10-Q Filing

ORBIT INTERNATIONAL CORP CIK: 74818 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001140361-14-032676`
Period End Date	20140630
Filing Date	20140814
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	orbt-20140630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 60 Cash Flow Statement 70

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$610.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$847.00K	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`	$2.67M	USD	Point-in-time
Accounts receivables, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$145.00K	USD	Point-in-time
Investments in marketable securities	`MarketableSecuritiesCurrent`	$243.00K	USD	Point-in-time
Investments in marketable securities	`MarketableSecuritiesCurrent`	$252.00K	USD	Point-in-time
Accounts receivable (less allowance for doubtful accounts of $145,000)	`AccountsReceivableNetCurrent`	$2.40M	USD	Point-in-time
Accounts receivable (less allowance for doubtful accounts of $145,000)	`AccountsReceivableNetCurrent`	$2.98M	USD	Point-in-time
Inventories	`InventoryNet`	$11.19M	USD	Point-in-time
Inventories	`InventoryNet`	$11.80M	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
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$218.00K	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$264.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.73M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	5.23M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	5.22M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$17.85M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	4.49M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	4.52M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$975.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$724.00K	USD	Point-in-time
Goodwill	`Goodwill`	$868.00K	USD	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
Treasury stock, at cost (in shares)	`TreasuryStockShares`	738,000.00	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$35.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$40.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$18.36M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$19.73M	USD	Point-in-time
Line of Credit	`LinesOfCreditCurrent`	$2.10M	USD	Point-in-time
Line of Credit	`LinesOfCreditCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$523.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$510.00K	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`	$20.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxes`	$25.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxes`	$13.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.15M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.07M	USD	Point-in-time
Customer advances	`CustomerAdvancesCurrent`	$17.00K	USD	Point-in-time
Customer advances	`CustomerAdvancesCurrent`	$177.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.84M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.81M	USD	Point-in-time
Line of Credit	`LongTermLineOfCredit`	$1.89M	USD	Point-in-time
Line of Credit	`LongTermLineOfCredit`	-	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$48.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Liability associated with non-renewal of senior officer contract, net of current portion	`EstimatedFormerOfficerCompensationLiabilityNoncurrent`	-	USD	Point-in-time
Liability associated with non-renewal of senior officer contract, net of current portion	`EstimatedFormerOfficerCompensationLiabilityNoncurrent`	$4.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.84M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.74M	USD	Point-in-time
Common stock - $.10 par value, 10,000,000 shares authorized, 5,223,000 and 5,232,000 shares issued at June 30, 2014 and December 31, 2013, respectively, and 4,485,000 and 4,521,000 shares outstanding at June 30, 2014 and December 31, 2013, respectively	`CommonStockValue`	$522.00K	USD	Point-in-time
Common stock - $.10 par value, 10,000,000 shares authorized, 5,223,000 and 5,232,000 shares issued at June 30, 2014 and December 31, 2013, respectively, and 4,485,000 and 4,521,000 shares outstanding at June 30, 2014 and December 31, 2013, respectively	`CommonStockValue`	$523.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$22.88M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$22.82M	USD	Point-in-time
Treasury stock, at cost, 738,000 and 711,000 shares at June 30, 2014 and December 31, 2013, respectively	`TreasuryStockValue`	$2.23M	USD	Point-in-time
Treasury stock, at cost, 738,000 and 711,000 shares at June 30, 2014 and December 31, 2013, respectively	`TreasuryStockValue`	$2.13M	USD	Point-in-time
Accumulated other comprehensive (loss), net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.00K	USD	Point-in-time
Accumulated other comprehensive (loss), net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.55M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.32M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.62M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.89M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$19.73M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$18.36M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$12.92M	USD	2 Qtrs
Net sales	`SalesRevenueGoodsNet`	$10.40M	USD	2 Qtrs
Net sales	`SalesRevenueGoodsNet`	$6.47M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$5.40M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$7.93M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$6.67M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$3.98M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$3.16M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.74M	USD	2 Qtrs
Gross profit	`GrossProfit`	$2.24M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.99M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.38M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.35M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.93M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.89M	USD	2 Qtrs
Interest expense	`InterestExpense`	$15.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$21.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$10.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$32.00K	USD	2 Qtrs
Investment and other (income) expense, net	`InvestmentIncomeNonoperating`	$-3.00K	USD	1 Quarter
Investment and other (income) expense, net	`InvestmentIncomeNonoperating`	$2.00K	USD	1 Quarter
Investment and other (income) expense, net	`InvestmentIncomeNonoperating`	$7.00K	USD	2 Qtrs
Investment and other (income) expense, net	`InvestmentIncomeNonoperating`	$5.00K	USD	2 Qtrs
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.20M	USD	2 Qtrs
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$129.00K	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-160.00K	USD	1 Quarter
