Orbit International’s Simulator Product Solutions Subsidiary Reports June Bookings in Excess of $3,000,000

Rhea-AI Summary

Orbit International Corp. announces second quarter bookings of approximately $4,500,000 and June bookings from its subsidiary SPS of over $3,000,000. Bookings for the Power Group in June were around $1,000,000.

Positive

• Orbit International Corp. reported strong second quarter bookings of approximately $4,500,000, indicating positive business growth. Bookings from the SPS subsidiary for June were over $3,000,000, showing a significant increase in orders. The company also received a major order worth over $2,500,000 for components used in a simulator for a major aircraft program, highlighting potential future business opportunities. Additionally, the Power Group received bookings of around $1,000,000 in June, including a significant order for power supplies used in oil and gas exploration.

Negative

• None.

Second Quarter Bookings by SPS Approximately $4,500,000

June Bookings From Power Group Approximate $1,000,000

HAUPPAUGE, N.Y., July 06, 2023 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC Expert Market:ORBT), an electronics manufacturer and software solution provider, today announced that bookings from its Simulator Product Solutions LLC subsidiary (“SPS”) for the month of June 2023 were in excess of $3,000,000 and its second quarter bookings were approximately $4,500,000. Deliveries for the June 2023 orders are expected to commence in the third quarter of 2023 and are expected to continue through the second quarter of 2024.

In addition, the Company also announced that bookings for its Power Group (“OPG”) for the month of June were approximately $1,000,000. Deliveries for these orders have already commenced and are expected to continue through the first quarter of 2024.

Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that bookings from our SPS subsidiary for the month of June 2023 were in excess of $3,000,000 and its second quarter bookings were approximately $4,500,000. Bookings for the month and second quarter were highlighted by a previously announced order received in June 2023, valued in excess of $2,500,000, for components used on a simulator for a major aircraft program. Bookings for our SPS subsidiary for the first half of 2023 were only slightly below bookings for all of 2022 and SPS has several new and follow-on business opportunities that it hopes will be received in the second half of 2023.”

Binder added, “In addition to firm bookings from our SPS subsidiary, bookings from our OPG for the month of June were approximately $1,000,000. Bookings for the month were highlighted by a significant order for power supplies used in oil and gas exploration. Other orders were for power supplies using our VPX technology and other commercial power supplies. Despite the firm booking month, other orders expected for VPX power supplies and COTS power supplies continue to be delayed but are expected once our prime contractors complete their negotiations with the U.S. government. As previously noted, 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.”

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 second quarter bookings for Orbit International Corp.?

Orbit International Corp. reported second quarter bookings of approximately $4,500,000.

How much were the June bookings from the SPS subsidiary?

The June bookings from the SPS subsidiary were over $3,000,000.

What was the major order received by Orbit International Corp. in June?

Orbit International Corp. received a major order worth over $2,500,000 for components used in a simulator for a major aircraft program.

What were the June bookings for the Power Group?

The June bookings for the Power Group were around $1,000,000, including a significant order for power supplies used in oil and gas exploration.