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| [February 28, 2013] |
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Orbit International Corp. to Report 2012 Fourth Quarter Results and Conduct Conference Call on Thursday, March 7th
HAUPPAUGE, N.Y. --(Business Wire)--
Orbit International Corp. (NASDAQ:ORBT) today announced that it will
release its financial results for the fourth quarter and year ended
December 31, 2012 on Thursday, March 7, 2013 before the opening of the
stock market.
Orbit's Chief Executive Officer, Mitchell Binder and Chief Financial
Officer, David Goldman will host a conference call for investors at
11:00 am ET on Thursday, March 7, 2013 to discuss the financial results.
Interested parties may participate in the call by dialing (201)
493-6744; please call in 10 minutes before the conference call is
scheduled to begin and ask for the Orbit International conference call.
After opening remarks, there will be a question and answer period.
Questions may be asked during the live call, or alternatively, you may
e-mail questions in advance to lcati@equityny.com.
In connection with the planned release of 2012 fourth quarter and full
year results, the Company announced that it will record a non-cash
goodwill impairment charge of $820,000 representing the remaining
goodwill associated with its Tulip Development Laboratory, Inc. ("TDL")
subsidiary which Orbit acquired in April 2005.
Excluding the non-cash goodwill impairment charge, but subject to
completion of the year-end audit, the Company expects net income per
diluted share for the 2012 fourth quarter to equal or exceed the $0.17
per diluted share reported in the 2012 third quarter, reflecting the
strong operating performance of Orbit's other operating units.
Mr. Binder commented, "Several TDL orders which we expected before 2012
year-ed have been delayed due to ongoing qualification stage efforts or
other factors beyond our control. Of the larger TDL orders that we
anticipated for late 2012, only one, a major helicopter order with a
value of $1,143,000 has been received to date. While we continue to
expect to receive the other orders, timing is uncertain. Consequently,
as required by ASC (News - Alert) 350, following the annual goodwill impairment
testing, we will now write-off the remaining intangible value in our TDL
subsidiary."
Mr. Binder concluded, "With this charge, all goodwill for our TDL and
Integrated Combat Systems, Inc. subsidiaries has now been written-off.
Furthermore, excluding the impairment charge, we expect our 2012 fourth
quarter operating performance to equal or exceed our 2012 third quarter
performance."
Orbit International Corp. is involved in the manufacture of customized
electronic components and subsystems for military and nonmilitary
government applications through its production facilities in Hauppauge,
New York, and Quakertown, Pennsylvania; and designs and manufactures
combat systems and gun weapons systems, provides system integration and
integrated logistics support and documentation control at its facilities
in Louisville, Kentucky. Its Behlman Electronics, Inc. subsidiary
manufactures and sells high quality commercial power units, AC power
sources, frequency converters, uninterruptible power supplies and COTS
power solutions.
Certain matters discussed in this news release and oral statements made
from time to time by representatives of the Company including,
statements regarding our expectations of Orbit's operating plans,
deliveries under contracts and strategies generally; statements
regarding our expectations of the performance of our business;
expectations regarding costs and revenues, future operating results,
additional orders, future business opportunities and continued growth,
may constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and the Federal
securities laws. Although Orbit believes that the expectations reflected
in such forward-looking statements are based upon reasonable
assumptions, it can give no assurance that its expectations will be
achieved.
Forward-looking information is subject to certain risks, trends and
uncertainties that could cause actual results to differ materially from
those projected. Many of these factors are beyond Orbit International's
ability to control or predict. Important factors that may cause actual
results to differ materially and that could impact Orbit International
and the statements contained in this news release can be found in
Orbit's filings with the Securities and Exchange Commission including
quarterly reports on Form 10-Q, current reports on Form 8-K, annual
reports on Form 10-K and its other periodic reports. For forward-looking
statements in this news release, Orbit claims the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. Orbit assumes no obligation to
update or supplement any forward-looking statements whether as a result
of new information, future events or otherwise.
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