(Loss) income before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$75.00K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$20.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$29.00K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$46.00K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$11.00K	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$29.00K	USD	2 Qtrs
NET (LOSS) INCOME	`NetIncomeLoss`	$109.00K	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$-171.00K	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$-1.23M	USD	2 Qtrs
Change in unrealized gains on marketable securities, net of income tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$6.00K	USD	2 Qtrs
Change in unrealized gains on marketable securities, net of income tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$6.00K	USD	2 Qtrs
Change in unrealized gains on marketable securities, net of income tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$4.00K	USD	1 Quarter
Change in unrealized gains on marketable securities, net of income tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$2.00K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-167.00K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$35.00K	USD	2 Qtrs
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-1.23M	USD	2 Qtrs
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$111.00K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.01	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.28	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.01	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.28	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.37M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.42M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.46M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.38M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.49M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.38M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.46M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.37M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$29.00K	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$109.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-171.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-1.23M	USD	2 Qtrs
Share-based compensation expense	`ShareBasedCompensation`	$28.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$52.00K	USD	2 Qtrs
Share-based compensation expense	`ShareBasedCompensation`	$26.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$56.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$140.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$308.00K	USD	2 Qtrs
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	2 Qtrs
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-11.00K	USD	2 Qtrs
(Gain) loss on sale of marketable securities	`MarketableSecuritiesRealizedGainLoss`	$3.00K	USD	2 Qtrs
(Gain) loss on sale of marketable securities	`MarketableSecuritiesRealizedGainLoss`	$-2.00K	USD	2 Qtrs
Bond (discount) premium amortization	`AmortizationOfDebtDiscountPremium`	$-2.00K	USD	2 Qtrs
Bond (discount) premium amortization	`AmortizationOfDebtDiscountPremium`	$6.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.19M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-579.00K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-615.00K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-568.00K	USD	2 Qtrs
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractReceivablesNet`	$124.00K	USD	2 Qtrs
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractReceivablesNet`	-	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-78.00K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-46.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-29.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$5.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-200.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$13.00K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-53.00K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-74.00K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-12.00K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$21.00K	USD	2 Qtrs
Customer advances	`IncreaseDecreaseInCustomerAdvances`	$-61.00K	USD	2 Qtrs
Customer advances	`IncreaseDecreaseInCustomerAdvances`	$160.00K	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	-	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$48.00K	USD	2 Qtrs
Liability associated with non-renewal of senior officer contract	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	$-20.00K	USD	2 Qtrs
Liability associated with non-renewal of senior officer contract	`IncreaseDecreaseInEstimatedFormerOfficerCompensationLiability`	$-218.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$483.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.46M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$68.00K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$156.00K	USD	2 Qtrs
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$500.00K	USD	2 Qtrs
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$151.00K	USD	2 Qtrs
Sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$502.00K	USD	2 Qtrs
Sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$150.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-66.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-157.00K	USD	2 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$92.00K	USD	2 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$325.00K	USD	2 Qtrs
Repayments of note payable - bank	`RepaymentsOfNotesPayable`	$215.00K	USD	2 Qtrs
Repayments of note payable - bank	`RepaymentsOfNotesPayable`	$724.00K	USD	2 Qtrs
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	-	USD	2 Qtrs
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$16.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.06M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-307.00K	USD	2 Qtrs
NET INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$110.00K	USD	2 Qtrs
NET INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$237.00K	USD	2 Qtrs
Cash and cash equivalents - Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$610.00K	USD	Point-in-time
Cash and cash equivalents - Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$847.00K	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`	$2.67M	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`	$847.00K	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`	$2.67M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$34.00K	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	$22.00K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$41.00K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$25.00K	USD	2 Qtrs

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