HAUPPAUGE, N.Y., May 05, 2022 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”), reported bookings of approximately $1,300,000 for the month of April 2022. Deliveries for certain of these orders have already commenced and are expected to continue through the first quarter of 2023.
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that on the heels of a firm booking month in March 2022, our OEG bookings for April 2022 were approximately $1,300,000. These orders include approximately $400,000 in orders for displays used on a significant aircraft program. The same customer has indicated that an additional order for approximately $500,000 should be expected during the current second quarter. In addition, our newly acquired subsidiary, Simulator Product Solutions LLC (“SPS”), received orders for approximately $450,000 during April 2022. SPS continues to bid on a significant number of opportunities, although it faces competition for many of these orders.”
Binder added, “It should be noted that timing uncertainty in the receipt of contracts from our prime contractors doing business with the U.S government is an inherent factor in our industry. Although we have been successful in the booking of orders to date in 2022, we are finding that certain orders that we were expecting in the current quarter have been delayed to the second half of 2022 for both the OEG and our Power Group (“OPG”). These orders are generally follow-on orders on existing programs that we have delivered on for several years, but several factors are causing delays on these awards coming from the Department of Defense (“DoD”) including work restrictions related to the pandemic and a shifting of prioritization of certain contract awards from the DoD. As in the past, timing remains an uncertainty, but we expect these purchase orders to eventually be received. Nevertheless, with the acquisition of SPS, we continue to expect a firm year of operating results.”
In January 2022, Orbit announced that its newly formed subsidiary, SPS, had completed its previously announced acquisition of the assets and business of Panel Products, Inc. (“Panel”), a Carson, CA based company founded by Nabil Radi in 1999. The transaction valued Panel at approximately $6,500,000, subject to adjustment, with $4,000,000 of the purchase price paid in cash at closing, an aggregate of up to $1,200,000 in performance related payments payable at the end of 2022 and 2023, and the issuance to Panel of a 19.9% ownership interest in SPS.
Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial 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, VME/VPX power supplies as well as various COTS power sources.
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. 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.
CONTACT
David Goldman
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