Orbit International Corp. Reports Consolidated Bookings in Excess of $10,200,000 for 2022 Fourth Quarter

Rhea-AI Summary

Orbit International Corp. (OTC PINK:ORBT) reported consolidated bookings exceeding $10.2 million for Q4 2022, driven by strong October and November bookings of approximately $8.7 million. Notable contributions came from the Orbit Instrument Division and Behlman Electronics, each securing over $500,000 in orders. The company anticipates continued deliveries into Q1 2024. President Mitchell Binder highlighted an 8% increase in VPX business through 2022, despite delays affecting a significant order. This segment is expected to foster future revenue growth.

Positive

• Consolidated bookings exceeded $10.2 million for Q4 2022.
• Oct-Nov bookings totaled approximately $8.7 million.
• Consistent orders from Orbit Instrument Division and Behlman Electronics.
• 8% increase in VPX business compared to last year.

Negative

• Significant order delays have pushed some contracts to 2023.

HAUPPAUGE, N.Y., Jan. 10, 2023 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for the fourth quarter of 2022 were in excess of $10,200,000. Deliveries for some of these orders have already commenced during the quarter 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 our consolidated bookings for the fourth quarter of 2022 exceeded $10,200,000. This solid booking quarter was primarily a result of our previously announced strong consolidated bookings for the months of October and November 2022, which totaled approximately $8,700,000. Rounding out the final month of the quarter, bookings were highlighted by over $500,000 in orders from each of our Orbit Instrument Division (the Orbit Electronics Group (“OEG”)) and Behlman Electronics Inc. subsidiary (the Power Group (“OPG”)).”

Binder added, “We are very encouraged by the firm bookings from our OPG in the second half of 2022. OPG bookings for the month of December were highlighted by several orders for power supplies utilizing our VPX technology. Since 2016, our VPX business has steadily been increasing and increased approximately 8% in 2022 over the prior year despite a very significant order which has been delayed until 2023. In addition to the increase in bookings in 2022, we supplied new and existing customers many new prototype power supplies which historically have often evolved into new production orders with follow-on opportunities. Consequently, we believe our OPG is extremely well situated in the VPX marketplace, and we expect this business to be the foundation 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 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 Orbit International's Q4 2022 bookings?

Orbit International reported Q4 2022 bookings exceeding $10.2 million.

How did the bookings for October and November 2022 contribute to Orbit's performance?

Bookings for October and November 2022 totaled approximately $8.7 million, positively impacting Q4 totals.

What is the expected impact of VPX technology on Orbit's future growth?

VPX technology is seen as a foundation for future revenue growth, with an 8% increase in bookings in 2022.

When are the deliveries from Q4 2022 expected to commence?

Deliveries from Q4 2022 are expected to continue into the first quarter of 2024.

What challenges did Orbit International face regarding order fulfillment?

Orbit faced significant order delays, pushing some contracts to 2023.