Orbit International Reports Consolidated Bookings for October 2023 in Excess of $3,650,000

Rhea-AI Summary

Orbit International Corp. reported record consolidated bookings for October 2023, totaling $3,650,000, with a year-to-date total of $10,250,000. The bookings were driven by strong performance from all operating units, particularly the SPS subsidiary, which experienced a 90% increase in bookings compared to 2022.

Positive

• Record consolidated bookings for October 2023.
• Year-to-date bookings of $10,250,000 represent a significant increase over 2022.
• Strong performance from all operating units, particularly SPS, which experienced a 90% increase in bookings compared to 2022.

Negative

• None.

SPS Reports Year to Date Record Bookings of Approximately $10,250,000

HAUPPAUGE, N.Y., Nov. 07, 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 October 2023 were in excess of $3,650,000. Deliveries for the October 2023 orders have already commenced and are expected to continue through the fourth quarter of 2026.

Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that consolidated bookings for the month of October 2023 were approximately $3,650,000 with each of our operating units contributing over $1,000,000 in bookings for the month. Bookings for our Orbit Power Group (“OPG”) were approximately $1,100,000 highlighted by approximately $400,000 in orders for our VPX and COTS power supplies and approximately $650,000 in bookings for commercial power supplies. Orders for our commercial power supplies, year-to-date, are the highest they have been for several years, due to demand for power supplies used in oil and gas exploration as well as railroad signaling.”

Binder added, “Orders for our Orbit Electronics Group (“OEG”), exclusive of orders received by our Simulator Product Solutions LLC (“SPS”) subsidiary, were in excess of $1,500,000, which was highlighted by an approximately $1,000,000 order from a major defense contractor on a large aircraft program. Other orders were for displays and touch panels. In addition to these orders, our OEG (exclusive of SPS) is working on a significant follow-on order as well as a large engineering effort which could result in firm bookings prior to year-end.”

Binder concluded, “For the month of October 2023, our SPS subsidiary continued its year of strong bookings with orders totaling approximately $1,050,000. This brings its record year-to-date bookings to approximately $10,250,000 compared to total bookings for SPS, for all of 2022, of approximately $5,400,000, an increase of approximately 90%. In addition, SPS has several new and follow-on business opportunities that it hopes will be awarded prior to year-end, adding to its record bookings year.”

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 the consolidated bookings for October 2023?

The consolidated bookings for October 2023 were in excess of $3,650,000.

What was the year-to-date total of bookings?

The year-to-date total of bookings was approximately $10,250,000.

What contributed to the increase in bookings for SPS?

SPS experienced a 90% increase in bookings compared to 2022, driven by strong performance and new business opportunities.