10-K Filing

ORBIT INTERNATIONAL CORP CIK: 74818 FY 2012

Filing Information

Form Type	10-K
Accession Number	`0001140361-13-014602`
Period End Date	20121231
Filing Date	20130329
Fiscal Year	2012
Fiscal Period	FY
XBRL Instance	orbt-20121231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 32 Cash Flow Statement 76 Stockholders Equity 18

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
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`	$1.71M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$610.00K	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	`MarketableSecuritiesCurrent`	$228.00K	USD	Point-in-time
Investments in marketable securities	`MarketableSecuritiesCurrent`	$251.00K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $145,000	`AccountsReceivableNetCurrent`	$5.37M	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
Accounts receivable, less allowance for doubtful accounts of $145,000	`AccountsReceivableNetCurrent`	$4.94M	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
Inventories	`InventoryNet`	$13.27M	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`	$875.00K	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	-	USD	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
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	4.73M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	4.51M	shares	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetCurrent`	$447.00K	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetCurrent`	$527.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$252.00K	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`	587,000.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$21.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$20.88M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.10M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.01M	USD	Point-in-time
Goodwill	`Goodwill`	$868.00K	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`	$1.81M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$125.00K	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`	$24.98M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$931.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$33.00K	USD	Point-in-time
Notes payable - bank	`NotesPayableToBankCurrent`	-	USD	Point-in-time
Notes payable - bank	`NotesPayableToBankCurrent`	$3.32M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$804.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$741.00K	USD	Point-in-time
Liability associated with non-renewal of senior officers' contracts	`LiabilityAssociatedWithFormerChiefExecutiveOfficerCurrentPortion`	$623.00K	USD	Point-in-time
Liability associated with non-renewal of senior officers' contracts	`LiabilityAssociatedWithFormerChiefExecutiveOfficerCurrentPortion`	$661.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxes`	$2.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxes`	$30.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.29M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.44M	USD	Point-in-time
Customer advances	`CustomerAdvancesCurrent`	$88.00K	USD	Point-in-time
Customer advances	`CustomerAdvancesCurrent`	$15.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.84M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.14M	USD	Point-in-time
Liability associated with non-renewal of senior officers' contracts, net of current portion	`EstimatedFormerOfficerCompensationLiabilityNoncurrent`	-	USD	Point-in-time
Liability associated with non-renewal of senior officers' contracts, net of current portion	`EstimatedFormerOfficerCompensationLiabilityNoncurrent`	$41.00K	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`	$8.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$6.19M	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 shares issued at 2012 and 2011 and 4,515,000 and 4,733,000 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 shares issued at 2012 and 2011 and 4,515,000 and 4,733,000 shares outstanding at 2012 and 2011, respectively	`CommonStockValue`	$510.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$22.73M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$22.52M	USD	Point-in-time
Treasury stock, at cost, 587,000 and 369,000 shares at 2012 and 2011, respectively	`TreasuryStockValue`	$1.70M	USD	Point-in-time
Treasury stock, at cost, 587,000 and 369,000 shares at 2012 and 2011, respectively	`TreasuryStockValue`	$915.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-18.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.75M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.61M	USD	Point-in-time
Stockholders' equity	`StockholdersEquity`	$18.78M	USD	Point-in-time
Stockholders' equity	`StockholdersEquity`	$16.21M	USD	Point-in-time
Stockholders' equity	`StockholdersEquity`	$19.48M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$24.98M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$25.41M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$31.04M	USD	Annual
Net sales	`SalesRevenueGoodsNet`	$29.44M	USD	Annual
Cost of sales	`CostOfGoodsSold`	$17.78M	USD	Annual
Cost of sales	`CostOfGoodsSold`	$17.81M	USD	Annual
Gross profit	`GrossProfit`	$13.23M	USD	Annual
Gross profit	`GrossProfit`	$11.66M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.96M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.73M	USD	Annual
Costs related to non-renewal of senior officer contract	`CostsRelatedToNonRenewalOfFormerChiefExecutiveOfficerContract`	$1.19M	USD	Annual
Costs related to non-renewal of senior officer contract	`CostsRelatedToNonRenewalOfFormerChiefExecutiveOfficerContract`	-	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	-	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	$820.00K	USD	Annual
Interest expense	`InterestExpense`	$189.00K	USD	Annual
Interest expense	`InterestExpense`	$124.00K	USD	Annual
Investment and other income, net	`InvestmentIncomeNonoperating`	$144.00K	USD	Annual
Investment and other income, net	`InvestmentIncomeNonoperating`	$149.00K	USD	Annual
Total expenses, net	`CostsAndExpenses`	$11.73M	USD	Annual
Total expenses, net	`CostsAndExpenses`	$9.99M	USD	Annual
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.23M	USD	Annual
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-65.00K	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$87.00K	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$70.00K	USD	Annual
Net (loss) income	`NetIncomeLoss`	$3.15M	USD	Annual
Net (loss) income	`NetIncomeLoss`	$-135.00K	USD	Annual
Other comprehensive income (loss): change in unrealized gains and (losses) on marketable securities, net of income tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$15.00K	USD	Annual
Other comprehensive income (loss): change in unrealized gains and (losses) on marketable securities, net of income tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-37.00K	USD	Annual
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$3.11M	USD	Annual
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-120.00K	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.67	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.67	USD	Annual

