Orbit International Corp. Reports Consolidated August Bookings in Excess of $3,200,000

Rhea-AI Summary

Orbit International Corp. (OTC PINK:ORBT) reported consolidated bookings exceeding $3,200,000 for August 2021 across its Electronics Group (OEG) and Power Group (OPG). Highlights include a significant $1,530,000 order for a helicopter program from OEG and $1,000,000 in bookings for OPG mainly for COTS power supplies. The company noted a 14.2% increase in VPX power supply orders compared to all of 2020. Despite challenges posed by the COVID-19 pandemic, Orbit remains operational, categorized as essential for national security commitments. The company's future growth is tied to new orders and expanding technology opportunities.

Positive

• Consolidated bookings surpassed $3,200,000 for August 2021.
• Significant $1,530,000 order for display in helicopter programs.
• Bookings for OPG reached approximately $1,000,000, mainly in power supplies.
• VPX power supply orders exceeded 2020 totals by 14.2%, indicating growth potential.

Negative

• Order delays may affect timing of new awards from military customers.
• Future growth relies on additional orders and market conditions amid uncertainty.

HAUPPAUGE, N.Y., Sept. 09, 2021 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for both its Electronics Group (“OEG”) and Power Group (“OPG”) were in excess of $3,200,000 for the month of August 2021. Deliveries for certain of these orders have already commenced and are expected to continue through the fourth quarter of 2022.

Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that consolidated bookings for our OEG and OPG exceeded $3,200,000 for the month of August 2021. These orders were highlighted by an approximately $1,530,000 order received by our OEG for a display used on two significant helicopter programs. Our sales teams for the OEG are working on additional new and follow-on opportunities that we hope will result in additional awards for the third and fourth quarters although the timing of the receipt of these awards, particularly from our military customers, can be subject to delay.”

Binder added, “We are also pleased to report that bookings for our OPG were approximately $1,000,000 for the month of August 2021, consisting mostly of orders for its COTS power supplies. Our OPG continues to receive many awards for prototypes utilizing its VPX technology, which we believe will result in new pre-production and production awards. Bookings for our VPX power supplies through August 31, 2021, currently exceed VPX orders for the entire 2020 year by 14.2%. 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  

FAQ

What were Orbit International Corp.'s consolidated bookings for August 2021?

Orbit International Corp. reported consolidated bookings exceeding $3,200,000 for August 2021.

What significant orders did Orbit International receive in August 2021?

Orbit International received a significant order of approximately $1,530,000 for a helicopter program from its Electronics Group.

How much did Orbit International's Power Group book in August 2021?

The Power Group of Orbit International booked approximately $1,000,000 in August 2021, primarily for COTS power supplies.

What is the growth rate of VPX power supply orders at Orbit International?

VPX power supply orders at Orbit International exceeded those for the entire year of 2020 by 14.2% as of August 31, 2021.