Orbit International Corp. Reports 2011 Fourth Quarter and Year-End Results

Orbit International Corp. ORBT today announced results for the fourth quarter and year ended December 31, 2011. Fourth Quarter 2011 vs. Fourth Quarter 2010 Net sales increased by 16.5% to $8,095,000 compared to $6,946,000; Gross margin increased to 44.5% from 32.6%; Net income was $1,009,000 ($0.21 earnings per diluted share) compared to a net loss of $3,028,000 ($0.66 loss per share). The net loss for the 2010 fourth quarter included a charge of $2,000,000 for costs related to non-renewal of the former chief executive officer contract (including a non-cash charge of $312,000 due to accelerated stock vesting) and $924,000 of non-cash impairment charges taken in connection with recorded intangible assets and goodwill related to its ICS subsidiary. Excluding these charges, the net loss for 2010 was $104,000 ($0.02 loss per share); and, Earnings before interest, taxes, depreciation and amortization, and stock based compensation (EBITDA, as adjusted) was $1,162,000 ($0.25 earnings per diluted share) compared to a loss of $1,564,000 ($0.34 loss per share).