10-Q Filing

ORBIT INTERNATIONAL CORP CIK: 74818 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001140361-12-025426`
Period End Date	20120331
Filing Date	20120515
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	orbt-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 28 Cash Flow Statement 72

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$804.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$450.00K	USD	Point-in-time
Accounts receivables, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$145.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.96M	USD	Point-in-time
Accounts receivables, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$145.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$671.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$672.00K	USD	Point-in-time
Investments in marketable securities	`AvailableForSaleSecuritiesCurrent`	$228.00K	USD	Point-in-time
Investments in marketable securities	`AvailableForSaleSecuritiesCurrent`	$256.00K	USD	Point-in-time
Accounts receivable (less allowance for doubtful accounts of $145,000)	`AccountsReceivableNetCurrent`	$3.69M	USD	Point-in-time
Accounts receivable (less allowance for doubtful accounts of $145,000)	`AccountsReceivableNetCurrent`	$4.94M	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`	$14.04M	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, authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	5.10M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	5.10M	shares	Point-in-time
Income taxes receivable	`IncomeTaxReceivable`	$8.00K	USD	Point-in-time
Income taxes receivable	`IncomeTaxReceivable`	-	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	4.73M	shares	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetCurrent`	$942.00K	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	4.64M	shares	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetCurrent`	$527.00K	USD	Point-in-time
Treasury stock, at cost (in shares)	`TreasuryStockShares`	464,000.00	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$219.00K	USD	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`	$20.27M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$20.88M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.01M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.09M	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`	$1.31M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$99.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$97.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$25.41M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$24.46M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$931.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$964.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.35M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$804.00K	USD	Point-in-time
Liability associated with non-renewal of senior officers' contracts	`LiabilityAssociatedWithFormerChiefExecutiveOfficer`	$756.00K	USD	Point-in-time
Liability associated with non-renewal of senior officers' contracts	`LiabilityAssociatedWithFormerChiefExecutiveOfficer`	$623.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxes`	$30.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxes`	-	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.44M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.10M	USD	Point-in-time
Customer advances	`CustomerAdvancesCurrent`	$26.00K	USD	Point-in-time
Customer advances	`CustomerAdvancesCurrent`	$15.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.84M	USD	Point-in-time
Liability associated with non-renewal of senior officers' contracts, net of current portion	`EstimatedFormerOfficerCompensationLiabilityNoncurrent`	$597.00K	USD	Point-in-time
Liability associated with non-renewal of senior officers' contracts, net of current portion	`EstimatedFormerOfficerCompensationLiabilityNoncurrent`	-	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$1.90M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$2.10M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.70M	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 5,103,000 shares issued at 2012 and 2011, respectively, and 4,638,000 and 4,734,000 shares outstanding at 2012 and 2011, respectively	`CommonStockValue`	$510.00K	USD	Point-in-time
Common stock - $.10 par value, 10,000,000 shares authorized, 5,102,000 and 5,103,000 shares issued at 2012 and 2011, respectively, and 4,638,000 and 4,734,000 shares outstanding at 2012 and 2011, respectively	`CommonStockValue`	$510.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$22.57M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$22.52M	USD	Point-in-time
Treasury stock, at cost, 464,000 and 369,000shares at 2012 and 2011, respectively	`TreasuryStockValue`	$915.00K	USD	Point-in-time
Treasury stock, at cost, 464,000 and 369,000shares at 2012 and 2011, respectively	`TreasuryStockValue`	$1.32M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-18.00K	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.99M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.61M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$19.48M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.77M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$25.41M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$24.46M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$6.16M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$6.81M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$3.77M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$3.88M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.39M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.93M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.37M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.60M	USD	1 Quarter
Costs related to non-renewal of chief operating officer contract	`CostsRelatedToNon-RenewalOfFormerChiefExecutiveOfficerContract`	$1.19M	USD	1 Quarter
Costs related to non-renewal of chief operating officer contract	`CostsRelatedToNon-RenewalOfFormerChiefExecutiveOfficerContract`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$34.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$53.00K	USD	1 Quarter
Investment and other income, net	`InvestmentIncomeNonoperating`	$34.00K	USD	1 Quarter
Investment and other income, net	`InvestmentIncomeNonoperating`	$93.00K	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$540.00K	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.34M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$16.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$30.00K	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$-1.38M	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$524.00K	USD	1 Quarter
Change in unrealized gains and (losses) on marketable securities, net of income tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$4.00K	USD	1 Quarter
Change in unrealized gains and (losses) on marketable securities, net of income tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$15.00K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-1.36M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$528.00K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.30	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.30	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-1.38M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$524.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$40.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$52.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$69.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$66.00K	USD	1 Quarter
Gain on sale of marketable securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	$5.00K	USD	1 Quarter
Gain on sale of marketable securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	-	USD	1 Quarter
Bond premium amortization	`AmortizationOfDebtDiscountPremium`	$1.00K	USD	1 Quarter
Bond premium amortization	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Deferred income	`RecognitionOfDeferredRevenue`	$22.00K	USD	1 Quarter
Deferred income	`RecognitionOfDeferredRevenue`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.25M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$643.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.49M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.14M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractReceivablesNet`	-	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractReceivablesNet`	$64.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-61.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-31.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-2.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-2.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$549.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$394.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-331.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-50.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-30.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-8.00K	USD	1 Quarter
Income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	1 Quarter
Customer advances	`IncreaseDecreaseInCustomerAdvances`	$-81.00K	USD	1 Quarter
Customer advances	`IncreaseDecreaseInCustomerAdvances`	$11.00K	USD	1 Quarter
Liability associated with non-renewal of senior officers' contracts	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	$-578.00K	USD	1 Quarter
Liability associated with non-renewal of senior officers' contracts	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	$730.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.50M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-538.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$74.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$147.00K	USD	1 Quarter
Sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$6.00K	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	$98.00K	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	$4.00K	USD	1 Quarter
Sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	-	USD	1 Quarter
Sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$104.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-62.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-151.00K	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$402.00K	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$630.00K	USD	1 Quarter
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$66.00K	USD	1 Quarter
Stock option exercises	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Stock option exercises	`ProceedsFromStockOptionsExercised`	$1.00K	USD	1 Quarter
Restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$-1.00K	USD	1 Quarter
Restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	-	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$233.00K	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$233.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$398.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-570.00K	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.26M	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.16M	USD	1 Quarter
Cash and cash equivalents - Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$804.00K	USD	Point-in-time
Cash and cash equivalents - Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$450.00K	USD	Point-in-time
Cash and cash equivalents - Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Cash and cash equivalents - Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.96M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashAndCashEquivalentsAtCarryingValue`	$804.00K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashAndCashEquivalentsAtCarryingValue`	$450.00K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashAndCashEquivalentsAtCarryingValue`	$1.96M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$-52.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$-35.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$-16.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$-68.00K	USD	1 Quarter

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