HAUPPAUGE, N.Y., July 06, 2022 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Power Group (“OPG”), reported bookings in excess of $1,000,000 for the month of June 2022. Deliveries for certain of these orders have already commenced and are expected to continue through the second quarter of 2023.
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that our OPG had a firm month of bookings in the month of June with bookings exceeding $1,000,000. These orders were highlighted by several awards received during the month for power supplies utilizing our VPX technology. In addition, we have been working on several follow-on orders with our customers for our VPX power supplies and expect additional orders during the second half of the year, which should put our OPG back on track to meet internal sales goals for our VPX power supplies for 2022. However, almost all of these opportunities are for military programs in which timing of awards is always an uncertainty. Despite the timing of these awards, we remain confident that our OPG remains at the forefront of VPX technology and is well positioned for sales growth as the VPX market continues to expand.”
Binder added, “In addition to the strong month of bookings for our OPG, our Electronics Group (“OEG”) recorded bookings for the month of June of approximately $1,000,000, which contributed to second quarter 2022 bookings in excess of $5,000,000. These bookings were highlighted by a strong quarter of bookings by our newly acquired Simulator Product Solutions LLC (“SPS”) subsidiary. Although our OEG had a solid quarter of bookings, as previously announced, we experienced delays in the receipt of certain orders that we were expecting in the second quarter, which have now been delayed to the second half of 2022. These orders are generally follow-on orders on existing U.S. Navy programs for which we have made deliveries for several years. Several factors are causing delays on these awards, which are coming from the Department of Defense (“DoD”), including work restrictions related to the pandemic and the shifting by the DoD in the prioritization of certain contract awards. 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. As in the past, although timing remains an uncertainty, 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 International Corp. 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 facilities in Hauppauge, NY and Carson, CA. 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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631-435-8300
