10-K Filing

ORBIT INTERNATIONAL CORP CIK: 74818 FY 2011

Filing Information

Form Type	10-K
Accession Number	`0001140361-12-018313`
Period End Date	20111231
Filing Date	20120330
Fiscal Year	2011
Fiscal Period	FY
XBRL Instance	orbt-20111231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 30 Cash Flow Statement 78 Stockholders Equity 21

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Accounts receivables, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$145.00K	USD	Point-in-time
Accounts receivables, 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`	$1.96M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	-	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$671.00K	USD	Point-in-time
Investments in marketable securities	`AvailableForSaleSecuritiesCurrent`	$146.00K	USD	Point-in-time
Investments in marketable securities	`AvailableForSaleSecuritiesCurrent`	$228.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.10	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
Accounts receivable, less allowance for doubtful accounts of $145,000	`AccountsReceivableNetCurrent`	$4.94M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Inventories	`InventoryNet`	$11.63M	USD	Point-in-time
Inventories	`InventoryNet`	$12.55M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	5.10M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$468.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	5.10M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	-	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetCurrent`	$391.00K	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetCurrent`	$527.00K	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	4.73M	shares	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
Treasury stock, at cost (in shares)	`TreasuryStockShares`	369,000.00	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$250.00K	USD	Point-in-time
Treasury stock, at cost (in shares)	`TreasuryStockShares`	369,000.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$20.88M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.57M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.01M	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`	$1.73M	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`	$99.00K	USD	Point-in-time
Total Assets	`Assets`	$25.41M	USD	Point-in-time
Total Assets	`Assets`	$24.38M	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
Notes payable - bank	`NotePayableBank`	-	USD	Point-in-time
Notes payable - bank	`NotePayableBank`	$387.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$804.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$794.00K	USD	Point-in-time
Liability associated with former chief executive officer	`LiabilityAssociatedWithFormerChiefExecutiveOfficer`	$623.00K	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`	$30.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.44M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.14M	USD	Point-in-time
Customer advances	`CustomerAdvancesCurrent`	$118.00K	USD	Point-in-time
Customer advances	`CustomerAdvancesCurrent`	$15.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.56M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.84M	USD	Point-in-time
Deferred income	`DeferredRevenueNoncurrent`	-	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`	-	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`	$2.10M	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`	$5.93M	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`	$22.52M	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 income tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$19.00K	USD	Point-in-time
Accumulated other comprehensive (loss) income, net of income tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-18.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.76M	USD	Point-in-time
Stockholders' equity	`StockholdersEquity`	$19.48M	USD	Point-in-time
Stockholders' equity	`StockholdersEquity`	$16.21M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$25.41M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$24.38M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$26.75M	USD	Annual
Net sales	`SalesRevenueGoodsNet`	$31.04M	USD	Annual
Cost of sales	`CostOfGoodsSold`	$17.27M	USD	Annual
Cost of sales	`CostOfGoodsSold`	$17.81M	USD	Annual
Gross profit	`GrossProfit`	$13.23M	USD	Annual
Gross profit	`GrossProfit`	$9.48M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.96M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.61M	USD	Annual
Costs related to non-renewal of former chief executive officer contract	`CostsRelatedToNonRenewalOfFormerChiefExecutiveOfficerContract`	$2.00M	USD	Annual
Costs related to non-renewal of former chief executive officer contract	`CostsRelatedToNonRenewalOfFormerChiefExecutiveOfficerContract`	-	USD	Annual
Impairment of intangible assets	`ImpairmentOfIntangibleAssetsFinitelived`	$129.00K	USD	Annual
Impairment of intangible assets	`ImpairmentOfIntangibleAssetsFinitelived`	-	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	-	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	$795.00K	USD	Annual
Interest expense	`InterestExpense`	$189.00K	USD	Annual
Interest expense	`InterestExpense`	$225.00K	USD	Annual
Investment and other income, net	`InvestmentIncomeNonoperating`	$275.00K	USD	Annual
Investment and other income, net	`InvestmentIncomeNonoperating`	$149.00K	USD	Annual
Total expenses, net	`CostsAndExpenses`	$12.49M	USD	Annual
Total expenses, net	`CostsAndExpenses`	$9.99M	USD	Annual
Income (loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.23M	USD	Annual
Income (loss) before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.01M	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$87.00K	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$13.00K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-3.02M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$3.15M	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.66	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.67	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.66	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.67	USD	Annual

