Orbit International Corp. Announces Cash Dividend Of $0.01 Per Common Share for The Third Quarter Of 2018
Hauppauge, New York, September 7, 2018 — Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, announced today that its Board of Directors has declared a cash dividend of $0.01 per share payable to shareholders of record as of September 28, 2018 with a payment date of October 5, 2018.
Furthermore, the Company announced its intention to pay quarterly and annual cash dividends to holders of its common stock. The decision to declare a quarterly or annual cash dividend and the dollar amount of any such dividend will be determined by the Company’s Board of Directors based on the Company’s financial condition and results of its operations at that time.
Mitchell Binder, President and CEO of Orbit International commented, “Since 2015, as a result of our continued profitability, our Company repurchased 861,214 shares of its common stock (19.2% of outstanding shares) for approximately $3,356,000. Although we have a buy-back program in place, our Board of Directors has determined that a cash dividend also be utilized as part of our capital allocation strategy to enhance shareholder value.”
Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions 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 has a sales office in Thousand Oaks, CA and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems.
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.