Cash Flow Statement 76 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-135.00K	USD	Annual
Net (loss) income	`NetIncomeLoss`	$3.15M	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	-	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	$820.00K	USD	Annual
Share-based compensation expense	`ShareBasedCompensation`	$211.00K	USD	Annual
Share-based compensation expense	`ShareBasedCompensation`	$152.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$270.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$288.00K	USD	Annual
Bond premium amortization	`AmortizationOfDebtDiscountPremium`	$1.00K	USD	Annual
Bond premium amortization	`AmortizationOfDebtDiscountPremium`	$2.00K	USD	Annual
Loss of fixed asset disposal	`GainLossOnSaleOfPropertyPlantEquipment`	$-8.00K	USD	Annual
Loss of fixed asset disposal	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	Annual
Gain on sale of marketable securities	`MarketableSecuritiesRealizedGainLoss`	$45.00K	USD	Annual
Gain on sale of marketable securities	`MarketableSecuritiesRealizedGainLoss`	$5.00K	USD	Annual
Deferred income	`RecognitionOfDeferredRevenue`	-	USD	Annual
Deferred income	`RecognitionOfDeferredRevenue`	$86.00K	USD	Annual
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.01M	USD	Annual
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$431.00K	USD	Annual
Increase in inventories	`IncreaseDecreaseInInventories`	$923.00K	USD	Annual
Increase in inventories	`IncreaseDecreaseInInventories`	$721.00K	USD	Annual
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractReceivablesNet`	$875.00K	USD	Annual
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractReceivablesNet`	$-468.00K	USD	Annual
(Increase) decrease in other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$2.00K	USD	Annual
(Increase) decrease in other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-793.00K	USD	Annual
(Increase) decrease in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-7.00K	USD	Annual
(Increase) decrease in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$26.00K	USD	Annual
Increase (decrease) in liability associated with non-renewal of senior officer's contracts	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	$79.00K	USD	Annual
Increase (decrease) in liability associated with non-renewal of senior officer's contracts	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	$-1.06M	USD	Annual
(Decrease) increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$10.00K	USD	Annual
(Decrease) increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-63.00K	USD	Annual
Increase (decrease) in customer advances	`IncreaseDecreaseInCustomerAdvances`	$73.00K	USD	Annual
Increase (decrease) in customer advances	`IncreaseDecreaseInCustomerAdvances`	$-103.00K	USD	Annual
(Decrease) increase in taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-28.00K	USD	Annual
(Decrease) increase in taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$30.00K	USD	Annual
(Decrease) increase in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-141.00K	USD	Annual
(Decrease) increase in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$299.00K	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.95M	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-954.00K	USD	Annual
Proceeds from sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$156.00K	USD	Annual
Proceeds from sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$113.00K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$130.00K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$373.00K	USD	Annual
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$252.00K	USD	Annual
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$110.00K	USD	Annual
Sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$6.00K	USD	Annual
Sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	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 investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-216.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-370.00K	USD	Annual
Restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$671.00K	USD	Annual
Restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$-671.00K	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$785.00K	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$3.05M	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$931.00K	USD	Annual
Proceeds from issuance of note payable-bank	`RepaymentsOfNotesPayable`	$-3.32M	USD	Annual
Proceeds from issuance of note payable-bank	`RepaymentsOfNotesPayable`	$387.00K	USD	Annual
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	Annual
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$65.00K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.00K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.99M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$225.00K	USD	Annual
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-255.00K	USD	Annual
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.10M	USD	Annual
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$610.00K	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.96M	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`	$610.00K	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`	$193.00K	USD	Annual
Cash paid during the year for interest	`InterestPaid`	$130.00K	USD	Annual
Cash paid during the year for income taxes	`IncomeTaxesPaid`	$98.00K	USD	Annual
Cash paid during the year for income taxes	`IncomeTaxesPaid`	$57.00K	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Common stock, share authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Common stock, share authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Common stock, share authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Balance	`StockholdersEquity`	$18.78M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.21M	USD	Point-in-time
Balance	`StockholdersEquity`	$19.48M	USD	Point-in-time
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$211.00K	USD	Annual
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$152.00K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.00K	USD	Annual
Tax benefit of stock option exercise	`AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet`	$2.00K	USD	Annual
Purchase of Treasury Stock	`TreasuryStockValueAcquiredCostMethod`	$785.00K	USD	Annual
Change in unrealized gains and losses on marketable securities, net of income tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$15.00K	USD	Annual
Change in unrealized gains and losses on marketable securities, net of income tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-37.00K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-135.00K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$3.15M	USD	Annual
Balance	`StockholdersEquity`	$18.78M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.21M	USD	Point-in-time
Balance	`StockholdersEquity`	$19.48M	USD	Point-in-time

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