10-Q Filing

ORBIT INTERNATIONAL CORP CIK: 74818 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0001140361-11-053306`
Period End Date	20110930
Filing Date	20111114
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	orbt-20110930.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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.32M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$145.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.62M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$145.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.96M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.92M	USD	Point-in-time
Investments in marketable securities	`AvailableForSaleSecuritiesCurrent`	$226.00K	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`	$3.93M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Inventories	`InventoryNet`	$12.56M	USD	Point-in-time
Inventories	`InventoryNet`	$11.63M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	-	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$468.00K	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetCurrent`	$391.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	5.10M	shares	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetCurrent`	$379.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	5.10M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.73M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$891.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.04M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.73M	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
Treasury stock (in shares)	`TreasuryStockShares`	369,000.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$19.90M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.08M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.17M	USD	Point-in-time
Goodwill	`Goodwill`	$1.69M	USD	Point-in-time
Goodwill	`Goodwill`	$1.69M	USD	Point-in-time
Deferred tax asset.	`DeferredTaxAssetsNetNoncurrent`	$1.89M	USD	Point-in-time
Deferred tax asset.	`DeferredTaxAssetsNetNoncurrent`	$1.85M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$106.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$100.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$24.38M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$24.66M	USD	Point-in-time
Note payable - bank	`NotePayableBank`	$387.00K	USD	Point-in-time
Note payable - bank	`NotePayableBank`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$813.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$794.00K	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`	$813.00K	USD	Point-in-time
Liability associated with former chief executive officer	`LiabilityAssociatedWithFormerChiefExecutiveOfficer`	$1.19M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxes`	-	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxes`	$35.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.14M	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`	$63.00K	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`	$3.88M	USD	Point-in-time
Deferred income	`DeferredRevenueNoncurrent`	$86.00K	USD	Point-in-time
Deferred income	`DeferredRevenueNoncurrent`	$22.00K	USD	Point-in-time
Liability associated with former chief executive officer, net of current portion	`EstimatedFormerOfficerCompensationLiabilityNoncurrent`	$7.00K	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`	$2.33M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$3.03M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.17M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.24M	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`	$22.48M	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`	$-27.00K	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`	$-3.62M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.21M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$18.43M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$24.66M	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`	$19.80M	USD	3 Qtrs
Net sales	`SalesRevenueGoodsNet`	$22.95M	USD	3 Qtrs
Net sales	`SalesRevenueGoodsNet`	$7.85M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$7.30M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$12.59M	USD	3 Qtrs
Cost of sales	`CostOfGoodsSold`	$13.32M	USD	3 Qtrs
Cost of sales	`CostOfGoodsSold`	$4.46M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$4.48M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.39M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.63M	USD	3 Qtrs
Gross profit	`GrossProfit`	$7.21M	USD	3 Qtrs
Gross profit	`GrossProfit`	$2.81M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.64M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.30M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.40M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.25M	USD	3 Qtrs
Interest expense	`InterestExpense`	$61.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$172.00K	USD	3 Qtrs
Interest expense	`InterestExpense`	$45.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$151.00K	USD	3 Qtrs
Investment and other income, net	`InvestmentIncomeNonoperating`	$-133.00K	USD	3 Qtrs
Investment and other income, net	`InvestmentIncomeNonoperating`	$-32.00K	USD	1 Quarter
Investment and other income, net	`InvestmentIncomeNonoperating`	$-28.00K	USD	1 Quarter
Investment and other income, net	`InvestmentIncomeNonoperating`	$-213.00K	USD	3 Qtrs
Income before income tax provision(benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.21M	USD	3 Qtrs
Income before income tax provision(benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$489.00K	USD	1 Quarter
Income before income tax provision(benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$725.00K	USD	1 Quarter
Income before income tax provision(benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.00K	USD	3 Qtrs
Provision (benefit)for income taxes	`IncomeTaxExpenseBenefit`	$1.00K	USD	3 Qtrs
Provision (benefit)for income taxes	`IncomeTaxExpenseBenefit`	$74.00K	USD	3 Qtrs
Provision (benefit)for income taxes	`IncomeTaxExpenseBenefit`	$-20.00K	USD	1 Quarter
