Business
Orbit International Corp. Reports 2022 First Quarter Results
Orbit International Corp. Reports 2022 First Quarter Results.
About this update from Orbit International Corp.
[{"type":"text","content":"\n First Quarter 2022 Net Income of $466,000 ($0.14 per diluted share) v. $1,827,000 ($0.52 per diluted share) in Prior Period. Prior Period Includes $1,618,000 ($0.46 per diluted share) of PPP Loan Forgiveness. Exclusive of PPP Loan Forgiveness, Prior Period Net Income was $209,000 ($0.06 per diluted share) First Quarter EBITDA, as adjusted of $546,000 ($0.16 per diluted share) v. $1,903,000 ($0.54 per diluted share) in Prior Year Period. Exclusive of PPP Loan Forgiveness, Prior Period EBITDA, as adjusted was $285,000 ($0.08 per diluted share) Exclusive of Costs Relating to the Panel Products Acquisition, First Quarter 2022 Net Income was $564,000 ($0.16 per diluted share) and EBITDA, as adjusted was $644,000 ($0.19 per diluted share) HAUPPAUGE, N.Y., May 12, 2022 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT) today announced results for the first quarter ended March 31, 2022. First Quarter 2022 vs. First Quarter 2021 Net sales were $6,843,000, as compared to $5,393,000.Gross margin was 37.6%, as compared to 32.2%.Net income was $466,000 ($0.14 per diluted share), as compared to net income of $1,827,000 ($0.52 per diluted share). Net income for the current year quarter includes acquisition costs of $98,000 ($0.03 per diluted share). Net Income for the prior year period includes PPP loan forgiveness of $1,618,000 ($0.46 per diluted share). Exclusive of the PPP loan forgiveness, net income for the prior year first quarter was $209,000 ($0.06 per diluted share).Earnings before interest, taxes, depreciation and amortization, fair value adjustment on contingent liabilities and other non-current liability, and stock-based compensation (EBITDA, as adjusted) was $546,000 ($0.16 per diluted share), as compared to $1,903,000 ($0.54 per diluted share). Prior year EBITDA, as adjusted includes $1,618,000 of PPP loan forgiveness. Exclusive of the PPP loan forgiveness, EBITDA, as adjusted was $285,000 ($0.08 per diluted share).Backlog at March 31, 2022 was $15.3 million compared to $17.9 million, inclusive of the backlog of SPS, at December 31, 2021. (See EBITDA, as adjusted table on following page, which accounts for non-recurring charges during the current and prior year quarters)  Three months ended  March 31,   2022  2021      EBITDA, as adjusted$546,000&...