Orbit International Electronics Group Reports Bookings for January 2024 in Excess of $1,500,000

Rhea-AI Summary

Orbit International Corp. reports significant contract awards in excess of $1,500,000 for January 2024 and over $1,600,000 in February 2024 from a large defense contractor for a U.S. Navy aircraft program. The company's President and CEO, Mitchell Binder, expressed satisfaction with the bookings and orders received, positioning the company for a strong first quarter of 2024.

Electronics Group Also Reports Early February 2024 Contract Award in Excess of $1,600,000

HAUPPAUGE, N.Y., Feb. 07, 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 January 2024 in excess of $1,500,000. Deliveries for the January 2024 orders have already commenced and are expected to continue through the first quarter of 2026.

In addition, the OEG also reported that it received a more than $1.6 million order in February 2024 from a large defense contractor. The order is for a product used on a significant aircraft program for the U.S. Navy. Deliveries for this award will commence in the fourth quarter of 2024 and continue through the third quarter of 2025.

Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that bookings for our OEG for the month of January 2024 were in excess of $1,500,000 with the majority of our bookings for the month coming from our Simulator Products Solutions LLC (“SPS”) subsidiary. Bookings for SPS were slightly in excess of $1,100,000 for the month of January and come on the heels of a record booking year in 2023 of approximately $10,800,000. 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 January, on February 1, 2024, our legacy business received an order in excess of $1,600,000 for a product used by the U.S. Navy. This order, along with several other anticipated orders for both our legacy business and SPS, well positions our OEG for a strong first quarter of bookings and a good start to 2024.”

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 Corp.'s bookings for January 2024?

Orbit International Corp. reported bookings in excess of $1,500,000 for January 2024.

What was the order received by Orbit International Corp. in February 2024?

Orbit International Corp. received an order in excess of $1,600,000 from a large defense contractor for a product used on a significant U.S. Navy aircraft program.

What did Mitchell Binder, President and CEO of Orbit International Corp., mention about the bookings?

Mitchell Binder expressed satisfaction with the bookings, stating that they position the company for a strong first quarter of 2024.

What products are manufactured by Orbit International Corp.'s Electronics Group?

Orbit International Corp.'s Electronics Group is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial, and commercial applications.

Where are Orbit International Corp.'s production facilities located?

Orbit International Corp.'s production facilities are located in Hauppauge, NY, and Carson, CA.