Madison Profit Up, SMSC Shares Technology, TSR Drops Shares, Audiovox Awarded and Orbit Earnings Increase

Madison profit jumps on drop in addition to reserves

Hauppauge-based Madison National Bank said Wednesday its third-quarter profit jumped more than 40 percent year over year on a drop in its provision for loan losses.

The local bank posted a profit of $284,000 for the quarter ended Sept. 30, compared with profit of $208,000 during the third quarter of 2009.

The bank didn't make any additions to its loan loss reserves during the third quarter, though it did recover $233,000 from an already-charged-off loan that was reinvested in the fund. Madison added $745,000 to the provision in the year-ago period, a direct hit to its bottom line.

Interest income jumped 28.6 percent to $2.7 million during the period, and non-performing loans increased to $15.4 million, up from $12.4 million in the quarter ended June 30. Non-performing loans now make up 6.2 percent of the bank's assets.

Late last month, Madison announced Manhattan-based FNBNY Bancorp purchased the local institution for $33.7 million. The merger is still waiting for shareholder and regulator approval.

SMSC shares technology with Taiwan company

Hauppauge-based SMSC said Wednesday it's made an agreement with a Taiwan company allowing it to license some of SMSC's intellectual property.

Under the terms of the agreement, Feature Integration Technology, or Fintek, will use some of SMSC's technology from its mobile imbedded controllers for its own line of controller products used in notebooks, netbooks, smartbooks and tablets.

The local semiconductor supplier will get a royalty associated with the sale of Fintek products that use the technology, though the amount of the royalty was not disclosed.

"Partnering with Fintek to promote our technology opens the door to the expansion of our market into new customers in Greater China while enhancing Fintek's product set with new hardware, software and firmware options," Robert Hollingsworth, senior vice president at SMSC, said in a statement.

Board approves TSR reverse stock split

Hauppauge-based computer programming consultant TSR said Wednesday its board of directors approved a reverse split of the company's stock.

Two shares of TSR will be worth only one once the split takes affect. The company said it expects the split to be effective Nov. 29.

The move drops TSR's outstanding shares to 2 million from 4 million, though shares will still be worth just 1 cent each.

Audiovox receives industry awards

Audiovox said Wednesday it received three awards from the Consumer Electronics Association for its developments in mobile technology.

At the CEA's 2011 Best of Innovations awards conference, the national association gave the Hauppauge-based consumer electronics product maker three innovation awards for its rearview camera, remote start and security system, and vehicle blue-ray disc player.

"We are constantly driving innovation, looking for new technologies and features that consumers want and need," Audiovox Chief Executive Pat Lavelle said in a statement. "Our 2011 product line is no different and we look forward to introducing our Innovation product award winners and many other new consumer and accessories products at the International CES Show in January."  

Orbit profit jumps on sales climb

Hauppauge-based Orbit International said Tuesday it's third-quarter profit increased 59 percent year over year on an increase in sales and drop in expenses.

The electronics manufacturer posted profit of $509,000 for the three months ended Sept. 30, compared with profit of $320,000 in the same quarter last year.

Sales increased 6.2 percent over the third quarter 2009 to $7.3 million. General selling and administrative expenses dropped 4 percent to $2.3 million during the quarter.

Thanks to several new orders the company received during the quarter, Orbit said its backlog of contracts is up 23 percent over the second quarter at $20.1 million.

"Given our current backlog and delivery schedules for the remainder of the year, we anticipate strong operating results for the fourth quarter," Orbit Chief Executive Dennis Sunshine said in a statement. "These recent contract awards, plus several new program opportunities we are pursuing with recurring revenue potential, should also have a positive long-term impact on our operating performance."