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ORBT > SEC Filings for ORBT > Form 8-K on 17-Oct-2013All Recent SEC Filings

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Form 8-K for ORBIT INTERNATIONAL CORP


17-Oct-2013

Costs Associated with Exit or Disposal Activities, Regulation FD Disclos


Item 2.05 Costs Associated with Exit or Disposal Activities.

As part of Orbit International Corp.'s ("Orbit") efforts to reduce expenses, on October 10, 2013 Orbit decided to consolidate the operations of its Quakertown, Pennsylvania based subsidiaries into its Hauppauge, New York facility. All production, engineering and administrative functions currently performed at the Quakertown, Pennsylvania facility are expected to be transitioned into the Hauppauge, New York facility by June 30, 2014.

In connection with this consolidation, Orbit expects to incur approximately $400,000 in expenses and charges, consisting of: (i) approximately $300,000 of accelerated non-cash amortization expense on its leasehold improvements, (ii) approximately $50,000 in retention payments to certain key employees, and (iii) approximately $50,000 in general moving and consolidation expenses. Following the transition, Orbit expects to realize annualized savings of approximately $2 million.



Item 7.01 Reg FD Disclosure.

On October 17, 2013, Orbit issued a press release entitled "Orbit International to Consolidate Quakertown Facility into Hauppauge Operation," a copy of which is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.

Pursuant to General Instruction B.2 of Form 8-K, the information in this Item 7.01 of Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise be subject to the liabilities of that section, nor is it incorporated by reference into any filing of Orbit under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

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