HORSHAM, Pa., March 28 /PRNewswire-FirstCall/ -- ORBIT/FR, Inc. (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, 2006.
The Company's revenues for the three months ended December 31, 2006 increased approximately 19% to $7.7 million, from $6.4 million for the three months ended December 31, 2005, and increased approximately 10% from $6.9 million for the three months ended September 30, 2006. The Company's gross margin for the three months ended December 31, 2006, and September 30, 2006 were 31% compared to 33% for the three months ended December 31, 2005. The Company's operating income for the three months ended December 31, 2006 was $206,000, compared to $232,000 for the three months ended December 31, 2005, and $344,000 for the three months ended September 30, 2006. The Company's net income for the three month periods ended December 31, 2006 and 2005 was $550,000 (or $0.09 per basic and diluted common share), compared to $243,000 (or $0.04 per basic and diluted common share) for the three months ended September 30, 2006.
The Company's revenues for the year ended December 31, 2006 increased approximately 29% to $29.4 million, from $22.9 million for the year ended December 31, 2005. The Company's 2006 revenues included approximately $3 million as a result of significant deliveries made by a large subcontractor. The Company's gross margin for the year December 31, 2006 was 30% compared to 32% the year December 31, 2005. The Company's operating income for the year ended December 31, 2006 was approximately $1.0 million, compared to $425,000 for the year ended December 31, 2005. The Company's net income for the year ended December 31, 2006 was approximately $1.2 (or $0.19 per basic and diluted common share), compared to a net income of $618,000 (or $0.10 per basic and diluted common share) recognized during the year ended December 31, 2005.
"I am pleased with our 2006 results which demonstrate growth in both revenues and net income," commented Israel Adan, President and Chief Executive Officer.
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, 2005 and Forms 10-Q. This press release, and all SEC filings are available at http://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,
2006 2006 2005 2006 2005
Contract revenues $7,668 $6,964 $6,435 $ 29,441 $ 22,905
Cost of revenues 5,307 4,843 4,317 20,750 15,540
Gross profit 2,361 2,121 2,118 8,691 7,365
Operating expenses:
General and
administrative 821 653 634 2,996 2,427
Sales and
marketing 1,023 732 890 3,248 3,325
Research and
development 311 392 362 1,443 1,188
Total operating
expenses 2,155 1,777 1,886 7,687 6,940
Operating income 206 344 232 1,004 425
Other income (loss),
net 45 (1) (3) 96 (51)
Income before income
taxes 251 343 229 1,100 374
Income tax expense
(benefit) (299) 100 (321) (61) (244)
Net income $ 550 $ 243 $ 550 $ 1,161 $ 618
Basic and diluted
income per share $ 0.09 $ 0.04 $ 0.09 $ 0.19 $ 0.10
Basic and diluted
income per share $ 0.09 $ 0.04 $ 0.09 $ 0.19 $ 0.10
Weighted average
number common
shares - basic 6,001,573 6,001,573 6,001,573 6,001,573 6,001,573
common shares -
diluted 6,022,940 6,022,829 6,001,573 6,020,479 6,001,573
December 31, December 31,
Selected Financial Data (amounts in thousands) 2006 2005
Cash and cash equivalents $ 3,901 $ 3,188
Working capital 5,927 4,598
Total assets 17,773 14,531
Total liabilities, all current 9,894 7,813
Stockholders' equity 7,879 6,718
