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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) 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.
Orbit International Corp. (OTC PINK:ORBT) reported bookings exceeding $2.8 million for May 2022, with significant contributions from its subsidiaries Simulator Product Solutions LLC (SPS) and Q-Vio. SPS achieved its largest bookings month since acquisition, totaling $1.17 million, while Q-Vio reported $900,000 in orders. However, delays in expected orders from the Department of Defense may impact the second quarter, citing pandemic-related work restrictions and shifting priorities. Despite this, Orbit anticipates strong operating results for the year.
Orbit International Corp. has announced a cash dividend of $0.01 per share payable to shareholders on July 7, 2022, with a record date of June 30, 2022. The company's 2022 Annual Meeting is scheduled for June 23, 2022, at 10:00 a.m. at its Hauppauge, NY office. Earlier, in January 2022, Orbit's subsidiary, SPS, completed an acquisition of Panel Products, Inc. for approximately $6.5 million. The deal includes $4 million in cash and performance-related payments, along with a 19.9% ownership interest in SPS for Panel.
Orbit International Corp. (OTC PINK:ORBT) reported first quarter 2022 net income of $466,000 ($0.14 per diluted share), down from $1,827,000 ($0.52 per diluted share) in 2021, primarily due to $1,618,000 in PPP loan forgiveness in the prior period. Net sales rose to $6,843,000 from $5,393,000, while gross margin improved to 37.6%. Excluding one-time acquisition costs and PPP loan effects, adjusted EBITDA was $738,000 ($0.21 per diluted share). Backlog decreased to $15.3 million from $17.9 million, reflecting delays in Department of Defense funding. Cash and equivalents stood at $5.3 million.
Orbit International Corp. (OTC PINK:ORBT) reported April 2022 bookings of approximately $1.3 million, following strong performance in March. Key orders include $400,000 for aircraft displays, with an additional $500,000 expected in Q2. The subsidiary Simulator Product Solutions LLC secured $450,000 in orders. However, delays are anticipated in contract receipts from the U.S. government due to pandemic-related restrictions and shifting priorities, impacting anticipated orders for the Electronics and Power Groups. The company remains optimistic about firm operating results for the year.
Orbit International Corp. (OTC PINK:ORBT) announced over $1,200,000 in bookings for March 2022 from its Electronics Group. A major contract worth over $800,000 relates to engineering and prototype work for a military contractor. Additionally, its newly acquired subsidiary, Simulator Product Solutions LLC, secured over $250,000 in orders. The company anticipates two significant orders in the second quarter for its Power Group, highlighting a rebound in commercial power supply orders. The acquisition of Panel Products, Inc. was valued at approximately $6,500,000.
Orbit International Corp. (OTC PINK:ORBT) has announced a cash dividend of $0.01 per common share, payable on April 7, 2022. The company's 2021 net income surged to $3,246,000, or $0.93 per diluted share, compared to $641,000 in 2020. Despite a decrease in fourth-quarter sales to $4,956,000 from $6,420,000, gross margins improved to 39.9%. The backlog as of December 31, 2021, was $17.9 million, including acquired backlog from Simulator Products Solutions LLC. The financial outlook remains positive with a strong cash position of $9.2 million.
Orbit International Corp. (OTC PINK:ORBT) reported its Power Group achieved approximately $1,000,000 in bookings for January 2022, marking a strong start to the year. This includes a $260,000 order from an international customer for VPX technology and a $375,000 follow-on order from a defense contractor. The company anticipates further significant orders in the upcoming months, as its VPX revenue grew by 162% over three years. Additionally, Orbit's subsidiary completed the acquisition of Panel Products, valued at $6,500,000.
Orbit International Corp. (OTC PINK:ORBT) has successfully acquired Panel Products, Inc. for approximately $6.5 million. The deal includes an initial cash payment of $4 million, with further performance payments of up to $1.2 million, plus a 19.9% ownership stake in the newly formed subsidiary, Simulator Product Solutions LLC. With average revenues exceeding $5 million over the last two years, this acquisition is expected to positively impact Orbit's earnings. Panel also brings a backlog of over $3 million into the new entity.
Orbit International Corp. (OTC PINK:ORBT) announced a definitive agreement to acquire Panel Products, Inc., a Carson, California-based company specializing in military simulation products. This asset purchase, expected to close by December 31, 2021, will form a new subsidiary, Simulator Product Solutions LLC, with Nabil Radi continuing as President. The transaction aims to enhance earnings in fiscal 2022, funded primarily from Orbit's cash reserves. Panel Products, founded in 1999, offers global design, manufacturing, and sales of military training products.
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