10-Q Filing

ORBIT INTERNATIONAL CORP CIK: 74818 Q2 2011

Filing Information

Form Type	10-Q
Accession Number	`0001140361-11-041935`
Period End Date	20110630
Filing Date	20110815
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	orbt-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 44 Cash Flow Statement 74

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$145.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.96M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$145.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.32M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$47.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$875.00K	USD	Point-in-time
Investments in marketable securities	`AvailableForSaleSecuritiesCurrent`	$256.00K	USD	Point-in-time
Investments in marketable securities	`AvailableForSaleSecuritiesCurrent`	$146.00K	USD	Point-in-time
Accounts receivable (less allowance for doubtful accounts of $145,000)	`AccountsReceivableNetCurrent`	$3.93M	USD	Point-in-time
Accounts receivable (less allowance for doubtful accounts of $145,000)	`AccountsReceivableNetCurrent`	$5.40M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Inventories	`InventoryNet`	$13.17M	USD	Point-in-time
Inventories	`InventoryNet`	$11.63M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$468.00K	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$958.00K	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetCurrent`	$391.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	5.10M	shares	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetCurrent`	$608.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	5.10M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	4.73M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$860.00K	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	4.73M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.30M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	369,000.00	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	369,000.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$19.57M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.17M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.12M	USD	Point-in-time
Goodwill	`Goodwill`	$1.69M	USD	Point-in-time
Goodwill	`Goodwill`	$1.69M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetNoncurrent`	$1.65M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetNoncurrent`	$1.85M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$102.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$106.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$25.85M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$24.38M	USD	Point-in-time
Note payable - bank	`NotePayableBank`	$387.00K	USD	Point-in-time
Note payable - bank	`NotePayableBank`	$1.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$794.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.15M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$931.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$931.00K	USD	Point-in-time
Liability associated with former chief executive officer	`LiabilityAssociatedWithFormerChiefExecutiveOfficer`	$1.19M	USD	Point-in-time
Liability associated with former chief executive officer	`LiabilityAssociatedWithFormerChiefExecutiveOfficer`	$953.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxes`	$9.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxes`	-	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$963.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.05M	USD	Point-in-time
Customer advances	`CustomerAdvancesCurrent`	$118.00K	USD	Point-in-time
Customer advances	`CustomerAdvancesCurrent`	$67.00K	USD	Point-in-time
Deferred income	`DeferredRevenueCurrent`	$85.00K	USD	Point-in-time
Deferred income	`DeferredRevenueCurrent`	$85.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.56M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.52M	USD	Point-in-time
Deferred income	`DeferredRevenueNoncurrent`	$43.00K	USD	Point-in-time
Deferred income	`DeferredRevenueNoncurrent`	$86.00K	USD	Point-in-time
Liability associated with former chief executive officer, net of current portion	`EstimatedFormerOfficerCompensationLiabilityNoncurrent`	$14.00K	USD	Point-in-time
Liability associated with former chief executive officer, net of current portion	`EstimatedFormerOfficerCompensationLiabilityNoncurrent`	$494.00K	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$3.03M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$2.56M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.17M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.14M	USD	Point-in-time
Common stock - $.10 par value, 10,000,000 shares authorized, 5,102,000 and 5,101,000 shares issued at 2011 and 2010, respectively, and 4,733,000 and 4,732,000 shares outstanding at 2011 and 2010, respectively	`CommonStockValue`	$510.00K	USD	Point-in-time
Common stock - $.10 par value, 10,000,000 shares authorized, 5,102,000 and 5,101,000 shares issued at 2011 and 2010, respectively, and 4,733,000 and 4,732,000 shares outstanding at 2011 and 2010, respectively	`CommonStockValue`	$510.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$22.36M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$22.44M	USD	Point-in-time
Treasury stock, at cost, 369,000 shares at 2011 and 2010	`TreasuryStockValue`	$915.00K	USD	Point-in-time
Treasury stock, at cost, 369,000 shares at 2011 and 2010	`TreasuryStockValue`	$915.00K	USD	Point-in-time
Accumulated other comprehensive (loss) income, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.00K	USD	Point-in-time
Accumulated other comprehensive (loss) income, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$19.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.76M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.32M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.21M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.71M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$25.85M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$24.38M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$6.97M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$8.28M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$12.50M	USD	2 Qtrs
Net sales	`SalesRevenueGoodsNet`	$15.10M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$8.85M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$4.97M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$4.42M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$8.11M	USD	2 Qtrs
Gross profit	`GrossProfit`	$4.39M	USD	2 Qtrs
Gross profit	`GrossProfit`	$6.24M	USD	2 Qtrs
Gross profit	`GrossProfit`	$2.55M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.32M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.75M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.39M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.48M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.95M	USD	2 Qtrs
Interest expense	`InterestExpense`	$54.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$111.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$106.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$53.00K	USD	1 Quarter
Investment and other income, net	`InvestmentIncomeNonoperating`	$105.00K	USD	2 Qtrs
Investment and other income, net	`InvestmentIncomeNonoperating`	$181.00K	USD	2 Qtrs
Investment and other income, net	`InvestmentIncomeNonoperating`	$140.00K	USD	1 Quarter
Investment and other income, net	`InvestmentIncomeNonoperating`	$71.00K	USD	1 Quarter
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-485.00K	USD	2 Qtrs
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$158.00K	USD	1 Quarter
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.49M	USD	2 Qtrs
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$947.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$17.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$21.00K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$46.00K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$30.00K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$1.44M	USD	2 Qtrs
NET INCOME (LOSS)	`NetIncomeLoss`	$141.00K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$917.00K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-506.00K	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.12	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.20	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.31	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.12	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.20	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.31	USD	2 Qtrs

