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Orbit International Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 20, 2012 04:06PM

Orbit International Corp. (ORBT) filed Quarterly Report for the period ended 2012-09-30. Orbit International Corp. has a market cap of $14.1 million; its shares were traded at around $3.25 with a P/E ratio of 8.2 and P/S ratio of 0.5.



Highlight of Business Operations:

We recorded net income of $763,000 and a net loss of $413,000 during the three and nine months ended September 30, 2012, respectively, compared to net income of $697,000 and $2,138,000, respectively, during the comparable periods in 2011. The increase in sales and profitability during the current three month period as compared to the prior three month period was principally due to an increase in sales and profitability at our Electronics Group that was partially offset by a decrease in sales and profitability at our Power Group. We recorded a decrease in sales and profitability for the current nine month period as compared to the prior year period principally due to a decrease in sales and profitability from both our Electronics and Power Groups. The nine month period ending September 30, 2012 was also adversely affected by a $1,194,000 charge taken in connection with the non-renewal of our former chief operating officer s employment contract.

Consolidated net sales for the three month period ended September 30, 2012 increased slightly to $7,864,000 from $7,850,000 for the three month period ended September 30, 2011, due primarily to higher sales from our Electronics Group and despite lower sales from our Power Group. Sales from our Electronics Group increased by 4.8% due principally to higher sales from our TDL and ICS subsidiaries and despite lower sales from our Orbit Instrument Division. The increase in sales at our TDL subsidiary was primarily due to increased shipments relating to an order received in the first quarter of 2012 for displays used in the ground mobile marketplace. The increase in sales at our ICS subsidiary was principally due to an increase in revenue relating to our Signal Data Converter(“SDC”) order which is recognized under the percentage of completion method. The decrease in sales at our Orbit Instrument Division was primarily a result of a decrease in shipments pursuant to customer delivery schedules resulting from lower bookings in prior periods. Sales from our Power Group decreased by 7.1% due to a decrease in sales from its commercial division which was partially offset by an increase in sales at its COTS division. The decrease in sales from its commercial division was principally due to a decrease in bookings during the three months ended September 30, 2012 and the increase in sales from its COTS division was principally due to increased shipments pursuant to customer delivery schedules.

Selling, general and administrative expenses decreased by 14.7% to $2,255,000 for the three month period ended September 30, 2012 from $2,644,000 for the three month period ended September 30, 2011. The decrease was principally due to lower corporate costs and lower selling, general and administrative expenses from our Electronics and Power Groups primarily relating to the departure of a senior officer at both Groups whose duties were assumed by other management personnel. Selling, general and administrative expenses, as a percentage of sales, for the three month period ended September 30, 2012 decreased to 28.7% from 33.7% for the three month period ended September 30, 2011 principally due to an increase in sales and a decrease in costs.

Consolidated net sales for the nine month period ended September 30, 2012 decreased by 6.1% to $21,535,000 from $22,946,000 for the nine month period ended September 30, 2011 due to lower sales from both our Electronics and Power Groups. Sales from our Electronics Group decreased by 11.2%, due principally to a decrease in sales from our Orbit Instrument Division and ICS subsidiary and despite an increase in sales at our TDL subsidiary. The decrease in sales at our Orbit Instrument Division was principally due to a decrease in shipments pursuant to customer delivery schedules resulting from lower bookings in prior periods. The decrease in sales at our ICS subsidiary was principally due to the absence of MK 119 sales, as a follow-on order for the MK 119 was not received for shipping in 2012 and the decrease was also due to less MK 437 sales in the nine month period ended September 30, 2012. Sales from our Power Group decreased by 2.4%, due to a decrease in sales from its commercial division and despite an increase in sales from its COTS division. The decrease in sales from its commercial division was principally due to a decrease in bookings during the nine months ended September 30, 2012 and the increase in sales from its COTS division was principally due to increased shipments pursuant to customer delivery schedules.

Selling, general and administrative expenses increased slightly to $7,427,000 for the nine month period ended September 30, 2012 from $7,399,000 for the nine month period ended September 30, 2011. The increase was principally due to higher corporate costs relating to the departure of a senior officer and an increase in selling, general and administrative expenses at our Orbit Instrument Division due to additional sales and engineering personnel. Selling, general and administrative expenses, as a percentage of sales, for the nine month period ended September 30, 2012 increased to 34.5% from 32.2% for the nine month period ended September 30, 2011 principally due to a decrease in sales and an increase in costs.

Read the The complete Report



Stocks Discussed: ORBT,
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