10-Q Filing

ORBIT INTERNATIONAL CORP CIK: 74818 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001140361-14-021433`
Period End Date	20140331
Filing Date	20140515
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	orbt-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 26 Cash Flow Statement 62

Balance Sheet 68 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`	$610.00K	USD	Point-in-time
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`	$1.46M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.18M	USD	Point-in-time
Investments in marketable securities	`MarketableSecuritiesCurrent`	$239.00K	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`	$3.27M	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`	$11.78M	USD	Point-in-time
Inventories	`InventoryNet`	$11.80M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$263.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$264.00K	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$17.85M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	5.23M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$17.02M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	5.23M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$975.00K	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	4.52M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$761.00K	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	4.49M	shares	Point-in-time
Treasury stock, at cost (in shares)	`TreasuryStockShares`	711,000.00	shares	Point-in-time
Goodwill	`Goodwill`	$868.00K	USD	Point-in-time
Goodwill	`Goodwill`	$868.00K	USD	Point-in-time
Treasury stock, at cost (in shares)	`TreasuryStockShares`	738,000.00	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$40.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$35.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$18.68M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$19.73M	USD	Point-in-time
Note payable - bank	`NotesPayableToBankCurrent`	$2.10M	USD	Point-in-time
Note payable - bank	`NotesPayableToBankCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$510.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$582.00K	USD	Point-in-time
Liability associated with non-renewal of senior officer contract	`LiabilityAssociatedWithFormerChiefExecutiveOfficerCurrentPortion`	$32.00K	USD	Point-in-time
Liability associated with non-renewal of senior officer contract	`LiabilityAssociatedWithFormerChiefExecutiveOfficerCurrentPortion`	$36.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxes`	$34.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxes`	$25.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.15M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.00M	USD	Point-in-time
Customer advances	`CustomerAdvancesCurrent`	$298.00K	USD	Point-in-time
Customer advances	`CustomerAdvancesCurrent`	$17.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.84M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.95M	USD	Point-in-time
Note payable-bank	`NotesPayableToBankNoncurrent`	-	USD	Point-in-time
Note payable-bank	`NotesPayableToBankNoncurrent`	$1.97M	USD	Point-in-time
Liability associated with non-renewal of senior Officer contract, net of current portion	`EstimatedFormerOfficerCompensationLiabilityNoncurrent`	$4.00K	USD	Point-in-time
Liability associated with non-renewal of senior Officer contract, net of current portion	`EstimatedFormerOfficerCompensationLiabilityNoncurrent`	$1.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.84M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.92M	USD	Point-in-time
Common stock - $.10 par value, 10,000,000 shares authorized, 5,232,000 shares issued at 2014 and 2013, respectively, and 4,494,000 and 4,521,000 shares outstanding at 2014 and 2013, respectively	`CommonStockValue`	$523.00K	USD	Point-in-time
Common stock - $.10 par value, 10,000,000 shares authorized, 5,232,000 shares issued at 2014 and 2013, respectively, and 4,494,000 and 4,521,000 shares outstanding at 2014 and 2013, respectively	`CommonStockValue`	$523.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$22.82M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$22.85M	USD	Point-in-time
Treasury stock, at cost, 738,000 and 711,000 shares at 2014 and 2013, respectively	`TreasuryStockValue`	$2.13M	USD	Point-in-time
Treasury stock, at cost, 738,000 and 711,000 shares at 2014 and 2013, respectively	`TreasuryStockValue`	$2.23M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.00K	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.38M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.32M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.89M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.76M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$18.68M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$19.73M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$5.01M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$6.45M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$3.96M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$3.51M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.49M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.53M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.54M	USD	1 Quarter
Interest expense	`InterestExpense`	$17.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$11.00K	USD	1 Quarter
Investment and other income, net	`InvestmentIncomeNonoperating`	$10.00K	USD	1 Quarter
Investment and other income, net	`InvestmentIncomeNonoperating`	$3.00K	USD	1 Quarter
Loss before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-54.00K	USD	1 Quarter
Loss before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.04M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$18.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$26.00K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-1.06M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-80.00K	USD	1 Quarter
Change in unrealized gains on marketable securities, net of income tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$2.00K	USD	1 Quarter
Change in unrealized gains on marketable securities, net of income tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$4.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.06M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-76.00K	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.24	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.49M	shares	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.38M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.06M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-80.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$28.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$26.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$68.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$246.00K	USD	1 Quarter
(Gain) loss on sale of marketable securities	`MarketableSecuritiesRealizedGainLoss`	$3.00K	USD	1 Quarter
(Gain) loss on sale of marketable securities	`MarketableSecuritiesRealizedGainLoss`	$-2.00K	USD	1 Quarter
Bond (discount) premium amortization	`AmortizationOfDebtDiscountPremium`	$-2.00K	USD	1 Quarter
Bond (discount) premium amortization	`AmortizationOfDebtDiscountPremium`	$1.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.30M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$286.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-343.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-20.00K	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractReceivablesNet`	$9.00K	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractReceivablesNet`	-	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-1.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-18.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-14.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$5.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$41.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$72.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-165.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-145.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$9.00K	USD	1 Quarter
Customer advances	`IncreaseDecreaseInCustomerAdvances`	$-71.00K	USD	1 Quarter
Customer advances	`IncreaseDecreaseInCustomerAdvances`	$281.00K	USD	1 Quarter
Liability associated with non-renewal of senior officer contract	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	$-7.00K	USD	1 Quarter
Liability associated with non-renewal of senior officer contract	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	$-106.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-855.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.39M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$32.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$128.00K	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$143.00K	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$156.00K	USD	1 Quarter
Sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$150.00K	USD	1 Quarter
Sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$154.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-134.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-21.00K	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$92.00K	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$56.00K	USD	1 Quarter
Repayments of note payable - bank	`RepaymentsOfNotesPayable`	$624.00K	USD	1 Quarter
Repayments of note payable - bank	`RepaymentsOfNotesPayable`	$130.00K	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$8.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-688.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-222.00K	USD	1 Quarter
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$569.00K	USD	1 Quarter
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.10M	USD	1 Quarter
Cash and cash equivalents - Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$610.00K	USD	Point-in-time
Cash and cash equivalents - Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.56M	USD	Point-in-time
Cash and cash equivalents - Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.46M	USD	Point-in-time
Cash and cash equivalents - Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.18M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashAndCashEquivalentsAtCarryingValue`	$610.00K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashAndCashEquivalentsAtCarryingValue`	$2.56M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashAndCashEquivalentsAtCarryingValue`	$1.46M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of period	`CashAndCashEquivalentsAtCarryingValue`	$1.18M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$11.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$18.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$24.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$9.00K	USD	1 Quarter

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