Orbit International Reports Second Quarter Consolidated Bookings in Excess of $8,500,000
Hauppauge, New York, July 2, 2019– Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for both its Electronics Group (“OEG”) and Power Group (“OPG”) exceeded $8,500,000 for the second quarter of 2019.
Bookings for the second quarter were highlighted by our previously announced order received by our OPG in April 2019 for approximately $4,100,000 for production of Common Aircraft Armament Test Sets (CAATS). This order was followed by another contract for CAATS for approximately $400,000 that was received in June 2019. Other awards received by the OPG during the quarter were for power supplies utilizing its VPX technology, commercial power supplies, including another $220,000 order for a power supply used in oil and gas exploration and a $223,000 order for a COTS power supply used in a nuclear power plant control system.
Bookings for our OEG during the quarter include a follow-on award recently received for a switch panel totaling in excess of $950,000. Other awards for the OEG received during the quarter were for displays, keyboards and communication panels. Deliveries for the all awards received during the second quarter are expected to commence in the third quarter of 2019 and continue through the third quarter of 2020.
Mitchell Binder, President and CEO of Orbit International commented, “We are encouraged that this strong booking quarter reflects firm bookings from both our OEG and OPG. These orders will strengthen our delivery schedules for the end of 2019 and for the first three quarters of 2020. Our OEG has maintained its momentum of strong bookings in the last several months and is expecting other follow-on awards in the second half of 2019.”
Binder continued, “Our OPG received an award for its power supply used in oil and gas exploration which gives us a total of $660,000 in oil and gas orders received in the last 12 months. We are hopeful that these orders continue as the price of oil remains at current levels or continues to increase. Orders utilizing our VPX technology and bids for new VPX opportunities are expanding. We believe this market will continue to accelerate and feel we are well positioned as we remain at the forefront of this technology.”
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.