Business
Orbit International Corp. Reports 2021 Third Quarter Results
Orbit International Corp. Reports 2021 Third Quarter Results.
About this update from Orbit International Corp.
[{"type":"text","content":"\n Third Quarter 2021 Net Income of $681,000 ($0.20 per diluted share) v. $864,000 ($0.25 per diluted share) in Prior Year Period Third Quarter 2021 EBITDA, As Adjusted, of $736,000 ($0.21 per diluted share) v. $923,000 ($0.26 per diluted share) in Prior Year Period Nine Months 2021 Net Income of $3,042,000 ($0.87 per diluted share) v. $488,000 ($0.14 per diluted share) in Prior Year Period Nine Months 2021 EBITDA, As Adjusted, of $3,255,000 ($0.93 per diluted share) v. $685,000 ($0.19 per diluted share) in Prior Year Period Exclusive of PPP Loan Forgiveness, Nine Months Net Income was $1,424,000 ($0.41 per diluted share) and EBITDA, As Adjusted was $1,637,000 ($0.47 per diluted share) HAUPPAUGE, N.Y., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT) today announced results for the third quarter and nine months ended September 30, 2021. Third Quarter 2021 vs. Third Quarter 2020 Net sales were $6,067,000, as compared to $7,887,000.Gross margin was 38.1%, as compared to 31.3%.Net income was $681,000 ($0.20 per diluted share), as compared to a net income of $864,000 ($0.25 per diluted share).Earnings before interest, taxes, depreciation and amortization, fair value adjustment on contingent liability and stock-based compensation (EBITDA, as adjusted) was $736,000 ($0.21 per diluted share), as compared to $923,000 ($0.26 per diluted share). Nine Months 2021 vs. Nine Months 2020 Net sales were $17,261,000, as compared to $19,504,000.Gross margin was 35.9%, as compared to 27.3%.Net income was $3,042,000 ($0.87 per diluted share), as compared to net income of $488,000 ($0.14 per diluted share).Earnings before interest, taxes, depreciation and amortization, fair value adjustment on contingent liability and stock-based compensation (EBITDA, as adjusted) was $3,255,000 ($0.93 per diluted share), as compared to $685,000 ($0.19 per diluted share).Backlog at September 30, 2021 was $16.3 million as compared to $15.1 million at June 30, 2021 and $17.9 at December 31, 2020. Mitchell Binder, President and CEO of Orbit International Corp. commented, “Our net income for the nine months ended September 30, 2021, was $3,042,000 compared to $488,000 for the prior comparable period. Included in our current period results was $1,618,000 representing the forgiveness of our loan, including accrued interest, from Peoples Un...