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11/11/09 - Orbit International Corp. Reports 2009 Q3 Results
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HAUPPAUGE, N.Y. - Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer, systems integrator and software solution provider, announced results for the third quarter and nine month period ended September 30, 2009.
Third Quarter 2009 vs. Third Quarter 2008
Net sales declined by 1.1% to $6,876,000 compared to $6,951,000;
Gross margin was 39.6% compared to 39.4%;
Net income increased 48.8% to $320,000 compared to $215,000;
Earnings per diluted share was $.07, compared to $.05 per diluted share; and,
Earnings before interest, taxes, depreciation and amortization, and stock based compensation (EBITDA, as adjusted) was $619,000 ($.14 per diluted share) compared to $578,000 ($.12 per diluted share).
Nine Months 2009 vs. Nine Months 2008
Net sales declined by 2.1% to $19,029,000 from $19,434,000;
Gross margin was 39.7% compared to 39.6%;
Net loss was $27,000 or $.01 per share compared to net loss of $80,000 or $.02 per share;
EBITDA, as adjusted decreased to $880,000 ($.20 per diluted share) compared to $990,000 ($.21 per diluted share); and, Backlog at September 30, 2009 increased 52% to $18.9 million, compared to $12.4 million at June 30, 2009; and 33% higher than the $14.2 million of backlog reported at September 30, 2008.
About Orbit International Corp.: Orbit International Corp. is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications through its production facilities in Hauppauge, New York, and Quakertown, Pennsylvania; and designs and manufactures combat systems and gun weapons systems, provides system integration and integrated logistics support and documentation control at its facilities in Louisville, Kentucky. Its Behlman Electronics, Inc. subsidiary manufactures and sells high quality commercial power units, AC power sources, frequency converters, uninterruptible power supplies and COTS power solutions.
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