Orbit International’s Electronics Group Reports Second Quarter Bookings in Excess of $3,250,000

Rhea-AI Summary

Orbit International Corp. (OTC PINK:ORBT) announced second-quarter bookings exceeding $3.25 million, marking a significant increase compared to the total in 2020. Among these, orders include $770,000 for aircraft displays and $730,000 from Q-Vio Corp. subsidiary. The company's VPX technology orders surpassed the entire 2020 total. However, weak bookings from the commercial division, affected by COVID-19, remain a concern. The company continues to adapt during the pandemic, classified as essential by New York State. Forward-looking statements indicate potential uncertainties ahead.

Positive

• Second-quarter bookings exceeded $3.25 million, surpassing all of 2020.
• Orders include approximately $770,000 for displays and over $730,000 from Q-Vio Corp.
• VPX technology orders exceeded total 2020 orders, indicating growth potential.

Negative

• Weak bookings from the commercial division due to recovery from COVID-19.

Power Group’s VPX Orders Through June 30, 2021 Exceed VPX Bookings for All of 2020

HAUPPAUGE, N.Y., July 07, 2021 (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 $3,250,000 for the second quarter of 2021. Deliveries for certain of these orders have already commenced and are expected to continue through the third quarter of 2022.

Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that orders for the OEG exceeded $3,250,000 for the second quarter of 2021. These orders included approximately $770,000 for a display used on several aircraft programs and over $730,000 in orders received by our Q-Vio Corp. subsidiary for its displays used for both defense and industrial applications. Our sales teams for the OEG are working on several new and follow-on opportunities that we hope will result in comparable bookings for the third and fourth quarters although the timing of the receipt of these awards, particularly from our military customers can be subject to delay.”

Binder added, “We are also encouraged that in June 2021 our Power Group (“OPG”) received additional orders, utilizing its VPX technology, that resulted in total orders through June 30, 2021, exceeding VPX orders for the entire 2020 year. We believe we are still at the forefront of this technology and that our VPX opportunities will be the driver of future revenue growth for this segment of our business. However, our increase in VPX power supply bookings continue to be offset by weak bookings from our commercial division. Many of our commercial customers are in the recovery stage resulting from the COVID-19 pandemic and we are hopeful that as the pandemic’s adverse effects subside, our commercial business will begin to improve.”

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 are Orbit International's second-quarter 2021 bookings?

Orbit International reported second-quarter bookings exceeding $3.25 million.

How do Orbit's VPX orders compare to previous years?

VPX technology orders through June 30, 2021, exceeded the total for all of 2020.

What challenges is Orbit facing due to the pandemic?

The company faces weak bookings in its commercial division as customers recover from COVID-19.