HAUPPAUGE, NY--(Marketwired - Apr 6, 2016) - Orbit International Corp. (
The bookings for March 2016 were highlighted by the previously announced new production award that was received by our Electronics Group for its Touch Control Communications Station from the U.S. Navy in excess of $750,000. In addition to this previously announced award, our Power Group received orders for its COTS and commercial power supplies. These awards, along with strong bookings in the months of January and February, pushed consolidated bookings over the $9,000,000 level.
Mitchell Binder, President and CEO of Orbit International commented, "Our Electronics Group has gotten off to a very strong start to 2016 with several significant awards that were previously announced during the quarter on programs representing both new and follow-on opportunities. These awards have well positioned our delivery schedules for the third and fourth quarter of 2016 and first quarter of 2017. Furthermore, our Electronics Group is currently working with our customers on several additional follow-on contracts, some of which we expect to receive in the second quarter of 2016; and our Power Group, although with relatively weak bookings for the first quarter, has experienced an increase in its bid pipeline, particularly for its commercial products. However, the timing of these awards is always an uncertainty."
Orbit International Corp., through its Electronics Group, is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications through its production facility in Hauppauge, New York. Orbit's Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources. The Company also has a sales office in Newbury Park, CA and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems as well as VME/VPX solutions including backplanes, health monitors, air transport racks and components.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit's operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit's reports posted with the OTC Disclosure and News service as well as Orbit's prior filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, current reports on Form 8-K, annual reports on Form 10-K and its other periodic reports. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.
President & Chief Executive Officer