Orbit International Electronics Group Reports Bookings for February 2024 in Excess of $2,000,000

Rhea-AI Summary

Orbit International Corp. announces new contract awards totaling approximately $2,600,000 for its Electronics Group and Power Group. The company's Chief Operating Officer will transition to an advisory role. The bookings for February 2024 exceeded $2,000,000, with additional orders for military programs.

Company’s Power Group and Electronics Group Also Report Early March 2024 New Contract Awards for Approximately $2,600,000

HAUPPAUGE, N.Y., March 13, 2024 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC Expert Market:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”) reported bookings for the month of February 2024 in excess of $2,000,000. Deliveries for the February 2024 orders have already commenced and are expected to continue through the first quarter of 2026.

In addition, the Company’s Power Group (“OPG”) reported that it received an order in March 2024 totaling more than $1.0 million for power supplies used in a significant multi-year military program. Furthermore, the OEG reported that in March 2024 it also received an order for approximately $1,668,000 for a product used in a military aircraft program. Approximately $143,000 of this order, covering the order of long lead items, was previously recorded in a prior period. Deliveries for these awards will commence in the fourth quarter of 2024 and continue through the third quarter of 2025.

The Company also announced that Karl Schmidt, its Chief Operating Officer, will transition to the role of advisor to the CEO, Mitchell Binder, effective May 1, 2024. Mr. Schmidt will remain with the Company through the end of 2024 to assure the orderly transition of his duties and responsibilities to key members of Orbit’s management team.

Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that bookings for our OEG for the month of February 2024 were in excess of $2,000,000 with the majority of our bookings attributable to our previously announced order, in excess of $1,600,000, for a product used by the U.S. Navy. Additional orders received during the month for the OEG were for switch panels and displays.”

Binder added, “In addition to a firm booking month in February, on March 4, 2024, our OPG received an order in excess of $1,000,000 for power supplies used in a multi-year military program. This order, along with another anticipated order for our VPX power supplies well positions our OPG for a firm first quarter of bookings. Furthermore, our OEG received an order for $1,668,000 on March 10, 2024, which includes $143,000 of an order we previously recorded for long lead items related to a significant military aircraft program. We continue to work with our customers on several other business opportunities and expect additional bookings before quarter end, which will provide a strong first quarter of bookings and a firm start to 2024. However, the timing of the receipt of orders is always an uncertainty.”

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 is the total amount of new contract awards announced by Orbit International Corp.?

Orbit International Corp. announced new contract awards totaling approximately $2,600,000 for its Electronics Group and Power Group.

What was the booking amount for Orbit's Electronics Group in February 2024?

The bookings for Orbit's Electronics Group in February 2024 exceeded $2,000,000.

Who will transition to an advisory role within Orbit International Corp.?

Karl Schmidt, the Chief Operating Officer, will transition to an advisory role within Orbit International Corp.

What type of products did the Power Group receive an order for in March 2024?

The Power Group received an order totaling more than $1.0 million for power supplies used in a significant multi-year military program.

When will deliveries for the awards received in March 2024 commence?

Deliveries for the awards received in March 2024 will commence in the fourth quarter of 2024 and continue through the third quarter of 2025.