Orbit International net income boosted by tax benefit
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.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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