Business
Orbit International Corp. Reports 2020 Third Quarter Results
Orbit International Corp. Reports 2020 Third Quarter Results.
About this update from Orbit International Corp.
[{"type":"text","content":"\n Third Quarter 2020 Net Income of $864,000 ($0.25 per diluted share) v. Net Income of $25,000 ($0.01 per diluted share) in Prior Year Period Third Quarter 2020 EBITDA, As Adjusted was $923,000 ($0.26 per diluted share) v. $58,000 ($0.02 per diluted share) in Prior Year Period Nine Months 2020 Net Income of $488,000 ($0.14 per diluted share) v. Net Income of $679,000 ($0.19 per diluted share) in Prior Year Period Nine months 2020 EBITDA, As Adjusted was $685,000 ($0.19 per diluted share) v. $809,000 ($0.23 per diluted share) in Prior Year Period HAUPPAUGE, N.Y., Nov. 11, 2020 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT) today announced results for the third quarter and nine months ended September 30, 2020. Third Quarter 2020 vs. Third Quarter 2019 Net sales were $7,887,000, as compared to $6,100,000.Gross margin was 31.3%, as compared to 29.2%.Net income was $864,000 ($0.25 per diluted share), as compared to a net income of $25,000 ($0.01 per diluted share).Earnings before interest, taxes, depreciation and amortization, fair value adjustment on contingent liability and stock-based compensation (EBITDA, as adjusted) was $923,000 ($0.26 per diluted share), as compared to $58,000 ($0.02 per diluted share). Nine Months 2020 vs. Nine Months 2019 Net sales were $19,504,000, as compared to $19,503,000.Gross margin was 27.3%, as compared to 29.3%.Net income was $488,000 ($0.14 per diluted share), as compared to net income of $679,000 ($0.19 per diluted share).Earnings before interest, taxes, depreciation and amortization, fair value adjustment on contingent liability and stock-based compensation (EBITDA, as adjusted) was $685,000 ($0.19 per diluted share), as compared to $809,000 ($0.23 per diluted share).Backlog at September 30, 2020 was $19.8 million as compared to $21.8 million at June 30, 2020 and $20.8 at December 31, 2019. Mitchell Binder, President and CEO of Orbit International Corp. commented, “Our net income for the nine months ended September 30, 2020 was $488,000 compared to net income of $679,000 from the prior comparable period. Our income for the current nine-month period was primarily a result of a solid current operating quarter with net income of $864,000 which more than offset the $396,000 loss we incurred in the second quarter due to a reduction in productivity as a result of changes we made t...