ORBIT INTL CORP - ORBT STOCK NEWS

Orbit International Corp. announced a further delay in filing its 2022 Annual Report, resulting in the company's stock being moved to the OTC Expert Market. The company will suspend its buyback program until it returns to the OTC Pink Market. The audit of acquired inventory and ending inventory of its subsidiary, Simulator Product Solutions LLC, is still ongoing. The company expects the sales and net income for the fourth quarter and year ended December 31, 2022, to be in the previously announced range.

Orbit International Corp. announces strong bookings of approximately $1.74 million from its Electronics Group in April 2023. Orders from Simulator Product Solutions LLC (SPS) subsidiary accounted for around $925,000. Other bookings were for keyboards and displays. The company experienced delays in receiving follow-on orders due to negotiations between prime contractors and the U.S. government.

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.

Orbit International Corp. (OTC PINK:ORBT) announced a cash dividend of $0.01 per share payable to shareholders of record by December 31, 2022, with a payment date set for January 9, 2023. The company also mourned the passing of longtime board member Bernard Karcinell, who served since 2000. In the wake of his passing, Wayne Cadwallader joins the Audit Committee while William Collins becomes the Acting Chairman. Orbit is involved in the development of custom electronic solutions for military, industrial, and commercial applications.