Business
Orbit International Corp. Reports 2022 Third Quarter Results
Orbit International Corp. Reports 2022 Third Quarter Results.
About this update from Orbit International Corp.
[{"type":"text","content":"\n Third Quarter 2022 Net Loss of $303,000 ($0.09 loss per share) v. Net Income of $681,000 ($0.20 per diluted share) in Prior Year Period Third Quarter 2022 EBITDA, As Adjusted, was a loss of $232,000 ($0.07 loss per share) v. $736,000 ($0.21 per diluted share) in Prior Year Period Nine Months 2022 Net Loss of $249,000 ($0.07 loss per share) v. Net Income of $3,042,000 ($0.87 per diluted share) in Prior Year 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 $1,424,000 ($0.41 per diluted share) Nine Months 2022 EBITDA, As Adjusted, was a loss of $63,000 ($0.02 loss per share) v. $3,255,000 ($0.93 per diluted share) in Prior Year Period. Exclusive of PPP Loan Forgiveness, Prior Period EBITDA, As Adjusted was $1,637,000 ($0.47 per diluted share) HAUPPAUGE, N.Y., Nov. 10, 2022 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT) today announced results for the third quarter and nine months ended September 30, 2022. Results for the current quarterly and nine-month periods include the results of Simulator Product Solutions LLC (“SPS”). Prior year quarterly and nine-month periods do not include SPS’ results. Third Quarter 2022 vs. Third Quarter 2021 Net sales were $5,968,000, as compared to $6,067,000.Gross margin was 30.6%, as compared to 38.1%.Net loss was $303,000 ($0.09 loss per share), as compared to net income of $681,000 ($0.20 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 a loss of $232,000 ($0.07 loss per share), as compared to income of $736,000 ($0.21 per diluted share). Nine Months 2022 vs. Nine Months 2021 Net sales were $18,612,000, as compared to $17,261,000.Gross margin was 32.5%, as compared to 35.9%.Net loss was $249,000 ($0.07 loss per share), as compared to net income of $3,042,000 ($0.87 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 was $1,424,000 ($0.41 per diluted share).Earnings before interest, taxes, depreciation and amortization, fair value adjustment on contin...