Orbit International’s Power Group Reports Bookings in Excess of $1,000,000 for Month of October
Includes Approximately $500,000 in New VPX Bookings
HAUPPAUGE, N.Y., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Power Group (“OPG”), through its Behlman Electronics, Inc subsidiary, exceeded $1,000,000 for the month of October 2020. Bookings for the month for the OPG were highlighted by approximately $500,000 of VPX power supplies; other orders received during the month were for COTS and commercial power supplies. Deliveries for certain of these orders have already commenced and are expected to continue through the third quarter of 2021.
Mitchell Binder, President and CEO of Orbit International commented, “This relatively strong booking month for our OPG comes on the heels of solid third quarter bookings of approximately $3,400,000 for this segment. We are encouraged that bookings for our VPX products picked up during the third quarter and has continued with $500,000 of bookings during the month of October. Along with production awards, we received prototype awards for new VPX opportunities and hope for follow-on production awards from these customers prior to year-end, although the timing of these awards is an uncertainty.”
Binder added, “Aside from the relative strength of our defense related work, our OPG also provides power supplies for oil and gas exploration and test and measurement applications and continues to experience weakness in this end of the business. Our commercial business has been weak since the beginning of the pandemic and may remain weak until the economy begins to fully recover. Our production lines returned to normal for most of the third quarter and assuming no unforeseen events from a situation that continues to evolve, including the possibility of another disruption caused by a second wave of the pandemic, we expect our normal production schedules to continue as we meet our delivery schedules to support our customers’ needs.”
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, 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
