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

Rhea-AI Summary

Orbit International Corp. has announced a cash dividend of $0.01 per share payable to shareholders on July 7, 2022, with a record date of June 30, 2022. The company's 2022 Annual Meeting is scheduled for June 23, 2022, at 10:00 a.m. at its Hauppauge, NY office. Earlier, in January 2022, Orbit's subsidiary, SPS, completed an acquisition of Panel Products, Inc. for approximately $6.5 million. The deal includes $4 million in cash and performance-related payments, along with a 19.9% ownership interest in SPS for Panel.

Positive

• Declaring a cash dividend of $0.01 per share, indicating company profitability.
• Successful acquisition of Panel Products, enhancing business operations.

Negative

• Potential risks related to forward-looking statements may impact future financial performance.

Orbit International Corp. Announces 2022 Annual Meeting Date

HAUPPAUGE, New York, June 03, 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 June 30, 2022 with a payment date of July 7, 2022.

The Company also announced that its 2022 Annual Meeting of Stockholders will be held at its corporate office located at 80 Cabot Court, Hauppauge, NY at 10:00 a.m. on June 23, 2022. The official notice of meeting, proxy statement, proxy voting card and 2022 Annual Report are available on its website, www.orbitintl.com under “Investor Relations.”

In January 2022, Orbit announced that its newly formed subsidiary, SPS, had completed its previously announced acquisition of the assets and business of Panel Products, Inc. (“Panel”), a Carson, CA based company founded by Nabil Radi in 1999. The transaction valued Panel at approximately $6,500,000, subject to adjustment, with $4,000,000 of the purchase price paid in cash at closing, an aggregate of up to $1,200,000 in performance related payments payable at the end of 2022 and 2023, and the issuance to Panel of a 19.9% ownership interest in SPS. 

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, New York 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. (ORBT) and when is it payable?

Orbit International Corp. has declared a cash dividend of $0.01 per share, payable on July 7, 2022.

When is the 2022 Annual Meeting for Orbit International Corp. (ORBT)?

The 2022 Annual Meeting is scheduled for June 23, 2022, at 10:00 a.m.

What was the value of the Panel Products, Inc. acquisition by Orbit International Corp. (ORBT)?

The acquisition was valued at approximately $6.5 million.

What percentage ownership does Panel Products, Inc. hold in SPS after the acquisition by Orbit International Corp. (ORBT)?

Panel Products, Inc. received a 19.9% ownership interest in SPS.

What are the performance-related payments associated with the Panel Products acquisition by Orbit International Corp. (ORBT)?

The acquisition includes up to $1.2 million in performance-related payments due at the end of 2022 and 2023.