Orbit International Corp: Annual Results Show Positive Trends
Orbit International Reports 2024 Financial Outcomes
In its annual financial results, Orbit International Corp. (OTC: ORBT) disclosed a net loss of $646,000 for 2024, which equates to a loss of $0.19 per share. This is an improvement compared to last year’s net loss of $1,147,000, or $0.34 per share. 2024 also saw an adjusted EBITDA of $159,000, representing $0.05 per diluted share, in contrast to the previous year’s loss of $407,000 ($0.12 loss per share).
Fourth Quarter Performance Overview
In the fourth quarter of 2024, the company reported a net loss of $252,000, or $0.08 per share, compared to a net loss of $339,000 in the same period of the prior year. This quarter’s adjusted EBITDA was $383,000, representing an increase compared to a loss of $206,000 year-over-year.
Highlights of Fourth Quarter vs. Previous Year
The financial performance for the fourth quarter demonstrated positive changes, highlighting:
- Net sales increased to $8,708,000 from $7,173,000.
- Gross margin improved to 34.6%, compared to 30.1% in the prior period.
- The net loss was notably diminished, attributed to adjustments in operational costs and tax expenses.
- Adjusted EBITDA reached $383,000 compared to a loss previously reported.
Annual Results and Fiscal Health
The total net sales for the year finished at $29,898,000, a rise from $27,556,000 in 2023. The gross margin also saw an uptick to 33.3%, compared to 31.7% last year. Notably, Orbit International has strengthened its financial position, boasting a current ratio of 2.9 to 1, indicative of solid liquidity.
Backlog Insights and Future Outlook
The backlog at year-end stood at $12 million, demonstrating a decline from $17.4 million the previous year, reflecting changing dynamics within the company’s contracts and project developments.
Commentary from Leadership
Mitchell Binder, President and CEO of Orbit International, expressed the company’s commitment to enhancing operational efficiency and managing costs effectively. He noted, "While our current year loss was influenced by a non-cash deferred tax expense, our operational results in the second half improved significantly as we focused on our subsidiary, Simulator Product Solutions LLC (SPS) and other strategic groups."
Anticipation of Future Growth
Looking ahead, Orbit International is poised to capitalize on its improved sales through its high-demand subsidiaries and is optimistic about maintaining a positive trajectory into 2025.
Frequently Asked Questions
What were Orbit International's total sales for 2024?
The company reported total sales of $29,898,000 for the fiscal year 2024.
How did the fourth quarter net loss compare to the previous year?
The fourth quarter net loss was $252,000, an improvement from a loss of $339,000 in the same quarter last year.
What contributed to the improved financial results for 2024?
Higher sales from the Simulator Product Solutions and improved gross margins contributed to the positive financial outcomes.
What is the current backlog for Orbit International as of December 31, 2024?
The backlog is reported at $12 million as of the end of 2024.
What plans does Orbit International have for 2025?
The company aims to enhance sales in their subsidiary groups and expects continued growth in bookings and operational efficiency.
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