Orbit International Corp., a Hauppauge-based maker of custom electronic components for the military and government markets, reported flat sales but higher net income for the fourth quarter, driven in part by a tax benefit, the company said Thursday.
Orbit posted net sales of $5.5 million for the quarter ended Dec. 31 versus $5.5 million for the 2015 period. But the company had net income of $828,000, or 20 cents per diluted share, compared to $583,000, or 14 cents per diluted share, in the year-earlier period.
Adding to the company’s bottom line was a $300,000 deferred tax benefit in the December quarter.
For the full year, Orbit reported net income of $1.4 million, or 33 cents per diluted share, versus $902,000, or 21 cents per diluted share in 2015.
“Overall, we completed a successful year with improved operating results, an increase in backlog year over year and strong operating cash flow,” president and chief executive Mitchell Binder said in a statement.
Shares of Orbit rose 1.4 percent to $4.34 late Thursday morning in over-the-counter trading. They are up close to 30 percent in the past 12 months.