Orbit International Reports Consolidated Bookings for November 2023 in Excess of $3,100,000

Rhea-AI Summary

Orbit International Corp. (OTC Expert Market: ORBT) reports consolidated bookings for November 2023 in excess of $3,100,000, with year-to-date bookings for its SPS subsidiary reaching a record of over $10,600,000, marking a 96% increase compared to 2022. The company's Electronics Group and Power Group also contributed significantly to the bookings, with a positive outlook for future business opportunities and continued growth.

SPS Reports Year to Date Record Bookings of in Excess of $10,600,000

HAUPPAUGE, N.Y., Dec. 08, 2023 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC Expert Market:ORBT), an electronics manufacturer and software solution provider, today announced that its consolidated bookings for the month of November 2023 were in excess of $3,100,000. Deliveries for the November 2023 orders have already commenced and are expected to continue through the second quarter of 2025.

Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that consolidated bookings for the month of November 2023 were in excess of $3,100,000 with the majority of our bookings for the month coming from our legacy businesses at our Orbit Electronics Group (”OEG”) and Orbit Power Group (“OPG”). Bookings for our OEG, exclusive of orders received by our Simulator Product Solutions (“SPS”) subsidiary, were approximately $2,000,000, highlighted by an approximately $1,500,000 order from a large defense contractor for a switch panel used on a U.S. Navy program. Additional orders received were for other switch panels and displays. Bookings at our OPG were in excess of $700,000, highlighted by an approximately $400,000 order for our VPX power supplies used on a major aircraft program.”

Binder added, “Orders for our SPS subsidiary were approximately $400,000 in November, which brought SPS’ record year-to-date bookings to approximately $10,600,000, an increase of approximately $5,400,000 or approximately 96%, when compared to total SPS bookings for all of 2022. In addition, SPS has certain remaining new and follow-on business opportunities that it hopes will be awarded prior to year-end, adding to its record bookings year, and achieving a year-over-year booking increase of over 100%.”

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 are the consolidated bookings for Orbit International Corp. in November 2023?

The consolidated bookings for Orbit International Corp. in November 2023 were in excess of $3,100,000.

What is the year-to-date record bookings for the SPS subsidiary of Orbit International Corp.?

The year-to-date record bookings for the SPS subsidiary of Orbit International Corp. have reached over $10,600,000, marking a 96% increase compared to 2022.

What are the main contributions to the consolidated bookings for Orbit International Corp.?

The main contributions to the consolidated bookings came from the company's Electronics Group and Power Group, with significant orders from defense contractors and aircraft programs.

Where are the production facilities of Orbit International Corp.'s Electronics Group located?

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

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

Orbit International Corp.'s Power Group designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, VME/VPX power supplies, and various COTS power sources.