Orbit International Corp. Announces Cash Dividend of $0.01 Per Common Share for the Fourth Quarter of 2022

Rhea-AI Summary

Orbit International Corp. (OTC PINK:ORBT) announced a cash dividend of $0.01 per share payable to shareholders of record by December 31, 2022, with a payment date set for January 9, 2023. The company also mourned the passing of longtime board member Bernard Karcinell, who served since 2000. In the wake of his passing, Wayne Cadwallader joins the Audit Committee while William Collins becomes the Acting Chairman. Orbit is involved in the development of custom electronic solutions for military, industrial, and commercial applications.

Positive

• Dividend of $0.01 per share signifies commitment to returning value to shareholders.
• Appointment of new Audit Committee members reflects ongoing governance stability.

Negative

• Loss of experienced board member Bernard Karcinell could impact strategic decision-making.

Company Announces Passing of Longtime Board Member Bernard Karcinell

HAUPPAUGE, N.Y., Nov. 29, 2022 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, announced today that its Board of Directors has declared a cash dividend of $0.01 per share payable to shareholders of record as of December 31, 2022 with a payment date of January 9, 2023.

Orbit announced sadly the passing away of its longtime Board member Bernard “Bernie” Karcinell. Mr. Karcinell served on Orbit’s Board of Directors since 2000, was Chairman of its Audit Committee and a member of both its Compensation and Nominating and Corporate Governance (“N&CG”) Committees. Prior to joining Orbit’s Board, Mr. Karcinell was a certified public accountant, a Partner at KPMG LLP and the President and CEO of two companies. Mitchell Binder, President and CEO of Orbit commented, “Bernie was a valued, respected and cherished member of our Board of Directors for over 20 years. Along with his accounting and financial knowledge, Bernie also provided us with his entrepreneurial spirt, business acumen, endless enthusiasm and sense of humor. He will be greatly missed by all of us at Orbit. On behalf of the entire Orbit team, we extend our deepest sympathies to the Karcinell family.”

Wayne Cadwallader, a member of Orbit’s Board since 2013, has been appointed as a member of the Company’s Audit Committee. William Collins, a member of Orbit’s Board since 2018 and a current member of its Audit Committee, has been appointed Acting Chairman of that Committee. Mr. Binder concluded, “The Company will continue to be supported by its remaining four directors and its N&CG Committee has initiated the recruitment of an additional independent Board member who will also serve as its Audit Committee chair on a permanent basis. We hope to have the prospective Board member in place before the Company’s next scheduled Board meeting in March 2023.”

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 facilities in Hauppauge, NY and Carson, CA. 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.

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

FAQ

What is the dividend amount for Orbit International Corp. in 2023?

Orbit International Corp. declared a dividend of $0.01 per share.

When will the dividend be paid to shareholders?

The dividend will be paid on January 9, 2023.

Who was Bernard Karcinell and why is his passing significant to Orbit?

Bernard Karcinell served on Orbit's Board since 2000 and was a key figure in governance and financial oversight.

What changes were made to the Board after Bernard Karcinell's passing?

Wayne Cadwallader was appointed to the Audit Committee, and William Collins became the Acting Chairman of that Committee.

What are Orbit International Corp's core business operations?

Orbit focuses on custom electronic device manufacturing for military, industrial, and commercial applications.