Orbit International Corp’s Power Group Reports Third Quarter Bookings in Excess of $4,300,000
VPX Bookings at 9/30/19 up 44.2% From Prior Comparable Period
Hauppauge, New York, October 8, 2019– Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Power Group (“OPG”) exceeded $4,300,000 for the third quarter of 2019.
Bookings for the third quarter were highlighted by our previously announced order received by our OPG in September 2019 in excess of $2,000,000 for production of Common Aircraft Armament Test Sets (CAATS). This award, in addition to two previous orders for CAATS that were received in the second quarter of 2019 gives our OPG in excess of $6,500,000 in CAATS orders for the current year. Other awards received by the OPG during the quarter were for power supplies utilizing its VPX technology, COTS power supplies and commercial power supplies, including another order for approximately $264,000 for a power supply used in oil and gas exploration. Deliveries for contracts received during the quarter commenced in the third quarter of 2019 and are expected to continue through the fourth quarter of 2020.
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased with this strong booking quarter from our OPG. These orders will strengthen our delivery schedules through the end of the current year and throughout 2020. During the quarter, we received another award for our power supply used in oil and gas exploration, which gives us in excess of $900,000 in oil and gas orders received in the last 13 months. We are hopeful that these orders will continue as the price of oil remains at current levels or continues to increase. In addition, orders utilizing our VPX technology continue to grow as our bookings through the end of the third quarter have increased by 44.2% over the comparable period of the prior year.”
Binder continued, “Significant follow-on orders for our Electronics Group (OEG) are expected in the fourth quarter as negotiations have commenced with our customers on two key programs. Our new Q-Vio Corp. (Q-Vio) subsidiary received a relatively significant award at the beginning of the fourth quarter from a large military contractor and follow-awards are expected under this program. In addition, another large award is expected by Q-Vio during the quarter although timing of the awards is always an uncertainty.”
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 also has a sales office in Bradenton, FL.
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.