Orbit International, Hauppauge
Orbit International, Hauppauge
defense and industrial electronics maker
Quarter: Ended March 31
Net income: Loss of $647,000, compared with loss of $353,000 in the same quarter last year.
Net revenue: $5.5 million, compared with $6 million in the year-ago quarter.
Outlook: Dennis Sunshine, president and CEO, said: "We are pursuing a number of program opportunities that should have a positive impact on our backlog and our operational results for the remainder of 2010 and beyond. "
Company statement: "This [first-quarter] shortfall can be attributed to . . . timing issues. Both net sales and profitability were adversely affected by approximately $2.5 million of production orders previously scheduled for delivery in the first three quarters" but delayed by customers.
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