Excellent ORBT earnings and chart breakout today:
Wednesday March 13, 9:24 am Eastern Time
Press Release
SOURCE: Orbit International Corp.
Orbit International Corp. Announces Improved Revenue and Operating Results for Fourth Quarter and Year End
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--March 13, 2002--Orbit International Corp. (NASDAQ:ORBT - news) today announced results for the fourth quarter and year ended December 31, 2001.
Net sales increased 12% to $4,211,000 for the three months ended December 31, 2001 compared to $3,773,000 for the same period last year. Net income for the three months ended December 31, 2001 was $226,000 or $.10 per share compared to a net loss of $168,000 or $.08 loss per share for the same period last year.
For the year ended December 31, 2001 net sales increased 16% to $14,745,000 compared to $12,706,000 for the same period last year. The net loss for the year ended December 31, 2001 significantly improved to $186,000 or $.09 loss per share compared to a net loss of $430,000 or $.21 loss per share for the prior year. Furthermore, the current year net loss of $186,000 ($.09 per share) includes $400,000 ($.19 per share) of income tax expense resulting from a reduction to the Company's deferred tax asset. Net income before taxes for the year ended December 31, 2001 was $214,000 or $.10 per share compared to a loss of $620,000 or $.30 loss per share for the prior year.
Dennis Sunshine, President and Chief Executive Officer, commented, ``Continued growth in sales combined with the exercise of cost containment throughout our operations resulted in significantly improved profitability in the fourth quarter. As our revenue levels are continuing to improve in 2002, we expect to show continued earnings improvement.''
Sunshine continued, ``Both our Electronic and Power Units businesses are benefiting from increased budgets in the military marketplace and both of our operating units are pursuing a significant number of new opportunities that we hope will continue our momentum of significantly increased bookings. Furthermore, with the recently announced retention of Keane Securities as our investment bankers, we are exploring several new opportunities to expand our business, both internally and through strategic acquisitions.''
Orbit International Corp., based in Hauppauge, is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications. Its Behlman Electronics, Inc. subsidiary manufactures and sells high quality commercial power units and low noise uninterruptable power supplies (UPS). The Behlman military division designs, manufactures and sells power units and electronic products for measurement and display. For a more detailed discussion of the risks inherent in the Company's business the reader is referred to the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2000.
This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding the Company's expectations relating to a significant number of future business opportunities for new program requirements, increases in bookings, improved revenue levels, operating results, and profitability and expansion of business, both internally and through strategic acquisitions. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual future results of the Company to be materially different from such forward looking statements. Factors that might result in such differences include, without limitation, variable market conditions, changes in customer demands resulting from the current military conflict, the current economic recession and changing needs of the defense sector and the Company's customers. The forward-looking statements contained in this press release speak only as of the date hereof. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.
ORBIT INTERNATIONAL CORP
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
2001 2000 2001 2000
---- ---- ---- ----
Net sales $ 4,211 $ 3,773 $ 14,745 $ 12,706
Cost of sales 2,573 2,557 9,265 8,210
------ ------ ------ -----
Gross profit 1,638 1,216 5,480 4,496
Selling, general and
administrative expenses 1,365 1,331 5,254 4,946
Interest expense 84 84 212 336
Investment and other income (37) (31) (200) (166)
---- ---- ----- -----
Income (loss) before income
taxes 226 (168) 214 (620)
Income tax provision - - 400 -
-- -- ---- --
Net income (loss) before
extraordinary item 226 (168) (186) (620)
Extraordinary item - - - 190
-- -- -- ---
Net income (loss) 226 (168) (186) (430)
Diluted earnings (loss) per share (a)
Income (loss) before
extraordinary item $ 0.10 $ (0.08) $ (0.09) $ (0.30)
Extraordinary item $ - $ - $ - $ 0.09
Net income (loss) $ 0.10 $ (0.08) $ (0.09) $ (0.21)
Weighted shares (a) 2,180 2,026 2,068 2,026
ORBIT INTERNATIONAL CORP
CONSOLIDATED BALANCE SHEET DATA
(In thousands)
12/31/01 12/31/00
-------- --------
Working capital 6,038 5,462
Total assets 12,324 14,495
Long term debt 264 2,664
Total liabilities 5,284 7,277
Total stockholders' equity 7,040 7,218
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