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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. (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.
Orbit International Corp. (OTC PINK:ORBT) reported a third quarter 2022 net loss of $303,000 ($0.09 per share) compared to a net income of $681,000 ($0.20 per diluted share) in the prior year. EBITDA also declined to a loss of $232,000 from a profit of $736,000 year-over-year. For the first nine months, net sales increased to $18.6 million but net loss stood at $249,000 compared to net income of $3.0 million in 2021, heavily impacted by PPP loan forgiveness last year. Backlog increased slightly to $16.6 million. The company continues to face challenges from labor costs and delivery schedules.
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.
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