Orbit International Corp. Reports Fourth Quarter Bookings in Excess of $7,100,000
Electronics Group Bookings Exceed $3,000,000 for Month of December
Power Group’s VPX Bookings Increase 23.4% Over Prior Year and Reports Additional Orders Received for Power Supplies Used for Oil and Gas Exploration
HAUPPAUGE, N.Y., Jan. 07, 2020 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for the fourth quarter of 2019 exceeded $7,100,000. In addition, the Company also reported that bookings for its Electronics Group (“OEG”) exceeded $3,000,000 for the month of December 2019.
December 2019 OEG bookings were highlighted by a previously announced order of approximately $1,580,000 for a display used on a major military aviation program. In addition, bookings for our newly acquired Q-Vio subsidiary for the fourth quarter accounted for approximately $1,000,000. In addition, our Power Group (OPG) reported that its VPX bookings for 2019 increased by 23.4% over the prior year, meeting its expectations. Furthermore, in December 2019, our OPG received an additional award for its power supply used in oil and gas exploration bringing total oil and gas bookings to approximately $1,200,000 over the last sixteen months. Deliveries for contracts received during the fourth quarter have already commenced and are expected to continue through the fourth quarter of 2021.
Mitchell Binder, President and CEO of Orbit International commented, “We closed out 2019 with a very firm booking month of December from our OEG and solid consolidated bookings for the fourth quarter overall which exceeded $7,100,000. This strong booking quarter, which followed third quarter consolidated bookings of approximately $6,000,000, bodes well for our delivery schedules in 2020, particularly in the second half of the year. Aside from the strong booking month of December, our OEG is still waiting for an additional significant award on the same military aviation program, which it expects to receive in the early part of the first quarter. In addition, we are pleased that our newly acquired Q-Vio subsidiary received two relatively significant awards during the quarter which brought its bookings to approximately $1,000,000.”
Binder continued, “We are especially encouraged by our OPG’s continued increase in orders for its power supplies utilizing its VPX technology as orders for 2019 increased by 23.4% over the prior year. We believe this business segment of our OPG will continue its strong growth over the next several years as our technology remains at the forefront of this marketplace. Furthermore, commercial bookings for 2019 have increased 19.9% over the comparable period of the prior year which were aided by an increase in bookings for power supplies used in oil and gas exploration.”
Orbit International Corp., through its Electronics Group including its new Q-Vio subsidiary, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facility in Hauppauge, New York. Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources. The Company also has a sales office in Bradenton, FL.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit's reports posted with the OTC Disclosure and News service. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.
CONTACT
David Goldman
Chief Financial Officer
631-435-8300
