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

Orbit International Corp.

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).