10-K Filing

ORBIT INTERNATIONAL CORP CIK: 74818 FY 2013

Filing Information

Form Type	10-K
Accession Number	`0001140361-14-014769`
Period End Date	20131231
Filing Date	20140331
Fiscal Year	2013
Fiscal Period	FY
XBRL Instance	orbt-20131231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 34 Cash Flow Statement 68 Stockholders Equity 18

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Accounts receivables, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$145.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.56M	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
Investments in marketable securities	`MarketableSecuritiesCurrent`	$251.00K	USD	Point-in-time
Investments in marketable securities	`MarketableSecuritiesCurrent`	$243.00K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $145,000	`AccountsReceivableNetCurrent`	$2.98M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $145,000	`AccountsReceivableNetCurrent`	$5.37M	USD	Point-in-time
Inventories	`InventoryNet`	$13.27M	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`	$11.80M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$875.00K	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, 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
Common stock, issued (in shares)	`CommonStockSharesIssued`	5.23M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	5.10M	shares	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetCurrent`	$447.00K	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$252.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$264.00K	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	4.52M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	4.51M	shares	Point-in-time
Treasury stock, at cost (in shares)	`TreasuryStockShares`	587,000.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$17.85M	USD	Point-in-time
Treasury stock, at cost (in shares)	`TreasuryStockShares`	711,000.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$21.08M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.10M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$975.00K	USD	Point-in-time
Goodwill	`Goodwill`	$868.00K	USD	Point-in-time
Goodwill	`Goodwill`	$868.00K	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetNoncurrent`	$1.81M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetNoncurrent`	-	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$125.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$35.00K	USD	Point-in-time
Total Assets	`Assets`	$19.73M	USD	Point-in-time
Total Assets	`Assets`	$24.98M	USD	Point-in-time
Note payable - bank	`NotesPayableToBankCurrent`	$2.10M	USD	Point-in-time
Note payable - bank	`NotesPayableToBankCurrent`	$3.32M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$33.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$510.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$741.00K	USD	Point-in-time
Liability associated with non-renewal of senior officer contract	`LiabilityAssociatedWithFormerChiefExecutiveOfficerCurrentPortion`	$36.00K	USD	Point-in-time
Liability associated with non-renewal of senior officer contract	`LiabilityAssociatedWithFormerChiefExecutiveOfficerCurrentPortion`	$661.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxes`	$2.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxes`	$25.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.29M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.15M	USD	Point-in-time
Customer advances	`CustomerAdvancesCurrent`	$17.00K	USD	Point-in-time
Customer advances	`CustomerAdvancesCurrent`	$88.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.14M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.84M	USD	Point-in-time
Liability associated with non-renewal of senior officer contract, net of current portion	`EstimatedFormerOfficerCompensationLiabilityNoncurrent`	$41.00K	USD	Point-in-time
Liability associated with non-renewal of senior officer contract, net of current portion	`EstimatedFormerOfficerCompensationLiabilityNoncurrent`	$4.00K	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$8.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.84M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.19M	USD	Point-in-time
Common stock, $.10 par value, 10,000,000 shares authorized, 5,232,000 and 5,102,000 shares issued at 2013 and 2012, respectively and 4,521,000 and 4,515,000 shares outstanding at 2013 and 2012, respectively	`CommonStockValue`	$510.00K	USD	Point-in-time
Common stock, $.10 par value, 10,000,000 shares authorized, 5,232,000 and 5,102,000 shares issued at 2013 and 2012, respectively and 4,521,000 and 4,515,000 shares outstanding at 2013 and 2012, respectively	`CommonStockValue`	$523.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$22.82M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$22.73M	USD	Point-in-time
Treasury stock, at cost, 711,000 and 587,000 shares at 2013 and 2012, respectively	`TreasuryStockValue`	$1.70M	USD	Point-in-time
Treasury stock, at cost, 711,000 and 587,000 shares at 2013 and 2012, respectively	`TreasuryStockValue`	$2.13M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.75M	USD	Point-in-time
Stockholders' equity	`StockholdersEquity`	$19.48M	USD	Point-in-time
Stockholders' equity	`StockholdersEquity`	$15.89M	USD	Point-in-time
Stockholders' equity	`StockholdersEquity`	$18.78M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$24.98M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$19.73M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$24.84M	USD	Annual
Net sales	`SalesRevenueGoodsNet`	$29.44M	USD	Annual
Cost of sales	`CostOfGoodsSold`	$15.49M	USD	Annual
Cost of sales	`CostOfGoodsSold`	$17.78M	USD	Annual
Gross profit	`GrossProfit`	$9.34M	USD	Annual
Gross profit	`GrossProfit`	$11.66M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.54M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.73M	USD	Annual
Costs related to non-renewal of senior officer contract	`CostsRelatedToNonRenewalOfFormerChiefExecutiveOfficerContract`	-	USD	Annual
Costs related to non-renewal of senior officer contract	`CostsRelatedToNonRenewalOfFormerChiefExecutiveOfficerContract`	$1.19M	USD	Annual
Restructuring costs	`RestructuringCharges`	$29.00K	USD	Annual
Restructuring costs	`RestructuringCharges`	-	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	$820.00K	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	-	USD	Annual
Interest expense	`InterestExpense`	$59.00K	USD	Annual
Interest expense	`InterestExpense`	$124.00K	USD	Annual
Investment and other income, net	`InvestmentIncomeNonoperating`	$22.00K	USD	Annual
Investment and other income, net	`InvestmentIncomeNonoperating`	$144.00K	USD	Annual
Total expenses, net	`CostsAndExpenses`	$11.73M	USD	Annual
Total expenses, net	`CostsAndExpenses`	$9.61M	USD	Annual
Loss before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-263.00K	USD	Annual
Loss before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-65.00K	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$2.31M	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$70.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.57M	USD	Annual
Net loss	`NetIncomeLoss`	$-135.00K	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`	$-2.00K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.57M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-120.00K	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.58	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.58	USD	Annual

