTERNATIONAL CORP. REPORTS 2019 YEAR END RESULTS
ORBIT INTERNATIONAL CORP. REPORTS 2019 YEAR END RESULTS.
About this update from Orbit International Corp.
[{"type":"text","content":"\n 2019 Net Income of $463,000 ($0.13 per diluted share) v. $2,225,000 ($0.62 per diluted share) in Prior Year Fourth Qtr. 2019 Net Loss of $216,000 ($0.06 loss per diluted share) v. Net Income of $472,000 ($0.13 per diluted share) in Prior Yr. Period Current Full Year Earnings Include $131,000 ($0.04 per diluted share) in Acquisition Costs Related to Q-Vio Acquisition Prior Full Year Earnings Include $573,000 ($0.16 per diluted share) Deferred Tax Benefit Backlog at 12/31/19 at $20,834,000 Company Repurchased 45,949 of its Common Shares at an Average Price of $5.74 Per Share Since Beginning of Q4 2019 HAUPPAUGE, N.Y., March 13, 2020 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT) today announced results for the fourth quarter and year ended December 31, 2019. Fourth Quarter 2019 vs. Fourth Quarter 2018 Net sales were $6,480,000, as compared to $7,948,000.Gross margin was 25.1%, as compared to 25.5%.Net loss was $216,000 ($0.06 loss per diluted share), as compared to net income of $472,000 ($0.13 per diluted share).Earnings before interest, taxes, depreciation and amortization, fair value adjustment on contingent liability and stock-based compensation (EBITDA, as adjusted) was a loss of $144,000 ($0.04 loss per diluted share), as compared to earnings of $514,000 ($0.14 per diluted share). Full Year 2019 vs. Full Year 2018 Net sales were $25,983,000, as compared to $24,658,000.Gross margin was 28.2%, as compared to 33.0%.Net income was $463,000 ($0.13 per diluted share) as compared to $2,225,000 ($0.62 per diluted share). Net income for the current year includes acquisition costs of $131,000 ($0.04 per diluted share) and the prior year period includes a deferred tax benefit of $573,000 ($0.16 per diluted share).Earnings before interest, taxes, depreciation and amortization, fair value adjustment on contingent liability and stock-based compensation (EBITDA, as adjusted) was $665,000 ($0.19 per diluted share), as compared to $1,847,000 ($0.51 per diluted share).Backlog at December 31, 2019 was $20.8 million as compared to $20.5 million at September 30, 2019 and $20.6 million at December 31, 2018. Mitchell Binder, President and CEO of Orbit International Corp. commented, “Our net income for the year ended December 31, 2019 was $463,000 compared to $2,225,000 for the prior comparable period. Our net income for the...