Orbit International’s Electronics Group Reports Third Quarter Bookings in Excess of $5,150,000
HAUPPAUGE, N.Y., Oct. 06, 2021 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”), reported bookings in excess of $5,150,000 for the third quarter of 2021. Deliveries for certain of these orders have already commenced and are expected to continue through the first quarter of 2023.
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report a strong booking quarter for our OEG with orders exceeding $5,150,000. These orders include previously announced orders (i) in excess of $800,000 under a major program for the U.S. Navy, (ii) in excess of $1,200,000 under a major program also for the U.S. Navy, and (iii) of approximately $1,530,000 for displays used on two significant helicopter programs. Bookings during the quarter also included approximately $620,000 in orders received by our Q-Vio Corp. subsidiary for its displays used for both military and industrial applications. Other orders received during the quarter were for displays, keyboards and repairs. These new orders continue to solidify our delivery schedules for 2022.”
Binder added, “We are also pleased to report that in September 2021 our Power Group (“OPG”) received additional orders, utilizing its VPX technology, that resulted in total year-to-date (through September 30, 2021) orders exceeding VPX orders for the entire 2020 year by 26.0%. In addition, our OPG continues to receive orders to support customer prototype opportunities which we believe could lead to production orders in 2022. Furthermore, we are also expecting sizeable follow-on VPX orders from two customers that are projected to be received in the fourth quarter although the timing of receipt of these awards, particularly on military programs, is uncertain. We believe we are still at the forefront of this technology and that our VPX opportunities will be the driver of future revenue growth for this segment of our business.”
Orbit International Corp., through its Electronics Group, 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, VME/VPX power supplies as well as various COTS power sources.
On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. The Company was classified as an essential business by New York State and therefore was exempt from the state’s mandate that all non-essential businesses close their business locations until further notice. In addition, as a member of the Defense Industrial Base (“DIB”), the Company is mandated by the Secretary of Defense to continue to provide the essential products and services required to meet national security commitments to the Federal Government and the U.S. Military. The Company remains open while following guidance from the Centers for Disease Control (“CDC”) to best protect our employees. At this time, the length and severity of the COVID-19 pandemic is still unknown.
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
