Orbit International Corp. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for 2012
March 08, 2012 at 08:45 am EST
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Orbit International Corp. reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, net sales of $8,095,000 compared to $6,946,000 for the same period last year. Net income before taxes was $1,022,000 compared to net loss before taxes of $3,016,000 for the same period last year. Net income was $1,009,000 or $0.21 diluted per share compared to net loss of $3,028,000 or $0.66 diluted per share for the same period last year. EBITDA, as adjusted was $1,162,000 or $0.25 diluted per share compared to LBITDA, as adjusted $1,564,000 or $0.34 diluted per share for the same period last year.
For the full year, the company reported net sales of $31,041,000 compared to $26,749,000 for the same period last year. Net income before taxes was $3,234,000 compared to net loss before taxes of $3,012,000 for the same period last year. Net income was $3,147,000 or $0.67 diluted per share compared to net loss of $3,025,000 or $0.66 diluted per share for the same period last year. EBITDA, as adjusted was $3,845,000 or $0.82 diluted per share compared to LBITDA, as adjusted $831,000 or $0.18 diluted per share for the same period last year. Cash flows from operating activities was $1,949,000 compared to $431,000 for the same period last year.
The company anticipated another year of strong operating performance in 2012, although as was the case in 2011, its comparable and sequential quarterly performance may be uneven.
Orbit International Corp. provides electronics manufacturers and software solutions. The Company, through its Orbit Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facilities in Hauppauge, NY and Carson, CA. Orbit Power Group, also located in Hauppauge, NY, designs and manufactures a range of power products, including AC power supplies, frequency converters, inverters, VME/VPX power supplies and various COTS power sources. Orbit Electronics Group is comprised of Orbit Instruments and Tulip Development Laboratory. Orbit Instrument designs and manufactures customized electronic subsystems and components for military aircraft, shipboard, handheld and ground-based programs, and designs hardware to support severe non-military applications. Tulip Development Laboratory designs and manufactures military and ruggedized computer peripheral products.
Orbit International Corp. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for 2012