ORBIT INTL CORP - ORBT STOCK NEWS

Orbit International Corp. (OTC PINK:ORBT) announced consolidated bookings exceeding $5 million for October 2022, marking its strongest month this year. The Electronics Group achieved approximately $3.1 million in bookings, bolstered by significant orders for a U.S. Army program. Additionally, the Power Group reported over $1.9 million in bookings, highlighting key contracts in armament systems and oil exploration. However, the company is facing delays in contract awards from the Department of Defense due to pandemic-related work restrictions and funding issues, impacting future order timelines.

Orbit International Corp. (OTC PINK:ORBT) announced two new orders exceeding $2,350,000 from a major defense contractor for displays used in a U.S. Army program. These contracts, the largest ever for its subsidiary Q-Vio, will begin delivery in Q1 2023 and continue through Q4 2023. However, Orbit's Electronics Group faces delays in other contract awards due to pandemic-related work restrictions and prioritization shifts by the Department of Defense. Despite these uncertainties, the company expects to receive pending contracts, though many may be postponed to 2023.

Orbit International Corp (OTC PINK:ORBT) reported consolidated bookings of approximately $2,600,000 for September 2022, with the Power Group (OPG) contributing over $1,200,000. Key orders included $500,000 in VPX technology power supplies and a significant engineering contract for next-gen power supply. However, delays in anticipated orders from the Department of Defense due to pandemic-related work restrictions and inflation impacts were noted. Orbit's operations focus on military and commercial electronic solutions.

Orbit International Corp. (OTC PINK:ORBT) declared a cash dividend of $0.01 per share for shareholders of record as of September 30, 2022, with a payment date of October 7, 2022. The company specializes in custom electronic devices and subsystem solutions for various applications, operating out of facilities in Hauppauge, NY, and Carson, CA. Its Power Group produces a range of power products, including AC power supplies and inverters. Forward-looking statements regarding future performance are subject to risks and uncertainties, and Orbit disclaims any obligation to update these statements.

Orbit International Corp. announced consolidated bookings of approximately $2,900,000 for August 2022, with its Electronics Group achieving over $2,100,000 in bookings. A significant order exceeding $1,200,000 was placed by a major defense contractor for the U.S. Navy. However, the company noted delays in certain awards from the Department of Defense, influenced by pandemic-related work restrictions and inflation impacting unit pricing. Despite these challenges, Orbit remains optimistic about receiving the expected orders.

Orbit International Corp. (OTC PINK:ORBT) has announced a new share repurchase program, authorized by its Board of Directors, allowing it to buy back up to $500,000 of common shares. This follows the completion of a previous program worth approximately $784,000. CEO Mitchell Binder stated the company maintains a strong financial position and sees this buyback as beneficial for shareholder value. Orbit designs custom electronic solutions for various industries and aims for continued growth in the second half of the year.

Orbit International Corp. (OTC PINK:ORBT) announced a new order exceeding $1,200,000 from a major defense contractor for the U.S. Navy, with deliveries set for late 2023 through mid-2024. The company anticipates three follow-on proposals totaling over $3,500,000 for 2023 to 2025, though these may vary based on U.S. Navy requirements. Despite the new order, Orbit is facing delays in key contract awards due to pandemic-related work restrictions and funding issues from the Department of Defense. The company emphasizes that contract timing remains uncertain.

Orbit International Corp. (OTC PINK:ORBT) reported a net loss of $412,000 ($0.12 per diluted share) for Q2 2022, compared to net income of $534,000 ($0.15 per diluted share) in Q2 2021. Net sales were stable at $5.8 million, while gross margin decreased to 28.4% from 37.2%. For the first half of 2022, net income was $54,000 ($0.02 per diluted share), down significantly due to prior PPP loan forgiveness. Backlog increased to $16.3 million, indicating potential future growth despite delivery delays. Cash reserves were approximately $4.7 million with a solid current ratio of 4.2 to 1.

Orbit International Corp. (OTC PINK:ORBT) reported strong bookings exceeding $5,000,000 for the second quarter of 2022, driven by its Power Group and the newly acquired Simulator Product Solutions subsidiary. June 2022 alone saw bookings over $1,000,000. While the company is optimistic about future orders in the growing VPX market, it noted delays in U.S. Navy orders due to pandemic-related restrictions and shifts in DoD priorities. The company emphasizes its commitment to operational growth amidst these uncertainties.