ORBIT INTL CORP - ORBT STOCK NEWS

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.

Orbit International Corp. (OTC PINK:ORBT) reported consolidated bookings of approximately $2,000,000 for November 2021, split between its Electronics Group (OEG) and Power Group (OPG). Notable orders include a remote-control unit for aircraft programs and industrial displays from the Q-Vio subsidiary. The company anticipates exceeding its 50% bookings growth objective for VPX technology due to a strong month in commercial bookings. Orbit remains operational amid the COVID-19 pandemic, classified as essential by New York State.