Large Follow-On Order Has Expected Deliveries Starting Mid-2021 through 2022
Hauppauge, New York, May 11, 2020– Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group’s (“OEG”) bookings for the month of April 2020 exceeded $1,850,000.
Bookings for the month of April 2020 were highlighted by a follow-on order of approximately $970,000 for keyboards used on a major military aviation program and a follow-on order received by our Q-Vio subsidiary for approximately $560,000 for a program for the U.S. Army. Other orders received during the quarter for the OEG consisted primarily of displays, control panels and repairs. Deliveries for contracts received during April have already commenced and are expected to continue through the second quarter of 2022.
Mitchell Binder, President and CEO of Orbit International commented, “Of note, deliveries for the $970,000 follow-on order are not expected to commence until the third quarter of 2021 and then should extend through the second quarter of 2022. The order received by our Q-Vio subsidiary is manufactured by our supply chain in China and is expected to be delivered in the third quarter of 2020.”
Binder concluded, “Aside from our defense related work that makes up the majority of our business, we are experiencing weakness in the commercial business of our Power Group (“OPG”) due to the COVID 19 pandemic. Although the OPG provides power supplies for military, transportation and utility applications, it also provides power supplies for oil and gas exploration and test and measurement applications. In addition, our Q-Vio subsidiary has had several opportunities for its commercial and industrial customers put on indefinite hold. This part of our business may remain weak until the effects of this pandemic abate and the economy begins to recover. In addition, because of the rapidly evolving situation, management remains concerned about both the Company’s supply chain and the health of the Company’s labor force, each of which could impact its ability to meet delivery schedules for its customers.”
Orbit International Corp., through its Electronics Group including its new Q-Vio subsidiary, 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, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources. The Company also has a sales office in Bradenton, FL.
On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. The Company is classified as an essential business by New York State and therefore is exempt from the state’s mandate that all non-essential business close their business locations until further notice. In addition, as a member of the Defense Industrial Base (“DIB”), the Company is mandated by the Secretary of Defense to continue working its normal schedule. The Company’s customers and direct suppliers, as members of the DIB, share this same responsibility to remain open, although some of the Company’s indirect suppliers may not be members of the DIB. The Company remains open while following guidance from the Centers for Disease Control (“CDC”) to best protect our employees.
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
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