Consolidated Bookings for Second Quarter Exceed $6,800,000
Hauppauge, New York, July 7, 2017 — Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for its Electronics and Power Groups exceeded $3,000,000 for the month of June 2017. The Company also announced that consolidated bookings for the second quarter exceeded $6,800,000.
Bookings for the month of June for the Electronics Group (“OEG”) exceeded $2,200,000 and were highlighted by (i) the previously announced finalized purchase order from a major prime contractor for approximately $2,300,000 on a major aviation program; $805,000 of which was received in March 2017 under a separate letter subcontract; and (ii) a letter subcontract received from a prime contractor for approximately $568,000, authorizing the OEG to procure material for several units making up a suite of equipment used on a major military program. The value of the final purchase order, once negotiations are completed, is expected to exceed $1,400,000. Deliveries for the awards received during June, including the completed units on the expected purchase order against the letter subcontract, are expected to commence in the fourth quarter of 2017 and continue through the fourth quarter of 2018.
Bookings for the Power Group for the month of June exceeded $900,000 which was primarily orders for its COTS and VPX power supplies. COTS bookings were highlighted by a certain follow-on contract for a missile upgrade system. Other bookings were for pre-production units on several programs utilizing the Power Group’s VPX technology. Deliveries for these awards are expected to commence in the third quarter of 2017 and be completed in the fourth quarter of 2017.
Mitchell Binder, President and CEO of Orbit International commented, “This solid bookings month also completes a very solid bookings quarter in excess of $6,800,000 for our Company. In addition, our OEG bookings include a previously announced $568,000 letter subcontract. However, it does not include approximately $840,000 of the expected $1,400,000 related final purchase order for these units that we expect will be received no later than the fourth quarter of 2017.”
Binder added, “We are encouraged by the bookings during the month from our Power Group for pre-production orders for its VPX power supplies which appear to be accelerating. We believe the value of these orders will begin to increase as they move into the production stage although timing is an uncertainty. Furthermore, we are also expecting a significant follow-on order for one of our COTS power supplies during the third quarter of 2017.”
Orbit International Corp., through its Electronics Group, is involved in the manufacture of customized electronic components and subsystems 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 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 as well as Orbit’s prior filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, current reports on Form 8-K, annual reports on Form 10-K and its other periodic reports. 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.