Orbit International Corp. Electronics Group Reports Bookings of Approximately $1,740,000 in April 2023

Rhea-AI Summary

Orbit International Corp. announces strong bookings of approximately $1.74 million from its Electronics Group in April 2023. Orders from Simulator Product Solutions LLC (SPS) subsidiary accounted for around $925,000. Other bookings were for keyboards and displays. The company experienced delays in receiving follow-on orders due to negotiations between prime contractors and the U.S. government.

Positive

• Orbit International Corp. reports strong bookings of approximately $1.74 million in April 2023, indicating potential revenue growth. Orders from the SPS subsidiary accounted for around $925,000, showing a positive trend for the company's simulator products. The bookings highlight increased demand and market confidence in Orbit's offerings.

Negative

• Delays in receiving follow-on orders may impact short-term revenue projections for Orbit International Corp. Negotiations between prime contractors and the U.S. government are causing timing uncertainty and potential business disruptions. Investors should monitor the progress of these negotiations and their impact on future orders.

Includes Strong Bookings From SPS Subsidiary

HAUPPAUGE, N.Y., May 05, 2023 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings from its Electronics Group (“OEG”) for the month of April 2023 were approximately $1,740,000. Deliveries for some of these orders have already commenced and are expected to continue through the first quarter of 2024.

Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that bookings from our OEG for the month of April 2023 were approximately $1,740,000. Bookings for the month were highlighted by approximately $925,000 in orders received by our Simulator Product Solutions LLC (“SPS”) subsidiary. Other bookings for the month were for keyboards and displays.”

Binder added, “Many of the contract awards that were being held up during the first three quarters of 2022 came to fruition in the fourth quarter, which resulted in one of our largest booking quarters in the last several years. Once again, several follow-on orders that were expected to be received in the current year’s first quarter have been delayed for various reasons. Most of these delays appear to be resulting from lengthy negotiations between our prime contractors and the U.S. government. As previously noted, timing uncertainty in the receipt of contracts from our prime contractors doing business with the U.S government is an inherent factor in our industry.”

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 were the total bookings for Orbit International Corp. in April 2023?

The total bookings for Orbit International Corp. in April 2023 were approximately $1.74 million.

How much were the orders from the SPS subsidiary?

The orders from the Simulator Product Solutions LLC (SPS) subsidiary accounted for around $925,000.

What other products were included in the bookings?

The bookings also included orders for keyboards and displays.

Why were there delays in receiving follow-on orders?

Delays in receiving follow-on orders were due to lengthy negotiations between prime contractors and the U.S. government.

What is the impact of timing uncertainty on Orbit International Corp.?

Timing uncertainty in receiving contracts from prime contractors doing business with the U.S. government is an inherent factor in Orbit's industry.