ORBT Part 2:
Recent numbers:
(BSNS WIRE) Orbit International Corp. Announces Second Quarter Results
Orbit International Corp. Announces Second Quarter Results
Business Editors
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Aug. 9, 2001--Orbit
International Corp. (NASDAQ:ORBT) today announced results for the
second quarter and six months ended June 30, 2001.
Net sales increased to $3,603,000 for the three months ended June
30, 2001 compared to $3,188,000 for the same period last year. Net
income for the three months ended June 30, 2001 was $122,000 or $.06
per share compared to a net loss of $59,000 or $.03 loss per share for
the same period last year.
For the six months ended June 30, 2001 net sales increased to
$6,783,000 compared to $5,941,000 for the same period last year. The
net loss before income tax and extraordinary item for the six months
ended June 30, 2001 was $63,000 or $.03 loss per share compared to a
net loss of $408,000 or $.20 loss per share for the same period last
year. The net loss for the six months ended June 30, 2001 was $463,000
or $.23 loss per share compared to a net loss of $218,000 or $.11 loss
per share for the prior year. Excluding the previously disclosed
charges taken in the first quarter this year, net income before income
tax and extraordinary item for the six months ended June 30, 2001 was
$74,000 or $.04 per share compared to a net loss of $408,000 or $.20
loss per share for the same period last year.
Dennis Sunshine, President and Chief Executive Officer commented,
"Sales for the second quarter and six months ended June 30, 2001
increased by 13% and 14%, respectively, from the prior periods. As we
have previously reported, we have seen a gradual increase in our
bookings that began in the second half of 2000 that has carried over
into 2001. Both our Electronics and Power Unit Segments continue to
pursue a significant number of engineering and manufacturing
opportunities for new program requirements. Furthermore, our Power
Unit Segment, that has supplied oil and gas service companies with
several variations of its power units has noted an increase in demand
for its units due to an increase in oil prices."
Sunshine continued, "We continue to exercise cost containment
throughout our operations which has become evident in our improved
operating results for the first two quarters in 2001. During the first
quarter of 2001, we completed a sale-leaseback of our operating
facility and used the proceeds to pay off the outstanding balance
under our existing credit facility thereby reducing debt service. We
continue to expect operating results to improve through 2001 as
revenue levels continue to increase."
PROPOSED PRODUCTS
Electronics Segment
The Orbit Instrument Division is currently expanding its design and
development
resources to update hardware previously used for full military program
requirements. The Orbit
Instrument Division believes its wide variety of components, controls,
subsystems and plasma
secure voice and intercommunication panels that have supported the military
for aircraft,
shipboard, subsurface and land based program requirements have alternative
uses. It is the intent
of the Company to update the electrical and mechanical functionality of these
units and
subsystems and provide ruggedized and commercial equivalent hardware at cost
competitive
prices.
Orbit Instrument has a current order for prototype keyboards from one of
its major
customers to be used by air traffic controllers. These prototype keyboards
will be delivered to
various air traffic control centers for evaluation by air traffic controllers.
The Orbit Instrument Division has completed a pre-production order for a
new
Electroluminescent (EL) Display Terminal. The Data Entry Display combines a
high bright EL
Display module with an ultra-compact single board computer. The unit was
specifically
designed as a high speed AT compatible computer which will mechanically fit
into limited space
applications. This EL technology based Data Entry Display Panel is being
implemented on
various army and marine programs such as the Fire Finder Program as well as
several foreign
military programs. Orbit has received pre-production orders for these units
for four different
programs.
The Orbit Instrument Division has finalized a design for a shipboard
console to be used
primarily for foreign sales opportunities. The upgraded console incorporates
a 20.1" color LCD
display together with a package of man/machine-interface solutions. Initial
prototype consoles
have included newly designed trackballs, keyboards and data display devices,
qualified to meet
shipboard applications. The Division has received pre-production orders for
their 20.1" color
LCD displays to support two foreign military program requirements.
Power Units Segment
Behlman has developed a strategic relationship with a manufacturer of
DC/DC converter
modules and open-frame power supplies. These units will be sold under the
Behlman name and
will be used in value added equipment sales.
Behlman has also developed a strategic relationship with a manufacture of
telecommunication and workstation power supplies.
Behlman has entered the Utility Transmission and Distribution ("T&D")
industry. The
utility industry is facing competition, resulting in pressure to cut costs in
their substations
through automation. In the event of a power outage, the computers and other
critical equipment
must be powered with AC power sources utilizing the substation batteries.
Behlman has
received orders for this equipment and has been advertising in industry
periodicals. An offshoot
of the T&D market is the telecommunications market where batteries are
generally used to keep
the system running. Behlman has developed two new products to supply this
market. They are a
sine wave inverter and a modified version of the same unit. Behlman has
targeted niche market
areas which require more special features than industry standard models.
The products and programs described above are presently being developed
by the
Company. However, there can be no assurance that such development efforts
will result in any
marketable products. |
