Press Releases

Orbit International Corp. Reports 2015 Second Quarter Results

Cost Cutting Initiatives Lead to Net Margin Improvement and Profitability

Backlog at June 30, 2015 up 10.2% from year end; increase of 60.0% year over year

Hauppauge, New York, August 6, 2015 - Orbit International Corp. (PINKSHEETS:ORBT) today announced results for the second quarter and six months ended June 30, 2015.

Second Quarter 2015 vs. Second Quarter 2014

  • Net sales were $5,181,000, as compared to $5,396,000.
  • Gross margin was 39.2%, as compared to 41.5%.
  • Net income was $331,000 ($0.08 per diluted share), as compared to a net loss of $171,000 ($0.04 loss per share). The net loss for the second quarter of 2014 included an operating loss of $351,000 ($0.08 loss per share) associated with the consolidation of our Quakertown facility into our Hauppauge, NY facility.
  • Earnings before interest, taxes, depreciation and amortization and stock based compensation (EBITDA, as adjusted) was $441,000 ($0.10 per diluted share), as compared to a loss of $62,000 ($0.01 loss per share).
  • First Half 2015 vs. First Half 2014

Net sales were $9,395,000, as compared to $10,403,000.

  • Gross margin was 36.3%, as compared to 35.9%.
  • Net income was $5,000 ($0.00 per diluted share), as compared to a net loss of $1,233,000 ($0.28 loss per share). The net loss for the first half of 2014 included an operating loss of $1,079,000 ($0.25 loss per share) associated with the consolidation of our Quakertown facility into our Hauppauge, NY facility.
  • Earnings before interest, taxes, depreciation and amortization and stock based compensation (EBITDA, as adjusted) was $226,000 ($0.05 per diluted share), as compared to a loss of $823,000 ($0.19 loss per share).
  • Backlog at June 30, 2015 was $13.2 million compared to $8.2 million at June 30, 2014. Backlog at December 31, 2014 was $12.0 million.

Mitchell Binder, President & Chief Executive Officer, stated, “Our cost cutting initiatives that we implemented since mid-2013 had a positive effect on our operating performance for the quarter. Revenue for the second quarter increased by 22.9% over the first quarter and we expect to sustain this revenue level for the remainder of 2015. As we stated in our prior earnings release, our margins would improve as revenue levels increase due to the operating leverage inherent in our business. In particular, our selling, general and administrative expenses for the second quarter and six months ended June 30, 2015 decreased by 29.7% and 31.8%, respectively, as compared to the prior year comparable periods.”

(See Accompanying Tables)

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