Orbit International Corp. Reports Consolidated Bookings of Approximately $2,000,000 in November 2021

Rhea-AI Summary

Orbit International Corp. (OTC PINK:ORBT) reported consolidated bookings of approximately $2,000,000 for November 2021, split between its Electronics Group (OEG) and Power Group (OPG). Notable orders include a remote-control unit for aircraft programs and industrial displays from the Q-Vio subsidiary. The company anticipates exceeding its 50% bookings growth objective for VPX technology due to a strong month in commercial bookings. Orbit remains operational amid the COVID-19 pandemic, classified as essential by New York State.

Positive

• Consolidated bookings of approximately $2,000,000 for November 2021.
• OEG received significant orders, including a remote-control unit and follow-on orders for industrial displays.
• OPG had its first strong booking month in 2021, including an order for a COTS power supply.
• Expectations to exceed 50% bookings growth for VPX technology by year-end.

Negative

• None.

HAUPPAUGE, N.Y., Dec. 07, 2021 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings from both its Electronics Group (“OEG”) and Power Group (“OPG”) for the month of November 2021 were approximately $2,000,000. Deliveries for some 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 a firm booking month in November with consolidated bookings of approximately $2,000,000. Bookings for the month were about evenly divided between our OEG and OPG. Our OEG bookings were highlighted by an order for a remote-control unit which supports major aircraft programs and a relatively large follow-on order for our Q-Vio subsidiary for industrial displays for which our customer anticipates additional orders in the future.”

Binder added, “Bookings from our OPG were highlighted by the first relatively strong booking month in 2021 for our commercial division and includes an order for a COTS power supply. In addition, we are currently working on an order with a customer utilizing our VPX power supplies which we believe will be awarded prior to year-end and will enable us to exceed our 2021 50% bookings growth objective for our VPX technology. Finally, these new orders in November continue to solidify our OEG and OPG delivery schedules for 2022.”

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's consolidated bookings for November 2021?

Orbit International reported consolidated bookings of approximately $2,000,000 for November 2021.

What key orders did Orbit International receive in November 2021?

In November 2021, Orbit received significant orders for a remote-control unit and industrial displays.

How does the COVID-19 pandemic affect Orbit International's operations?

Orbit International was classified as an essential business in New York State and continues operations while following CDC guidelines.

What is the expected bookings growth for Orbit International's VPX technology?

Orbit anticipates exceeding a 50% bookings growth objective for its VPX technology by year-end 2021.

Which groups contributed to Orbit International's November 2021 bookings?

Bookings in November 2021 were approximately evenly divided between Orbit's Electronics Group and Power Group.