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.57M	USD	Annual
Net loss	`NetIncomeLoss`	$-135.00K	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	$820.00K	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	-	USD	Annual
Share-based compensation expense	`ShareBasedCompensation`	$211.00K	USD	Annual
Share-based compensation expense	`ShareBasedCompensation`	$111.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$463.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$288.00K	USD	Annual
Bond premium amortization	`AmortizationOfDebtDiscountPremium`	$2.00K	USD	Annual
Bond premium amortization	`AmortizationOfDebtDiscountPremium`	$10.00K	USD	Annual
Deferred tax expense	`DeferredIncomeTaxExpenseBenefit`	-	USD	Annual
Deferred tax expense	`DeferredIncomeTaxExpenseBenefit`	$2.25M	USD	Annual
Gain on sale of marketable securities	`MarketableSecuritiesRealizedGainLoss`	$5.00K	USD	Annual
Gain on sale of marketable securities	`MarketableSecuritiesRealizedGainLoss`	$7.00K	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$431.00K	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.39M	USD	Annual
Decrease (increase) in inventories	`IncreaseDecreaseInInventories`	$-1.47M	USD	Annual
Decrease (increase) in inventories	`IncreaseDecreaseInInventories`	$721.00K	USD	Annual
Decrease (increase) in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractReceivablesNet`	$-875.00K	USD	Annual
Decrease (increase) in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractReceivablesNet`	$875.00K	USD	Annual
Increase in other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$2.00K	USD	Annual
Increase in other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$12.00K	USD	Annual
Decrease (increase) in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$26.00K	USD	Annual
Decrease (increase) in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-90.00K	USD	Annual
(Decrease) increase in liability associated with non-renewal of senior officer contract	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	$-662.00K	USD	Annual
(Decrease) increase in liability associated with non-renewal of senior officer contract	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	$79.00K	USD	Annual
Decrease in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-231.00K	USD	Annual
Decrease in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-63.00K	USD	Annual
(Decrease) increase in customer advances	`IncreaseDecreaseInCustomerAdvances`	$73.00K	USD	Annual
(Decrease) increase in customer advances	`IncreaseDecreaseInCustomerAdvances`	$-71.00K	USD	Annual
Increase (decrease) in taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-28.00K	USD	Annual
Increase (decrease) in taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$23.00K	USD	Annual
Decrease in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-141.00K	USD	Annual
Decrease in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-145.00K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.98M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-954.00K	USD	Annual
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$553.00K	USD	Annual
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$110.00K	USD	Annual
Proceeds from sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$113.00K	USD	Annual
Proceeds from sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$557.00K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$373.00K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$339.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-370.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-335.00K	USD	Annual
Restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$671.00K	USD	Annual
Restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	-	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$785.00K	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$433.00K	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$41.00K	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$3.05M	USD	Annual
(Repayments) proceeds of note payable-bank	`RepaymentsOfNotesPayable`	$-3.32M	USD	Annual
(Repayments) proceeds of note payable-bank	`RepaymentsOfNotesPayable`	$1.22M	USD	Annual
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	Annual
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$65.00K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$225.00K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.70M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.10M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.95M	USD	Annual
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.56M	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`	$610.00K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$2.56M	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 paid during the year for interest	`InterestPaid`	$130.00K	USD	Annual
Cash paid during the year for interest	`InterestPaid`	$61.00K	USD	Annual
Cash paid during the year for income taxes	`IncomeTaxesPaid`	$98.00K	USD	Annual
Cash paid during the year for income taxes	`IncomeTaxesPaid`	$32.00K	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`	$19.48M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$18.78M	USD	Point-in-time
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$111.00K	USD	Annual
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$211.00K	USD	Annual
Issuance of restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Purchase of treasury stock	`TreasuryStockValueAcquiredCostMethod`	$433.00K	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`	$-2.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.57M	USD	Annual
Net loss	`NetIncomeLoss`	$-135.00K	USD	Annual
Balance	`StockholdersEquity`	$19.48M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$18.78M	USD	Point-in-time

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