Orbit International’s Electronics Group Reports August Bookings in Excess of $2,100,000

Rhea-AI Summary

Orbit International Corp. announced consolidated bookings of approximately $2,900,000 for August 2022, with its Electronics Group achieving over $2,100,000 in bookings. A significant order exceeding $1,200,000 was placed by a major defense contractor for the U.S. Navy. However, the company noted delays in certain awards from the Department of Defense, influenced by pandemic-related work restrictions and inflation impacting unit pricing. Despite these challenges, Orbit remains optimistic about receiving the expected orders.

Positive

• Consolidated bookings of approximately $2,900,000 for August 2022.
• Electronics Group bookings exceeded $2,100,000, including a $1,200,000 contract from a defense contractor.
• Newly acquired subsidiary Simulator Product Solutions LLC received over $500,000 in orders.

Negative

• Delays in the receipt of certain orders from the Department of Defense.
• Increased unit pricing due to inflation is affecting contract negotiations.

Consolidated Bookings Approximately $2,900,000 for Month of August

HAUPPAUGE, N.Y., Sept. 07, 2022 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”), reported bookings in excess of $2,100,000 for the month of August 2022. In addition, inclusive of Orbit’s Power Group (“OPG”), consolidated bookings reached approximately $2,900,000 for the month. Deliveries for certain of these orders have already commenced and are expected to continue through the second quarter of 2023.

Mitchell Binder, President and CEO of Orbit International, commented, “We are pleased to report a firm booking month for our OEG with total bookings for the month of August 2022 exceeding $2,100,000. These orders were highlighted by our previously announced order for in excess of $1,200,000 from a major defense contractor for a significant program for the U.S. Navy. In addition, our newly acquired subsidiary, Simulator Product Solutions LLC (“SPS”), received orders in excess of $500,000 for the month. Other orders received by the OEG were for keyboards and displays.”

Binder added, “Although we had a firm month of bookings for both our OEG and OPG, as previously mentioned, we are finding that certain orders that we are expecting continue to be delayed for both of our business segments. In particular, our OPG has been waiting for a significant award for power supplies utilizing its VPX technology as well as awards for other COTS power supplies. These potential orders for both our operating segments, are generally follow-on orders on existing programs for which we have made prior deliveries. Several factors are causing delays on these awards, which are coming from the Department of Defense (“DoD”), including work restrictions related to the pandemic and a shifting of prioritization of certain contract awards from the DoD. In addition, increased unit pricing due to inflation is becoming more of a factor in the negotiating process, which is also affecting the timing of awards. It should be noted that timing uncertainty in the receipt of contracts from our prime contractors doing business with the U.S government is an inherent factor in our industry. As in the past, although timing remains an uncertainty, we expect these purchase orders to eventually be received.”

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's consolidated bookings for August 2022?

Orbit International reported consolidated bookings of approximately $2,900,000 for August 2022.

What significant order did Orbit International receive in August 2022?

Orbit International received a notable order exceeding $1,200,000 from a major defense contractor for the U.S. Navy.

Is Orbit International experiencing delays in orders?

Yes, Orbit International has noted delays in certain awards from the Department of Defense, impacting both its Electronics and Power Groups.

What challenges is Orbit International facing with its Department of Defense contracts?

Orbit is experiencing delays due to pandemic-related work restrictions and increased unit pricing due to inflation.