Orbit International’s Power Group Reports May Bookings in Excess of $1,000,000 on Strength of New VPX Orders
Orbit International Corp. (OTC PINK:ORBT) announced May 2021 bookings exceeding $1,000,000, with significant contributions from VPX technology orders totaling over $875,000. This represents a 212% increase in VPX orders year-to-date compared to 2020, achieving 88% of the total VPX orders for 2020. While the Power Group experiences growth, the commercial division continues to face challenges due to the COVID-19 pandemic's impact on industries like oil and gas. The company remains operational as an essential business, supporting national security commitments.
- May 2021 bookings exceeded $1,000,000.
- VPX technology orders increased by 212% year-to-date compared to 2020.
- Achieved 88% of total VPX orders for 2020 within five months of 2021.
- Commercial division bookings remain weak due to COVID-19 impacts on certain industries.
HAUPPAUGE, N.Y., June 03, 2021 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Power Group (“OPG”), reported bookings for the month of May 2021 in excess of
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that orders for the OPG exceeded
Binder added, “Our increase in VPX power supply bookings have offset continued weak bookings from our commercial division. Our bookings at our commercial division have been impacted by the adverse effects that the COVID-19 pandemic has had on certain industries we serve such as oil and gas exploration and our test and measurement business. We are hopeful that as the pandemic’s adverse effects subside, our commercial business will improve as these industries begin to recover.”
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
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