Orbit International Corp. Reports Consolidated Bookings of Approximately $3,700,000 in November 2022

Rhea-AI Summary

Orbit International Corp. (OTC PINK:ORBT) reported consolidated bookings of approximately $8,700,000 for the current quarter, reflecting strong demand in both its Electronics and Power Groups. In November 2022 alone, bookings reached $3,700,000, following October's record of over $5,000,000. Key orders included $725,000 for U.S. Navy displays and significant contracts for power supplies. Although delays are anticipated for some contracts into 2023, the company is optimistic about its performance in upcoming quarters.

Positive

• Consolidated bookings for the quarter reached approximately $8,700,000.
• November bookings were $3,700,000, following October's record of over $5,000,000.
• Electronics Group secured significant contracts, including $725,000 for Navy displays and $475,000 for aircraft keypads.

Negative

• Delays expected for large VPX power supply awards into 2023.

Both Electronics and Power Group Again Report Firm Booking Months

Consolidated Bookings During Current Quarter Reach Approximately $8,700,000

HAUPPAUGE, N.Y., Dec. 06, 2022 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for the month of November 2022 were approximately $3,700,000. 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 our consolidated bookings for the month of November were approximately $3,700,000. This firm booking month comes on the heels of orders received in excess of $5,000,000 for the month of October, representing our strongest booking month of 2022. Our Electronics Group (“OEG”) bookings were approximately $2,600,000 and were highlighted by three orders received by our Orbit Instrument Division, including (i) a $725,000 order for displays used on a U.S. Navy program; (ii) an approximately $475,000 order for keypads used on a major aircraft program; and (iii) a $365,000 engineering contract for switch panels used on multiple aircraft platforms. Other bookings were for keyboards and displays. Our OEG bookings also include approximately $830,000 in orders received by our Simulator Product Solutions LLC (“SPS”) subsidiary.  

Binder added, “Bookings from our Power Group (“OPG”) were approximately $1,100,000 and were highlighted by orders for several power supplies utilizing our VPX technology, an additional follow-on order for a COTS power supply used on a major missile defense system and approximately $500,000 for several other programs utilizing both our COTS and commercial power supplies. In addition, we continue to work with a customer on a significant follow-on order utilizing our VPX power supply. However, although we expected to receive this award in 2022, it now appears this contract will not be received until sometime in 2023.”

Binder concluded, “We are happy to report that many of the contract awards that were being held up have begun to come to fruition in the current quarter. As mentioned, we are now expecting a large VPX award to be delayed into the first quarter of 2023 and other awards expected by our OEG will also be delayed into 2023. However, bookings for our OPG for the last three months have exceeded $4,200,000 and total orders for the Company for the first two months of this current fourth quarter have reached approximately $8,700,000, which positions us to potentially post one of our strongest consolidated booking quarters in the last several years. 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 Orbit International's bookings for November 2022?

Orbit International reported bookings of approximately $3,700,000 for November 2022.

How do the October 2022 bookings compare to November 2022 for ORBT?

October 2022 bookings exceeded $5,000,000, which was higher than the $3,700,000 reported for November 2022.

What is the total consolidated booking amount reported by ORBT for the current quarter?

Orbit International reported a total consolidated booking amount of approximately $8,700,000 for the current quarter.

Are there any delays in contract awards for Orbit International?

Yes, Orbit International expects delays for certain contract awards, including a significant VPX power supply contract, into 2023.