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-506.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$917.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$141.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.44M	USD	2 Qtrs
Share-based compensation expense	`ShareBasedCompensation`	$169.00K	USD	2 Qtrs
Share-based compensation expense	`ShareBasedCompensation`	$80.00K	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$90.00K	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	-	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$134.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$135.00K	USD	2 Qtrs
Loss on disposal of property and equipment	`GainLossOnSaleOfProperty`	-	USD	2 Qtrs
Loss on disposal of property and equipment	`GainLossOnSaleOfProperty`	$4.00K	USD	2 Qtrs
Inventory reserves	`InventoryLIFOReservePeriodCharge`	$16.00K	USD	2 Qtrs
Inventory reserves	`InventoryLIFOReservePeriodCharge`	$76.00K	USD	2 Qtrs
Gain on sale of marketable securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	$-45.00K	USD	2 Qtrs
Gain on sale of marketable securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	$-100.00K	USD	2 Qtrs
Deferred income	`RecognitionOfDeferredRevenue`	$-42.00K	USD	2 Qtrs
Deferred income	`RecognitionOfDeferredRevenue`	$-43.00K	USD	2 Qtrs
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-2.07M	USD	2 Qtrs
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-1.47M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-273.00K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.62M	USD	2 Qtrs
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractReceivablesNet`	$1.08M	USD	2 Qtrs
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractReceivablesNet`	$-490.00K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$183.00K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$90.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-24.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$4.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$360.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$35.00K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-88.00K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-57.00K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-42.00K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$9.00K	USD	2 Qtrs
Customer advances	`IncreaseDecreaseInCustomerAdvances`	$-51.00K	USD	2 Qtrs
Customer advances	`IncreaseDecreaseInCustomerAdvances`	$13.00K	USD	2 Qtrs
Liability associated with former executive officer	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	-	USD	2 Qtrs
Liability associated with former executive officer	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	$-721.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.24M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.49M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$93.00K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$219.00K	USD	2 Qtrs
Sale and disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	2 Qtrs
Sale and disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$10.00K	USD	2 Qtrs
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	-	USD	2 Qtrs
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	$258.00K	USD	2 Qtrs
Sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$660.00K	USD	2 Qtrs
Sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$156.00K	USD	2 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$441.00K	USD	2 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-185.00K	USD	2 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	2 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$2.00K	USD	2 Qtrs
Proceeds from issuance of long-term debt and note payable-bank	`ProceedsFromIssuanceOfLongTermDebt`	$1.66M	USD	2 Qtrs
Proceeds from issuance of long-term debt and note payable-bank	`ProceedsFromIssuanceOfLongTermDebt`	$3.01M	USD	2 Qtrs
Stock option exercises	`ProceedsFromStockOptionsExercised`	$1.00K	USD	2 Qtrs
Stock option exercises	`ProceedsFromStockOptionsExercised`	$59.00K	USD	2 Qtrs
Repayments of long-term debt and note payable-bank	`RepaymentsOfLongTermDebtAndNotePayableBank`	$2.11M	USD	2 Qtrs
Repayments of long-term debt and note payable-bank	`RepaymentsOfLongTermDebtAndNotePayableBank`	$2.50M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$506.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-396.00K	USD	2 Qtrs
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.92M	USD	2 Qtrs
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.45M	USD	2 Qtrs
Cash and cash equivalents - January 1	`CashAndCashEquivalentsAtCarryingValue`	$47.00K	USD	Point-in-time
Cash and cash equivalents - January 1	`CashAndCashEquivalentsAtCarryingValue`	$875.00K	USD	Point-in-time
Cash and cash equivalents - January 1	`CashAndCashEquivalentsAtCarryingValue`	$2.32M	USD	Point-in-time
Cash and cash equivalents - January 1	`CashAndCashEquivalentsAtCarryingValue`	$1.96M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - June 30	`CashAndCashEquivalentsAtCarryingValue`	$1.96M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - June 30	`CashAndCashEquivalentsAtCarryingValue`	$2.32M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - June 30	`CashAndCashEquivalentsAtCarryingValue`	$47.00K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - June 30	`CashAndCashEquivalentsAtCarryingValue`	$875.00K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$113.00K	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	$106.00K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$37.00K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$63.00K	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.