Business
Orbit International Corp. Reports 2021 Second Quarter Results
Orbit International Corp. Reports 2021 Second Quarter Results.
About this update from Orbit International Corp.
[{"type":"text","content":"\n Second Quarter 2021 Net Income of $534,000 ($0.15 per diluted share) v. Net Loss of $396,000 ($0.11 loss per share) in Prior Year Period Second Quarter 2021 EBITDA, As Adjusted, of $616,000 ($0.18 per diluted share) v. loss of $324,000 ($0.09 loss per share) in Prior Year Period Six Months 2021 Net Income of $2,361,000 ($0.67 per diluted share) v. Net Loss of $376,000 ($0.11 loss per share) in Prior Year Period Six months 2021 EBITDA, As Adjusted, of $2,519,000 ($0.72 per diluted share) v. loss of $238,000 ($0.07 loss per share) in Prior Year Period Exclusive of PPP Loan Forgiveness, Six Months Net Income was $743,000 ($0.21 per diluted share) and EBITDA, As Adjusted was $901,000 ($0.26 per diluted share) HAUPPAUGE, N.Y., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT) today announced results for the second quarter and six months ended June 30, 2021. Second Quarter 2021 vs. Second Quarter 2020 Net sales were $5,801,000, as compared to $5,765,000.Gross margin was 37.2%, as compared to 18.8%.Net income was $534,000 ($0.15 per diluted share), as compared to a net loss of $396,000 ($0.11 loss per share).Earnings before interest, taxes, depreciation and amortization, fair value adjustment on contingent liability and stock-based compensation (EBITDA, as adjusted) was $616,000 ($0.18 per diluted share), as compared to a loss of $324,000 ($0.09 loss per share). Six Months 2021 vs. Six Months 2020 Net sales were $11,194,000, as compared to $11,617,000.Gross margin was 34.8%, as compared to 24.6%.Net Income was $2,361,000 ($0.67 per diluted share), as compared to net loss of $376,000 ($0.11 loss per share).Earnings before interest, taxes, depreciation and amortization, fair value adjustment on contingent liability and stock-based compensation (EBITDA, as adjusted) was $2,519,000 ($0.72 per diluted share), as compared to a loss of $238,000 ($0.07 loss per share).Backlog at June 30, 2021 was $15.1 million as compared to $15.8 million at March 31, 2021 and $17.9 at December 31, 2020. Mitchell Binder, President and CEO of Orbit International Corp. commented, “Our net income for the six months ended June 30, 2021, was $2,361,000 compared to a loss of $376,000 for the prior comparable period. Included in our current period results was $1,618,000 representing the forgiveness of our loan, including accrued int...