Orbit International Corp.'s share price on Thursday recovered somewhat from last month's downward jolt.
The Hauppauge defense contractor's shares increased in price Thursday by about 9.5 percent to close at $3.45.
Thursday's recovery came after Orbit had trouble last month making its fourth-quarter payment on a line of credit. The trouble was due to the unexpected costs of the “non-renewal” of chief executive Dennis Sunshine's contract.
Orbit disclosed Thursday that its lender dealt with the fourth-quarter payment shortfall by levying a $10,000 penalty -- but it left unchanged the interest rate and term on the company's line of credit.
A company news release did not give further details on the line of credit.
The financial liabilities associated with Sunshine's departure had sent Orbit shares into a slide of nearly 16 percent to a March 10 closing price of $3.08.
Photo: Orbit's former chief executive, Dennis Sunshine.