Cash Flow Statement 78 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-3.02M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$3.15M	USD	Annual
Impairment of intangible assets	`ImpairmentOfIntangibleAssetsFinitelived`	$129.00K	USD	Annual
Impairment of intangible assets	`ImpairmentOfIntangibleAssetsFinitelived`	-	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	-	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	$795.00K	USD	Annual
Share-based compensation expense	`ShareBasedCompensation`	$656.00K	USD	Annual
Share-based compensation expense	`ShareBasedCompensation`	$152.00K	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$98.00K	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	-	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$270.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$278.00K	USD	Annual
Bond premium amortization	`AmortizationOfDebtDiscountPremium`	$1.00K	USD	Annual
Bond premium amortization	`AmortizationOfDebtDiscountPremium`	$1.00K	USD	Annual
Loss of fixed asset disposal	`GainLossOnSaleOfProperty`	-	USD	Annual
Loss of fixed asset disposal	`GainLossOnSaleOfProperty`	$-8.00K	USD	Annual
Gain on sale of marketable securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	$129.00K	USD	Annual
Gain on sale of marketable securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	$45.00K	USD	Annual
Deferred income	`RecognitionOfDeferredRevenue`	$85.00K	USD	Annual
Deferred income	`RecognitionOfDeferredRevenue`	$86.00K	USD	Annual
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.01M	USD	Annual
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$70.00K	USD	Annual
Increase in inventories	`IncreaseDecreaseInInventories`	$923.00K	USD	Annual
Increase in inventories	`IncreaseDecreaseInInventories`	$3.00K	USD	Annual
Decrease in costs and earnings in excess of billings	`IncreaseDecreaseInContractReceivablesNet`	$-611.00K	USD	Annual
Decrease in costs and earnings in excess of billings	`IncreaseDecreaseInContractReceivablesNet`	$-468.00K	USD	Annual
Decrease (increase) in other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$756.00K	USD	Annual
Decrease (increase) in other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-793.00K	USD	Annual
Decrease in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-555.00K	USD	Annual
Decrease in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-7.00K	USD	Annual
(Decrease) increase in liability associated with former chief executive officer	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	$1.69M	USD	Annual
(Decrease) increase in liability associated with former chief executive officer	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	$-1.06M	USD	Annual
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$10.00K	USD	Annual
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-290.00K	USD	Annual
(Decrease) increase in customer advances	`IncreaseDecreaseInCustomerAdvances`	$86.00K	USD	Annual
(Decrease) increase in customer advances	`IncreaseDecreaseInCustomerAdvances`	$-103.00K	USD	Annual
Increase (decrease) in taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$30.00K	USD	Annual
Increase (decrease) in taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-57.00K	USD	Annual
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-51.00K	USD	Annual
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$299.00K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$431.00K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.95M	USD	Annual
Sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$928.00K	USD	Annual
Sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$156.00K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$130.00K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$204.00K	USD	Annual
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	$252.00K	USD	Annual
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	-	USD	Annual
Sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	Annual
Sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$6.00K	USD	Annual
Proceeds on disposal of property and equipment	`ProceedsFromSaleOfOtherProductiveAssets`	-	USD	Annual
Proceeds on disposal of property and equipment	`ProceedsFromSaleOfOtherProductiveAssets`	$4.00K	USD	Annual
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-216.00K	USD	Annual
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$724.00K	USD	Annual
Restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$-671.00K	USD	Annual
Restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	-	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$2.00K	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$1.07M	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$931.00K	USD	Annual
Repayments of note payable-bank	`RepaymentsOfNotesPayable`	$387.00K	USD	Annual
Repayments of note payable-bank	`RepaymentsOfNotesPayable`	$601.00K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$163.00K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.00K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.99M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.51M	USD	Annual
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-357.00K	USD	Annual
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-255.00K	USD	Annual
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.96M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.32M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$2.32M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.96M	USD	Point-in-time
Cash paid during the year for interest	`InterestPaid`	$-231.00K	USD	Annual
Cash paid during the year for interest	`InterestPaid`	$-193.00K	USD	Annual
Cash paid during the year for income taxes	`IncomeTaxesPaid`	$-57.00K	USD	Annual
Cash paid during the year for income taxes	`IncomeTaxesPaid`	$-69.00K	USD	Annual

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$16.21M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$19.48M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$18.37M	USD	Point-in-time
Share-based compensation expense	`AllocatedShareBasedCompensationExpense`	$-656.00K	USD	Annual
Share-based compensation expense	`AllocatedShareBasedCompensationExpense`	$-152.00K	USD	Annual
Issuance of restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$163.00K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.00K	USD	Annual
Tax benefit of stock option exercise	`TaxBenefitFromStockOptionsExercised`	$-94.00K	USD	Annual
Tax benefit of stock option exercise	`TaxBenefitFromStockOptionsExercised`	$-2.00K	USD	Annual
Purchase of treasury stock	`TreasuryStockValueAcquiredCostMethod`	$2.00K	USD	Annual
Forfeiture of restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures`	-	USD	Annual
Change in unrealized gains and losses on marketable securities, net of income tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-46.00K	USD	Annual
Change in unrealized gains and losses on marketable securities, net of income tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-37.00K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-3.02M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$3.15M	USD	Annual
Comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease`	$3.11M	USD	Annual
Comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease`	$-3.07M	USD	Annual
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$16.21M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$19.48M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$18.37M	USD	Point-in-time

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