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Overview of Orbit International Corp.
Orbit International Corp. (symbol: ORBT) is a specialized provider of electronic components, subsystems, and power solutions, serving a diverse clientele that includes prime contractors, government procurement agencies, and research and development laboratories worldwide. With a strong focus on customization, the company delivers tailored solutions that address the unique needs of its customers across both commercial and government sectors. Orbit operates through two primary business segments: the Electronics Group and the Power Group, each contributing to its diversified product portfolio and market reach.
Electronics Group: Customized Electronic Components and Subsystems
The Electronics Group segment of Orbit International is dedicated to the design, manufacture, and sale of customized electronic components and subsystems. Its principal products include remote control units, intercommunication panels, displays, keyboards, keypads, pointing devices, operator control trays, and command display units. These products are often integral to mission-critical applications, showcasing the company's ability to provide high-quality, reliable solutions tailored to specific operational requirements. This segment's expertise in customization allows it to serve niche markets effectively, ensuring that its offerings remain relevant in highly specialized industries.
Power Group: Advanced Power Solutions
The Power Group segment focuses on the design and manufacture of commercial power units, AC power supplies, frequency converters, uninterruptible power supplies (UPS), and commercial-off-the-shelf (COTS) power solutions. Additionally, this segment produces electronic products for measurement and display, further diversifying its capabilities. The Power Group's products are designed to meet the rigorous demands of both commercial and government applications, emphasizing reliability, efficiency, and adaptability. By offering both standard and customizable power solutions, this segment addresses a wide range of customer needs, from industrial power systems to specialized government projects.
Market Position and Significance
Orbit International Corp. has established itself as a key player in the electronics and power systems industries, leveraging its expertise in customization to cater to specialized markets. Its dual-segment structure enables the company to address a broad spectrum of customer requirements, from bespoke electronic subsystems to advanced power solutions. By serving government procurement agencies and research laboratories, Orbit maintains a strong presence in sectors that demand high precision and reliability. This strategic focus on niche applications and customized solutions positions the company as a valuable partner for clients with unique operational challenges.
Competitive Landscape
Operating in a competitive landscape that includes major defense electronics firms and industrial power solution providers, Orbit International differentiates itself through its commitment to customization and its ability to deliver high-quality, specialized products. While larger competitors may dominate the market in terms of scale, Orbit's focus on tailored solutions allows it to carve out a distinct niche, particularly in government and research sectors where unique specifications are paramount.
Conclusion
Orbit International Corp. exemplifies a business model built on specialization and adaptability. Through its Electronics Group and Power Group segments, the company offers a diverse range of products that meet the exacting standards of its customers. By focusing on customization and serving niche markets, Orbit has positioned itself as a reliable provider of electronic components and power solutions, ensuring its relevance in both commercial and government sectors for years to come.
Orbit International Corp. announced a delay in filing its 2022 Annual Report due to the ongoing audit of its recently acquired subsidiary, Simulator Product Solutions LLC (SPS). The audit is necessary to finalize inventory valuations that are integral to the financial statements. CEO Mitchell Binder indicated that sales for Q4 2022 are projected between $7 million and $7.5 million, with net income estimated at $450,000 to $600,000. For the year ending December 31, 2022, sales are expected to be around $25.6 million to $26.1 million, with net income likely between $200,000 and $350,000. The backlog has increased by 9% to $19.4 million. The company also continues its share repurchase program and has declared a $0.01 quarterly dividend and $0.03 special dividend.
Orbit International Corp. (ORBT) has declared a quarterly cash dividend of $0.01 per share and a special cash dividend of $0.03 per share.
These dividends are payable to shareholders of record as of April 21, 2023, with a payment date of April 28, 2023.
Orbit specializes in custom electronic devices and solutions for various applications through its Hauppauge, NY and Carson, CA facilities. The company emphasizes that forward-looking statements about its business performance may involve uncertainties, which could affect actual results.
Orbit International Corp. (OTC PINK:ORBT) announced that Marshall Sterman has joined its Board of Directors, replacing Bernard Karcinell, who passed away in November 2022. Sterman, a CPA and President of HMS Advisors, LLC, will also serve as Chairman of the Audit Committee. His extensive experience in financial advisory is expected to contribute positively to the company's growth and business objectives. Orbit manufactures custom electronic devices, subsystems, and power products for military and commercial applications from its facilities in Hauppauge, NY, and Carson, CA. The company warns that forward-looking statements are subject to risks and uncertainties.
Orbit International Corp. (OTC PINK:ORBT) reported consolidated bookings exceeding $10.2 million for Q4 2022, driven by strong October and November bookings of approximately $8.7 million. Notable contributions came from the Orbit Instrument Division and Behlman Electronics, each securing over $500,000 in orders. The company anticipates continued deliveries into Q1 2024. President Mitchell Binder highlighted an 8% increase in VPX business through 2022, despite delays affecting a significant order. This segment is expected to foster future revenue growth.
Orbit International Corp. (OTC PINK: ORBT) has authorized a $400,000 increase in its share repurchase program, raising the total available amount to approximately $644,000. This initiative comes after strong recent bookings and demonstrates the Board's confidence in future operating performance and commitment to enhancing shareholder value. The Company specializes in custom electronic device solutions for military, industrial, and commercial applications, with production facilities in Hauppauge, NY, and Carson, CA.
Orbit International Corp. (OTC PINK:ORBT) reported consolidated bookings of approximately $8,700,000 for the current quarter, reflecting strong demand in both its Electronics and Power Groups. In November 2022 alone, bookings reached $3,700,000, following October's record of over $5,000,000. Key orders included $725,000 for U.S. Navy displays and significant contracts for power supplies. Although delays are anticipated for some contracts into 2023, the company is optimistic about its performance in upcoming quarters.
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