ORFR.ob ($2.63) ORBIT/FR Reports Q4 and 2007 Results
Friday, March 28 2008 - 8:00
ORFR $2.63 $0.01 (%0.38)
HORSHAM, Pa., March 28 /PRNewswire-FirstCall/ -- ORBIT/FR, Inc. (OTC Bulletin Board: ORFR), a leading producer of sophisticated, automated microwave test and measurement systems for the aerospace/defense, wireless communication, automotive, and satellite industries, today reported results for the three months and year ended December 31, 2007.
The Company's revenues for the three months ended December 31, 2007 were approximately $7.3 million, as compared to $7.7 million for the three months ended December 31, 2006, and $8.3 million for the three months ended September 30, 2007. The Company's gross margin for the three months ended December 31, 2007, increased to 31.9% as compared to a gross margin of 30.8% for the three months ended December 31, 2006 and a gross margin of 29.3% for the three months ended September 30, 2007. The Company's operating income for the three months ended December 31, 2007 was $310,000 compared to December 31, 2006 operating income of $206,000 and a September 30, 2007 operating income of $296,000. The Company's net income for the three month periods ended December 31, 2007 and 2006 was $477,000 (or $0.08 per basic and diluted common share) and $550,000 (or $0.09 per basic and diluted common share), respectively compared to $322,000 (or $0.05 per basic and diluted common share) for the three months ended September 30, 2007.
The Company's revenues for the year ended December 31, 2007 decreased slightly to $29.3 million, from $29.4 million for the year ended December 31, 2006. Gross margin for the year December 31, 2007 increased to 31.6% as compared to 29.5% for the year December 31, 2006. The Company's operating income for the year ended December 31, 2007 was $953,000, compared to $1,004,000 for the year ended December 31, 2006. The Company's net income for the year ended December 31, 2007 was $1,092,000 (or $0.18 per basic and diluted common share), compared to a net income of $1,161,000 (or $0.19 per basic and diluted common share) recognized during the year ended December 31, 2006. Net income for the three month period ended December 31, 2007 includes an impairment charge of $80,000 to the value of goodwill.
Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the current intent, belief or expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements, including those regarding the ability to obtain new contracts, and future profitability involve a number of risks and uncertainties that could materially affect actual results. Such risks and uncertainties are identified in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2006 and Forms 10- Q. This press release, and all SEC filings are available at www.orbitfr.com
ORBIT/FR, Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
Three Months Ended Years Ended
Dec. 31, Sept. 30, Dec. 31, Dec. 31,
2007 2007 2006 2007 2006
Contract revenues $7,272 $8,302 $7,668 $29,292 $29,441
Cost of revenues 4,955 5,867 5,307 20,044 20,750
Gross profit 2,317 2,435 2,361 9,248 8,691
Operating expenses:
General and administrative 612 778 821 3,119 2,996
Sales and marketing 959 928 1,023 3,569 3,248
Research and development 436 433 311 1,607 1,443
Total operating expenses 2,007 2,139 2,155 8,295 7,687
Operating income 310 296 206 953 1,004
Impairment of costs in excess
of net assets acquired (80) -- -- (80) --
Other income (loss), net 16 99 45 223 96
Income before income taxes 246 395 251 1,096 1,100
Income tax expense (benefit) (231) 73 (299) 4 (61)
Net income $477 $322 $550 $1,092 $1,161
Basic and diluted income
per share $0.08 $0.05 $0.09 $0.18 $0.19
Weighted average number
common shares
- basic 6,001,573 6,001,573 6,001,573 6,001,573 6,001,573
common shares
- diluted 6,029,143 6,023,589 6,022,940 6,057,609 6,020,479
December 31, December 31,
Selected Financial Data (amounts in thousands) 2007 2006
Cash and cash equivalents $2,214 $3,901
Working capital 6,444 5,866
Total assets 17,370 17,527
Total liabilities, all current 8,297 9,648
Stockholders' equity 9,073 7,879
SOURCE ORBIT/FR, Inc.
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