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05 Nov 15. Orbit International Corp. (OTC PINK: ORBT) announced results for the third quarter and nine months ended September 30, 2015.
Third Quarter 2015 vs. Third Quarter 2014
• Net sales were $5,217,000, as compared to $4,800,000.
• Gross margin was 37.5%, as compared to 36.7%.
• Net income was $314,000 ($0.07 earnings per share), as compared to a net loss of $115,000 ($0.03 loss per share).
• Earnings before interest, taxes, depreciation and amortization and stock based compensation (EBITDA, as adjusted) was $372,000 ($0.09 earnings per share), as compared to a loss of $31,000 ($0.01 loss per share).
Nine Months 2015 vs. Nine Months 2014
• Net sales were $14,612,000, as compared to $15,203,000.
• Gross margin was 36.7%, as compared to 36.2%.
• Net income was $319,000 ($0.07 earnings per share), as compared to a net loss of $1,348,000 ($0.31 loss per share).
• Net loss for the 2014 nine month period includes $1,087,000 of costs associated with the consolidation of our Quakertown, PA facility into our Hauppauge, NY facility. Exclusive of these costs, net loss for the 2014 nine month period was $261,000 ($0.06 loss per share).
• Earnings before interest, taxes, depreciation and amortization and stock based compensation (EBITDA, as adjusted) was $598,000 ($0.14 earnings per share), as compared to a loss of $854,000 ($0.19 loss per share).
Backlog at September 30, 2015 was $10.3m as compared to $13.2m at June 30, 2015 and $9.8m at September 30, 2014. (Source: Yahoo!/Marketwired)
05 Nov 15. Honeywell (HON) has signed a definitive agreement to acquire Ontario, Canada-based COM DEV International (CDV.TO), a leading satellite and space components provider for an aggregate purchase price of approximately C$455m ($345m USD), net of cash and debt acquired. COM DEV’s estimated 2015 revenue is approximately C$210m ($160m USD). On an adjusted basis, the purchase price translates to approximately ten times COM DEV’S estimated 2015 earnings before interest, tax, depreciation and amortization (EBITDA).
Honeywell is acquiring COM DEV’s electrical and optical components and subsystems equipment businesses. COM DEV will simultaneously spin-off its exactEarth subsidiary to current shareholders prior to closing. The acquisition of COM DEV will create significant value to Honeywell shareholders as the transaction will be principally funded with non-U.S. cash, and drive deal returns consistent with Honeywell’s acquisition framework. Pending government and shareholder approvals, the acquisition is expected to close by the end of the first quarter in 2016.
“COM DEV is a terrific fit for Honeywell, growing our existing space and connectivity businesses and expanding our global reach to new international customers,” said Honeywell Aerospace President and CEO, Tim Mahoney. “COM DEV’s differentiated technologies and strong position in the growing connectivity industry make the company an attractive addition to our business. We are equally excited about what we can bring to COM DEV, specifically our broad product portfolio, deep industry expertise and relationships, global sales force and brand, and our proven Honeywell Operating System. We are confident that all of our key processes and initiatives will be immediate differentiators for COM DEV.”
Found on more than 950 spacecraft and 80 percent of all commercial communication satellites, COM DEV’s equipment business complements and expands Honeywell’s space product portfolio, its major push into connectivity and boosts the company’s presence internationally.
The acquisition is aligned with Honeywell’s strategy of acquiring businesses that have Great Positions in Good Industries. COM DEV’s equipment business provides Honeywell wit