Orbit International’s Electronics Group Receives Two New Orders in September Totaling Approximately $2,100,000

Rhea-AI Summary

Orbit International Corp. (OTC PINK:ORBT) announced the acquisition of two significant new orders in September 2021, amounting to approximately $2.1 million. One order exceeds $800,000 for a U.S. Navy program, while another exceeds $1.2 million for an aircraft program. Deliveries are set to begin in Q3 2022 and extend through Q1 2023. These new contracts follow a robust booking month in August 2021, where the company secured bookings exceeding $3.25 million. The firm remains operational amid the COVID-19 pandemic, classified as essential under New York State law.

Positive

• Acquisition of two new orders totaling approximately $2.1 million.
• Strong historical bookings with over $3.25 million in August 2021.
• New orders include significant contributions from U.S. Navy and aircraft programs.

Negative

• Delivery schedule stretch into 2023 may indicate longer cash flow cycle.
• Uncertainty surrounding the timing of additional military contract awards.

New Orders Add to Firm Booking Quarter

HAUPPAUGE, N.Y., Sept. 23, 2021 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”) received two new orders in the month of September 2021 totaling approximately $2,100,000. Deliveries for these orders are expected to commence in the third quarter of 2022 and continue through the first quarter of 2023.

Mitchell Binder, President and CEO of Orbit International commented, “These two new orders for our OEG, which include an order in excess of $800,000 for a major program for the U.S. Navy and an order in excess of $1,200,000 for a major aircraft program, highlight our September month-to-date bookings and come on the heels of our previously announced strong consolidated booking month in August 2021 and our OEG’s second quarter bookings which were in excess of $3,250,000. These new orders continue to solidify our delivery schedules for 2022. Furthermore, our sales teams for the OEG are working on additional new and follow-on opportunities that we are optimistic will result in additional awards for the fourth quarter, although the timing of the receipt of these awards, particularly from our military customers is uncertain.”

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 new orders did Orbit International Corp. receive in September 2021?

Orbit International Corp. announced two new orders totaling approximately $2.1 million, including an order over $800,000 for the U.S. Navy and $1.2 million for an aircraft program.

When will deliveries for the new orders commence?

Deliveries for the new orders are expected to start in the third quarter of 2022 and continue through the first quarter of 2023.

How much did Orbit International Corp. book in August 2021?

In August 2021, Orbit International Corp. reported consolidated bookings exceeding $3.25 million.

Is Orbit International Corp. still operational during the COVID-19 pandemic?

Yes, Orbit International Corp. is classified as an essential business and continues operations following safety guidelines.

What is the stock symbol for Orbit International Corp.?

The stock symbol for Orbit International Corp. is ORBT.