Provision (benefit)for income taxes	`IncomeTaxExpenseBenefit`	$28.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$509.00K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$3.00K	USD	3 Qtrs
NET INCOME	`NetIncomeLoss`	$2.14M	USD	3 Qtrs
NET INCOME	`NetIncomeLoss`	$697.00K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.15	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.46	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	-	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	-	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.15	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.46	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$697.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.14M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$3.00K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$509.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$257.00K	USD	3 Qtrs
Share-based compensation expense	`ShareBasedCompensation`	$118.00K	USD	3 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	-	USD	3 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$94.00K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$206.00K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$202.00K	USD	3 Qtrs
Loss on disposal of property and equipment	`GainLossOnSaleOfProperty`	-	USD	3 Qtrs
Loss on disposal of property and equipment	`GainLossOnSaleOfProperty`	$4.00K	USD	3 Qtrs
Inventory reserves	`InventoryLIFOReservePeriodCharge`	$50.00K	USD	3 Qtrs
Inventory reserves	`InventoryLIFOReservePeriodCharge`	$139.00K	USD	3 Qtrs
Gain on sale of marketable securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	$-100.00K	USD	3 Qtrs
Gain on sale of marketable securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	$-45.00K	USD	3 Qtrs
Deferred income	`RecognitionOfDeferredRevenue`	$-64.00K	USD	3 Qtrs
Deferred income	`RecognitionOfDeferredRevenue`	$-64.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-92.00K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$265.00K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.07M	USD	3 Qtrs
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractReceivablesNet`	$566.00K	USD	3 Qtrs
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractReceivablesNet`	$468.00K	USD	3 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$152.00K	USD	3 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$4.00K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$6.00K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-31.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$75.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$19.00K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-97.00K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$88.00K	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-57.00K	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$35.00K	USD	3 Qtrs
Customer advances	`IncreaseDecreaseInCustomerAdvances`	$34.00K	USD	3 Qtrs
Customer advances	`IncreaseDecreaseInCustomerAdvances`	$-55.00K	USD	3 Qtrs
Liability associated with former executive officer	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	$-868.00K	USD	3 Qtrs
Liability associated with former executive officer	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	-	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.26M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.11M	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$303.00K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$127.00K	USD	3 Qtrs
Sale and disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$10.00K	USD	3 Qtrs
Sale and disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	3 Qtrs
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	-	USD	3 Qtrs
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	$262.00K	USD	3 Qtrs
Sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$659.00K	USD	3 Qtrs
Sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$156.00K	USD	3 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$356.00K	USD	3 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-223.00K	USD	3 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$2.00K	USD	3 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	3 Qtrs
Proceeds from issuance of long-term debt and note payable-bank	`ProceedsFromIssuanceOfLongTermDebt`	$1.81M	USD	3 Qtrs
Proceeds from issuance of long-term debt and note payable-bank	`ProceedsFromIssuanceOfLongTermDebt`	$5.79M	USD	3 Qtrs
Stock option exercises	`ProceedsFromStockOptionsExercised`	$113.00K	USD	3 Qtrs
Stock option exercises	`ProceedsFromStockOptionsExercised`	$1.00K	USD	3 Qtrs
Repayments of long-term debt and note payable-bank	`RepaymentsOfLongTermDebtAndNotePayableBank`	$6.88M	USD	3 Qtrs
Repayments of long-term debt and note payable-bank	`RepaymentsOfLongTermDebtAndNotePayableBank`	$3.08M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.08M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.17M	USD	3 Qtrs
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-304.00K	USD	3 Qtrs
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$47.00K	USD	3 Qtrs
Cash and cash equivalents - January 1	`CashAndCashEquivalentsAtCarryingValue`	$1.96M	USD	Point-in-time
Cash and cash equivalents - January 1	`CashAndCashEquivalentsAtCarryingValue`	$1.92M	USD	Point-in-time
Cash and cash equivalents - January 1	`CashAndCashEquivalentsAtCarryingValue`	$2.62M	USD	Point-in-time
Cash and cash equivalents - January 1	`CashAndCashEquivalentsAtCarryingValue`	$2.32M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - September 30	`CashAndCashEquivalentsAtCarryingValue`	$2.32M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - September 30	`CashAndCashEquivalentsAtCarryingValue`	$2.62M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - September 30	`CashAndCashEquivalentsAtCarryingValue`	$1.96M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - September 30	`CashAndCashEquivalentsAtCarryingValue`	$1.92M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$155.00K	USD	3 Qtrs
Cash paid for interest	`InterestPaid`	$177.00K	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$66.00K	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$30.00K	USD	3 Qtrs

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